KNOT Offshore Partners Buy Carmen Knutsen Shuttle Tanker

KNOT Offshore Partners Buy Carmen Knutsen Shuttle Tanker

KNOT Offshore Partners LP  announced today that further to its announcement on July 12, 2013, its wholly owned subsidiary KNOT Shuttle Tankers AS has completed its acquisition of all interests in Knutsen Shuttle Tanker 13 AS that owns and operates the Carmen Knutsen from KNOT Offshore Tankers AS for a purchase price of $145.0 million less approximately $89.1 million in existing bank debt.

The purchase price has been settled by way of a cash payment of approximately $45.4 million and with seller financing provided by KNOT in the form of a loan in the amount of approximately $10.5 million.

The Carmen Knutsen is a 157,000 deadweight ton shuttle tanker, built by Hyundai Heavy Industries and delivered to KNOT in January 2013. It is operating under a five-year contract with Repsol Sinopec Brasil, B.V. (“Repsol”), with a remaining firm contract period of approximately 4.5 years. Repsol has the right to extend the charter term for up to an additional three years.

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the deepwater offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly-traded master limited partnership. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP.”

 

Press Release, August 1, 2013

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