KNOT Offshore Partners expands shuttle tanker fleet

KNOT Offshore Partners has expanded its fleet with another shuttle tanker – the Raquel Knutsen.

The shipowners has informed it has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Raquel Knutsen.

The deal was concluded for an aggregate purchase price of $116.5 million less $103.5 million of outstanding indebtedness, subject to post-closing adjustments.

According to KNOT Offshore Partners,  the purchase price will be settled by way of seller’s credit in the amount of approximately $13.0 million. In connection with the acquisition, the sponsor, Knutsen NYK will provide to KNOT Shuttle Tankers AS a loan in the amount of approximately $12.0 million.

The Raquel Knutsen is an 152,000-deadweight ton shuttle tanker, built by Cosco Nantong in China and delivered in March 2015.

The shuttle tanker is operating in the Brazil under a ten-year time charter with Repsol Sinopec Brasil, B.V., which will expire in the expire second quarter of 2025. The charterer has options to extend the charter for up to one three-year period and one two-year period.

Including the Raquel Knutsen, the Partnership now has a fleet of eleven vessels with an average age of 4.7 years and a fixed average employment of 5.1 years, the company said.

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