KNOT Offshore Partners (KNOP) has released an update.
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KNOT Offshore Partners LP reported a positive Q1 2024 with a net income of $7.4 million, driven by strong fleet utilization of 97.6% and robust revenue generation totaling $76.6 million. The company highlighted its strategic execution with 88% of its 2024 charter coverage secured and anticipates a tightening market due to increasing demand in its primary offshore oil market in Brazil. Additionally, KNOT Offshore Partners declared a quarterly cash distribution to its unitholders and is optimistic about future market conditions, bolstered by new shuttle tanker orders signaling confidence in the industry.
For further insights into KNOP stock, check out TipRanks’ Stock Analysis page.
