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.
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