Knot Offshore reports Q3 revenue $76.3M, two estimates $74.3M

Derek Lowe, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners (KNOP) LP, stated, “We are pleased to report another strong performance in Q3 2024, marked by safe operation at 98.8% fleet utilization from scheduled operations, consistent revenue and operating income generation, and material progress in securing additional charter coverage for our fleet. Including those contracts signed since September 30, 2024, we now have just under 96% of charter coverage for the whole of 2024. Having executed a number of new contracts this year, we have established good momentum in a strengthening market and remain focused on filling the remaining gaps in our charter portfolio. In Brazil, the main offshore oil market where we operate, the outlook is continuing to improve, with robust demand and increasing charter rates. Driven by Petrobras’ continued high production levels and FPSO start-ups in the pre-salt fields that rely upon shuttle tankers, we believe the world’s biggest shuttle tanker market is tightening materially. Our secondary geography, in the North Sea, is taking longer to re-balance, but we welcome the recent news of the long-anticipated Johan Castberg FPSO having arrived in the Barents Sea, where it is scheduled to begin production early next year.”