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Jun 30, 2025
Knot Offshore Partners Q2 2025 Earnings Report
KNOT Offshore Partners reported increased revenue and strong operational metrics in Q2 2025, with full fleet utilization for scheduled operations and positive net income.
Key Takeaways
KNOT Offshore Partners delivered a stable quarter with revenue rising to $87.1M and net income reaching $6.8M. The company achieved full utilization for scheduled operations and expanded its presence in Brazil through new charter agreements and a vessel acquisition.
Achieved 100% fleet utilization for scheduled operations in Q2 2025
Generated $51.6M in adjusted EBITDA
Reported $104.8M in available liquidity as of June 30, 2025
Acquired the Daqing Knutsen shuttle tanker, expanding Brazil operations
Forward Guidance
The company expects continued charter coverage growth, stable cash flow from long-term contracts, and tightening market conditions, particularly in Brazil.
Positive Outlook
- 100% charter coverage secured for H2 2025
- Brazil market remains tight with new pre-salt field production
- Strong medium-term shuttle tanker demand outlook
- Drop-down opportunities expected to enhance cash flows
- Potential to increase sustainable distributions
Challenges Ahead
- North Sea demand remains subdued despite slight improvement
- Upcoming refinancing requirements in late 2025
- Exposure to interest rate volatility on floating debt
- Dry docking impacts on utilization and expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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