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Sep 30, 2025
Knot Offshore Partners Q3 2025 Earnings Report
Knot Offshore Partners reported solid results in Q3 2025, with higher revenues, strong fleet utilization, and a notable increase in net income.
Key Takeaways
Knot Offshore Partners delivered strong operational results in Q3 2025, marked by higher revenue and net income. The fleet maintained nearly full utilization, and the company recorded significant adjusted EBITDA and liquidity, supported by the addition of a new vessel and stable charter operations.
Revenue rose to $96.9 million driven by the addition of the Daqing Knutsen vessel.
Net income improved significantly to $15.1 million from a loss in Q3 2024.
Adjusted EBITDA reached $61.6 million for the quarter.
Fleet utilization remained high at 99.87% for scheduled operations.
Forward Guidance
The company expects continued strength in charter coverage and growing demand in Brazil and the North Sea, supported by new offshore oil production and limited vessel supply.
Positive Outlook
- 100% charter coverage secured for Q4 2025 after drydock adjustments.
- Approximately 93% charter coverage already secured for 2026.
- Brazil shuttle tanker market tightening due to outpacing production growth.
- North Sea seeing improving demand with new fields entering production.
- Anticipated vessel supply tightness through 2028 due to yard constraints.
Challenges Ahead
- Exposure to fluctuations in floating interest rates.
- Limited ability to add vessels without sufficient long-term charter visibility.
- Some vessels undergoing scheduled drydockings affecting utilization.
- Continued inflationary pressures on operating expenses and drydocking costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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