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Earnings Call Summary | KNOT Offshore(KNOP.US) Q4 2023 Earnings Conference

Futu News ·  Feb 28 01:38  · Conference Call

The following is a summary of the KNOT Offshore Partners LP (KNOP) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • KNOT Offshore Partners reported Q4 revenues of $73 million and an operating income of $18.1 million.

  • Net loss was registered, primarily due to an unrealized non-cash loss of $8.9 million on derivatives, adjusted EBITDA stood at $45.7 million.

  • The company closed the quarter with liquid assets amounting to $63.9 million in cash and equivalents.

  • The company successfully reduced liabilities by $92 million, indicative of the substantial debt repayments made over the year.

Business Progress:

  • KNOT Offshore Partners reported high vessel utilization of 99.6% for scheduled operations.

  • Several contracts were renewed, including Carmen Knutsen with a one-year extension by Repsol and continued time charters with sponsor Knutsen NYK.

  • The Company secured contracted revenue of $699 million on fixed contracts averaging two years in duration.

  • Commercial efforts are laser-focused on securing additional contract coverage for selected vessels.

  • The Company anticipates growth supported by increased production in shuttle tanker fields and a favorable industry outlook.

More details: KNOT Offshore IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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