KNOT Offshore Partners reported second-quarter 2026 revenue of $96.8 million, operating income of $15.6 million, net income of $3.4 million, and adjusted EBITDA of $57.6 million, with utilization of 96.8% excluding scheduled drydocking. The partnership raised its quarterly distribution to $0.075 per common unit, up from $0.05 in the prior quarter, and acquired the Hedda Knutsen for a net cash cost of $24.4 million, adding a vessel chartered to Petrobras through 2034. It also refinanced $225 million of debt at SOFR plus 165 basis points, and management cited tightening shuttle tanker market conditions in Brazil and the North Sea. The partnership had full charter coverage for the rest of 2026, with 92% of 2027 covered on a firm basis.
Petroleo Brasileiro Petrobras SA ADRHedda Knutsen acquired and chartered to Petrobras through 2034, signaling continued Petrobras demand for shuttle tanker capacity.
KNOT Offshore Partners LP
