KNOT Offshore Partners to Buy Hedda Knutsen Tanker, Completes $225M Refinancing

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KNOT Offshore Partners announced Wednesday it has agreed to acquire the Hedda Knutsen shuttle tanker from Knutsen NYK Offshore Tankers for $113 million, less $89.4 million of outstanding debt, bringing the net cost to $24.4 million. The 154,000 deadweight-tonne DP2 Suezmax-class vessel, built by COSCO Shipping Heavy Industry and delivered in 2024, is currently operating in Brazil on a time charter with Petrobras that expires in November 2034, with an option for an additional five years. In a related move, the partnership said its vessels Tordis Knutsen, Vigdis Knutsen, Lena Knutsen, Anna Knutsen, and Brasil Knutsen have entered into a new $225 million senior secured credit facility, with DNB Bank acting as agent, to refinance $225.8 million in existing term loans. The facility comprises a term loan repayable in 20 consecutive quarterly installments, with a $111.1 million balloon payment due at maturity in June 2031.

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Knutsen NYK Offshore Tankers ASPrivate▲ Positive
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KNOT Offshore Partners acquires the Hedda Knutsen from Knutsen NYK Offshore Tankers, providing liquidity and completing refinancing.

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