Investment Highlights: Stable operation and significant growth 1 Structural demand for shuttle tankers New long term contracts from 2017 + are being discussed with leading energy companies A new long-term shuttle tanker contract…
Traditional MLP model: Knutsen NYK is strong growth generator Overview of Nippon Overview of TSSI Yusen Kaisha (NYK) Individual One of the largest private Public Owners Owners Publicly listed company on shipping companies in…
Since IPO in April 2013: Fleet from Four to Eight Vessels, Dropdown Potential from Five to Six KNOP FLEET DEVELOPMENT 8 CISNE CISNE 7 TORILL TORILL 6 HILDA HILDA 5 CARMEN CARMEN 4 RECIFE RECIFE 3 FORTALEZA FORTALEZA 2…
Long-term Contracts Backed by Leading Energy Companies Name Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Windsor Knutsen(1) Brazil (1) Bodil Knutsen N. Sea Fortaleza Knutsen Brazil Recife Knutsen Brazil…
Dropdown inventory: Six potential acquisitions (2) Name Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 Ingrid Knutsen N. Sea 2 Raquel Knutsen Brazil 3 Dan Sabia Brazil 4 Hyundai,…
A Critical Component of Offshore Oil Infrastructure: Shuttle Tankers are substituting pipelines in Deep Sea oil production Advantages vs. Pipelines Key Differences vs. Conventional Tankers Superior, more economical alternative with…
Shuttle Tankers: Niche market where new capacity is based on long term contracts Specialized Asset Class Standardized Asset Class Shuttle Tankers LNG Conventional Tankers Dry Bulk Carriers Transport from FPSO or Transports crude…
KNOP: Limited operational effects of lower oil prices Existing shuttle projects continuing Low lifting cost ( 8-15 per barrel) makes it profitable to continue existing production Long-term growth scenario: Break-even prices for…
Brazilian deepwater shuttle tanker volumes Production profile stretched compared to earlier estimates Some 2012/14 fields not yet at capacity production Production growth through 2016 should be on time Construction progress on…
North Sea shuttle liftings assumed to be flat in the coming years Production from new oil fields will balance depletion of k bbl/d existing production Upside if oil price increases above current forward curve may trigger higher…
One of the Worlds Youngest Fleets with the Latest Technology 10.3 years 3.6 years As of March 31, 2015 Few vessels are being delivered going forward Limited spare capacity in current fleet All Newbuilding vessels are…
Still significant demand for new shuttle tanker projects Fearnleys sees a significant demand for new shuttle tankers going forward Expects tenders 50 vessels to 2020 Including replacement Corruption scandal in Brazil combined with…
Knutsen NYK Offshore Tankers: Industry Leader A Highly Experienced Operator Knutsen NYK is one of two dominating Operators in the Shuttle Tanker Sector Market leading shuttle tanker operator with extensive experience 26 years of…
Q1-15: Full effect of the Dan Cisne acquisition KNOT Offshore Partners LP Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Selected Quarterly Figures Revenues million 17,3 20,5 22,2 21,8 22,1 34,3 34,7 36,2 Operating income million 7,4…
Distribution for Q1-15 is up 36%* from MQD Q1-15 distribution is up 4% over Q4-14 distribution Implied a coverage of 1.36x of distributable cashflow At the IPO in April 2013, the Partnership expected a distribution growth…
Running yield has had significant shift upwards KNOP unit price vs Running Yield* 8.6% 23.7 * Running Yield= last distribution per u nit / unit price 18
Investment Highlights: Stable operation and growth 1 Strong growth in deepsea oil production will increase demand for offshore loading tankers significantly over the coming five years 2 The drop in the oil price does not affect our…
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Appendix I: Income Statement Three months Three months Three months Ended Ended Ended Strong operational performance (USD in thousands) March 31, March 31, December 31, 2015 2014 2014 99.8% utilization (1.0 days offhire)…
Appendix II Balance sheet At March 31, At December 31, Total unrestricted cash of 32.8 million (USD in thousands) 2015 (unaudited) 2014 (Audited) Interest bearing debt at 604.6 million ASSETS Current assets: Cash and cash…
Appendix III Distributable cashflow Three months Three months (USD in thousands) Ended March 31, Ended December 31, 2015 2014 (unaudited) (unaudited) Net income 7,186 5,908 Add: Depreciation 11,400 10,559 Other non-cash items;…
Appendix IV Adjusted EBITDA Three months Three months (USD in thousands) Ended March 31, Ended December 31, 2015 2014 (unaudited) (unaudited) Net income 7,186 5,908 Interest income (1) (9) Interest expenses 4,186 4,688…
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