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Q1 2014 RESULTS – Knot Offshore Partners Lp

Knot Offshore Partners Lp · May 14, 2014 · 13 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 1
    First Quarter 2014 Results May 14, 2014
  2. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 2
    Highligts & Recent Events For the first quarter of 2014, KNOT Offshore Partners L.P. (the Partnership): Generated net income of 6.4 million and operating income of 9.4 million Generated Adjusted EBITDA(1) of 16.1 million and…
  3. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 3
    Summary unaudited condensed consolidated and combined carve- out statement of operations Three months Three months Three months Year (USD in thousands) Ended March 31, Ended March 31, Ended December 31, Ended December 31, Vessel…
  4. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 4
    Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At March 31, At December 31, Total unrestricted cash of 25.3 million (USD in thousands) 2014 (unaudited) 2013 (Audited) ASSETS Current assets: Interest…
  5. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 5
    Distributable cashflow Three months Ended March 31, (USD in thousands) 2014 (unaudited) Net income 6,424 Add: Depreciation and amortization 6,780 Other non-cash items; deferred costs amortization debt 279 Less: Estimated…
  6. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 6
    Adjusted EBITDA Three months Ended March 31, (USD in thousands) 2014 (unaudited) Net income 6,424 Interest income (1) Interest expenses 2,713 Depreciation and amortization 6,780 Income tax (benefits) expense 19 EBITDA 15,935…
  7. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 7
    Knutsen NYK Offshore Tankers acquiring the Lauritzen shuttle tankers J. Lauritzen shuttle tankers Vessel Size (dwt) Built Employment Dan Cisne 59 335 dwt Cosco, China Sept. 2011 Bareboat Transpetro Q3 2023 Dan Sabia 59 317 dwt Cosco,…
  8. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 8
    Long-term Contracts Backed by Leading Energy Companies Capacity Name (DWT) Charterer Type 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Fortaleza Knutsen 106 316 Bareboat Average Remaining bareboat charter contract…
  9. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 9
    Dropdown Fleet Overview Capacity Charter (1) Name (DWT) Charterer Delivery Type Expiration Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Time Hull 2531 123 000 Q3 2013 aug.18…
  10. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 10
    Summary Q1 operation as forecasted Solid contract base Fixed revenue backlog average 6.1 years Partially secured interest rate risk on the floating debt by swapping USD 250m on average 4.1 years at 1.36%. Knutsen NYK Offshore…
  11. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 11
    Thank you, any questions
  12. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 12
    Appendix 1: Overview of Sponsors and Partnership Structure 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 Norway…
  13. Q1 2014 RESULTS – Knot Offshore Partners Lp – slide 13
    Appendix 2: Shuttle Tankers: A Critical Component of Offshore Oil Infrastructure SHUTTLE TANKER OIL FIELD INSTALLATION OIL REFINERY / TERMINAL PIPELINE Advantages vs. Pipelines Key Differences vs. Conventional Tankers…

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