Company overview IPO April 2013, owing 4 vessels Fleet of ten state of the art shuttle tankers All vessels secured under long term fixed-fee revenue contracts with leading oil majors Visible growth potential with five dropdown…
Business Strategy Right to purchase any existing or any new-build tankers that are under long-term Pursue strategic & charters (5 years or more) from Knutsen NYK accretive acquisitions of 5 identified candidates; one vessel, Raquel…
Investment highlights Modern ( average age 4.3 years1) fleet, equipped with latest technology Long term contract (remaining duration 5.3 years1) with oil majors 1 Pure-play shuttle tanker Operational and technical expertise Solid…
Financial guidance for existing fleet for year 2016 Guidance 1Q 16 Figures Achieved Revenues 167-170 m 42.0 m 25% EBITDA 128-132 m 33.1 m 25% Distributable Cash Flow 75-79 m 17.9 m 23% Distribution 60 m 15.1 m 25% Coverage ratio…
Stable operational performance results in stable financial performance UTILIZATION (%) REVENUE (USD million) Average of 99.7 % since IPO 27% CAGR 42,5 42,0 39,3 100% 99,7% 99,7% 99,9% 100% 99,6% 99,9%99,8 % since IPO 36,2 37 99,2%…
Stable earnings not correlated with the oil price volatility Adjusted EBITDA (USD million ) Oil Price Unit Price 120 35 Ingrid dropdown 100 Dan Sabia 30 Dan dropdown 33,8 32,2 33,8 33,1 Cisne dropdown 25 Brent crude…
Long-term Contracts Backed by Leading Energy Companies Name Area 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (1) Windsor Knutsen Brazil (1) Bodil Knutsen N. Sea Fortaleza Knutsen Brazil Recife Knutsen…
Significant fleet growth since IPO 10
Dropdown inventory: Five potential acquisitions Name Area 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Raquel Knutsen Brazil H2816 Brazil H2817 Brazil H686 Brazil H2818 Brazil Fixed contract…
A Critical Component of Operator Infrastructure: Shuttle Tankers are substituting pipelines in Deep Sea oil production Cost for field operator Revenue for field operator Seismic Drilling Subsea Production Storage Transport…
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…
Knutsen NYK Industry leader A highly Experienced Operator Knusten NYK is one of two dominating Operators in the Shuttle Tankers Sector Market leading shuttle tanker operator Shuttle Tanker Fleet - ownership with experience Market…
One of worlds youngest fleets with the latest technology Shuttle Tanker Fleet Average Age Drop-down inventory would allow KNOP fleet to continue to age gracefully assuming consummation of 11,8 11,9 11,9 11,5 dropdowns 10,8…
Oil production from shuttle tanker operated fields North Sea: North Sea output from Shuttle Tanker operated fields The 9% p.a. depletion rate applied to existing fields is very 1600 conservative as the average depletion rate 2000-14…
Still significant demand for new shuttle tanker projects As of today shuttle tanker market extremely tight, without any free capacity Fearnleys sees a significant demand for new shuttle tankers going forward Expect tenders for in…
Summary Solid contract base Revenue backlog of 790 million and 1 average contract duration of 5.3 years(1) Modern shuttle tanker fleet, average age 4.3 years vs. industry 2 average of 11.2 years excluding KNOP fleet(1) 13…
Appendix APPENDIX
Income Statement Unaudited, USD in thousands 1Q 2016 4Q 2015 1Q 2015 FY 2015 Time charter and bareboat revenues 41,826 42,417 36,071 154,750 Other income 200 120 149 274 Total revenues 42,026 42,537 36,220 155,024 Vessel operating…
Adjusted EBITDA Unaudited, USD in thousands 1Q 2016 4Q 2015 1Q 2015 FY2015 Net income 10,663 17,567 7,186 40,443 Interest income (2) (5) (1) (8) Interest expense 5,029 4,731 4,186 17,451 Depreciation 13,892 13,464 11,400 48,844…
Distributable cash flow Unaudited, USD in thousands 1Q 2016 4Q 2015 1Q 2015 FY2015 Net income 10,663 17,567 7,186 40,442 Add: Depreciation 13,892 13,464 11,400 48,844 Goodwill impairment charge 6,217 Other non-cash items; deferred…
Balance sheet At March 31, At December 31, At March 31, At December 31, Unaudited, USD in thousands 2016 2015 2016 2015 Current assets: Current liabilities Cash and cash equivalents 28,782 23,573 Current portion of long-term debt…
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