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SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp

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

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Slides

  1. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 1
    Second Quarter 2014 Results August 14, 2014
  2. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 2
    Highligts & Recent Events For the second quarter of 2014, KNOT Offshore Partners L.P. (the Partnership): Generated net income of 2.5 million and operating income of 9.6 million (1) Generated Adjusted EBITDA of 16.3 million and (1)…
  3. SECOND QUARTER 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 (USD in thousands) Ended June 30, Ended June 30, Ended March 31, 2014 2013 2014 (unaudited) (unaudited)…
  4. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 4
    Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At June 30, At December 31, Total unrestricted cash of 34.4 million (USD in thousands) 2014 (unaudited) 2013 (Audited) Interest bearing debt at 545.8…
  5. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 5
    Distributable cashflow Three months (USD in thousands) Ended June 30, 2014 (unaudited) Net income 2,497 Add: Depreciation and amortization 6,782 Other non-cash items; deferred costs amortization debt 1,416 Unrealized loss from…
  6. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 6
    Adjusted EBITDA Three months (USD in thousands) Ended June 30, 2014 (unaudited) Net income 2,497 Interest income -3 Interest expenses 3,856 Depreciation and amortization 6,782 Income tax (benefits) expense -18 EBITDA 13,114…
  7. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 7
    Knutsen NYK Offshore Tankers acquiring the Lauritzen shuttle tankers approved by the Charterer Knutsen NYK Offshore Tankers acquires J. Lauritzen shuttle tankers Vessel Size (dwt) Built Employment Dan Cisne 59 335 dwt Cosco, China…
  8. SECOND QUARTER 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 Time Windsor Knutsen 162 362 Charter Time Bodil Knutsen 157 644 Charter…
  9. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 9
    Dropdown Fleet Overview Capacity Charter Name (DWT) Charterer Delivery Type Expiration Area(1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Time Ingrid Knutsen 112 000 Q4 2013 nov.23…
  10. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 10
    Summary Q2-14 operation as forecasted Solid contract base Fixed revenue backlog average 5.1 years Windsor Knutsen rechartered by the BG Group for two fixed years and three optional years from Q4-15. On charter to Knutsen NYK until…
  11. SECOND QUARTER 2014 RESULTS – Knot Offshore Partners Lp – slide 11
    Thank you, any questions
  12. SECOND QUARTER 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. SECOND QUARTER 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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