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Fourth Quarter 2014 Results – Knot Offshore Partners Lp

Knot Offshore Partners Lp · Feb 17, 2015 · 19 slides

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Slides

  1. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 1
    Fourth Quarter 2014 Results February 17, 2015
  2. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 2
    Highligts & Recent Events For the fourth quarter of 2014, KNOT Offshore Partners L.P. (the Partnership): Generated net income of 5.9 million and operating income of 15.9 million (1) Generated Adjusted EBITDA of 26.5 million and (1)…
  3. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 3
    Summary unaudited condensed consolidated and combined carve- out statement of operations Vessel operation in line with Three months Three months Three months Ended Ended Ended forecast (USD in thousands) December 31, December 31,…
  4. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 4
    Summary Unaudited Condensed Consolidated and combined carve-out Balance sheet At December 31, At December 31, Total unrestricted cash of 30.7 million (USD in thousands) 2014 (unaudited) 2013 (Audited) Interest bearing debt at…
  5. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 5
    Distributable cashflow Three months Three months Ended Ended (USD in thousands) December 31, September 30, 2014 2014 (unaudited) (unaudited) Net income 5 908 12 563 Add: Depreciation and amortization 10 559 10 201 Other non-cash…
  6. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 6
    Adjusted EBITDA Three months Three months Ended Ended (USD in thousands) December 31, September 30, 2014 2014 (unaudited) (unaudited) Net income 5 908 12 563 Interest income -9 0 Interest expenses 4 688 4 014 Depreciation and…
  7. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 7
    Long-term Contracts Backed by Leading Energy Companies KNOT Offshore Partners - Owned fleet Name Area 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Windsor Knutsen (1) Brazil 2 Bodil Knutsen (1) N. Sea 3…
  8. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 8
    Knutsen NYK Offshore Tankers (KNOT) ordered one new shuttle tanker in January KNOT enters into a new contract for shuttle tanker Vessel Size (dwt) Construction Delivery Employment Term Int Oil Co I 152 000 dwt Cosco Chousan, China Q1-17…
  9. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 9
    Dropdown inventory: Six potential acquisitions KNOT Offshore Partners - Potential acquisitions Name Area(3) 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…
  10. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 10
    Petrobras production capacity is being ramped up Source: Petrobras Investor presentation June 2014, 11
  11. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 11
    Petrobras 29Jan2015 (old managements last presentation): 12
  12. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 12
    From BG Investor update Februry 2015, slide 10: 13
  13. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 13
    From BG Investor update February 2015, slide 11: 14
  14. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 14
    BG Investor update February 2015, slide 12: 15
  15. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 15
    Effects of lower oil price on Knutsen Offshore Partners Existing projects continuing Very low lifting cost ( 8-15 per barrel) and with former investments being sunk cost, existing production is profitable and demands shuttle services…
  16. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 16
    Q3-14: Full effect of the Hilda Knutsen and Torill Knutsen acquisitions KNOT Offshore Partners LP Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Selected Quarterly Figures Revenues million 17,3 20,5 22,2 21,8 22,1 34,3 34,7 Operating income…
  17. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 17
    Distribution for Q4-14 will be up 31%* from MQD Management has recommended to the board an increase in Q1-15 distribution of between 0.010 and 0.015 following the Dan Cisne acquisition in December 2014 At the IPO in April 2013, the…
  18. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 18
    Thank you, any questions
  19. Fourth Quarter 2014 Results – Knot Offshore Partners Lp – slide 19
    Appendix 1, Fleet details 20

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