KNOP 2026年第2四半期決算説明会：Heda買収と傭船契約バックログの拡大

主要ハイライト

• 2026年第2四半期の売上高は9,680万ドル、営業利益は1,560万ドル、純利益は340万ドル、調整後EBITDAは5,760万ドルとなりました。
• 6月30日時点の利用可能な流動性は1億4,330万ドルに達し、これには現金及び現金同等物9,530万ドルと未消化の融資枠4,800万ドルが含まれます。
• Fortaleza号のドック入り後の保有船隊全体の稼働率は92.4%となり、定期ドック入り調整後の稼働率は96.8%でした。
• KNOPは9月1日にHeda Knudsen号を1億1,300万ドルで取得しました。8,940万ドルの負債枠の引き継ぎおよび資本化された資金調達費用80万ドルの加算後、純現金コストは2,440万ドルとなりました。
• 当四半期末時点の確定チャーター受注残高は8億8,120万ドル、平均期間は2.5年でした。チャーターの延長オプションは平均してさらに4年分ありました。
• 四半期キャッシュ分配金は、前四半期のコモン・ユニット当たり0.05ドルから0.075ドルに増加しました。経営陣は、船隊の拡大とチャーター市場の好転に伴い、今後の四半期および数年にわたり段階的な分配金増額が複数回可能になると見込んでいます。

主要財務データ

事業および業績の動向

KNOPは2026年残りの期間についてフルチャーター状態でした。2027年の確定チャーター契約率は92%で、用船者の延長オプションを含めると96%に上昇します。2028年の確定契約率は65%、オプションを含めると93%となります。経営陣は、現在のチャーター料率に照らし、オプションの行使が行われる可能性が高いと述べています。

本パートナーシップは複数船舶において新たな複数年契約を確保しました。Hilder Knudsen号は2027年6月開始のEniとの3年間のチャーター契約（1年間のオプション3回付き）を獲得しました。Recife Knutsen号は2026年第3四半期開始のTranspetroとの2年間のチャーター契約を確保しました。Ingrid Knudsen号は2026年10月開始のEniとの3年間のチャーター契約（同じく1年間のオプション3回付き）を獲得しました。

9月のHeda Knudsen号の取得により、船隊が拡大し、平均船齢が約半年若返りました。2024年10月に引き渡された同船は、2034年11月までPetrobrasにチャーターされており、さらに5年間のオプションが付与されています。買収前の当四半期末時点で、KNOPは平均船齢10.7年の船舶を19隻保有していました。

経営陣は、生産量の増加、FPSOの導入、継続的な海洋投資に支えられ、ブラジルおよび北海のシャトルタンカー市場が逼迫していると説明しました。また同社は、シャトルタンカーの発注残（オーダーブック）は非投機的であり、予想される需要を満たすには不十分であるとも述べています。

KNOPは、5隻の船舶を担保とする負債の借換を行い、SOFR＋165ベーシスポイントの金利で、新たに2億2,500万ドルの5年期シニア担保付きタームローンを調達しました。同パートナーシップは年間約9,500万ドルのペースで負債の返済を継続しています。

経営陣の見通し

経営陣は、現在の市場料金に基づき、用船者オプションが行使されると予想しています。市場の勢いが持続する限り、それらのオプションが行使されれば、後年に船隊の一部が新たな契約に向けて解放されるため、さらなるアップサイドが見込めるとKNOPは考えています。

同社は、一株当たり価値を高める（アクレティブな）ドロップダウン取得とチャーター市場の好転が、今後の四半期および数年にわたる持続可能な分配金の段階的な引き上げを複数回にわたって裏付けると述べました。将来の買収時期は、船舶の引き渡し、スポンサーであるKNOT社からの提案、およびKNOPの独立した利益相反委員会（Conflicts Committee）による承認に依存します。

リスクと注視点

KNOPの確定契約ベースでの先行き契約率は2027年以降に低下するため、将来のキャッシュフローの見通しは、一部で用船者のオプション行使および持続的な市場の好調さに依存することになります。

保有船隊には減価償却および老朽化が進む資産が含まれています。経営陣は、将来特定の船舶が耐用年数に達するのに伴い、船隊を補充・若返らせることを目的として継続的なドロップダウン取得を行っていくと説明しました。

負債の借換は引き続き継続的な検討課題です。経営陣は、10月下旬に期日を迎える6,500万ドルの融資枠の借換が順調に進んでいると述べつつも、将来の資金調達機会について保証はできないと付言しました。

アナリスト質疑応答の要点

B. Riley Securitiesは、Heda Knudsen号の資金調達構造が船隊拡大のペース加速を支援できるかどうか質問しました。経営陣は、買収のタイミングはスポンサー船の引き渡しおよび提案の時期、ならびに利益相反委員会の対応によって決定されると回答しました。

経営陣はさらに、スポンサー船には通常、KNOPへ引き継ぎ可能な担保付き負債枠が既に設定されていると付け加えました。また、Heda Knudsen号の資金調達と約2,400万ドルの純現金コストについて、過去のドロップダウン取引とおおむね整合していると説明しました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Ladies and gentlemen, thank you for joining us and welcome to the KNOT Offshore Partners Second Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session with an opportunity for equity research analysts to ask questions. [Operator Instructions] I will now hand the conference over. Derek Lowe. Please go ahead, sir.

Derek Lowe

Thank you, Leo, and good morning, ladies and gentlemen, my name is Derek Lowe and I'm the Chief Executive and Chief Financial Officer of KNOT Offshore Partners. Welcome to the partnership's earnings call for the second quarter of 2026. Our website is knotoffshorepartners.com and you can find the earnings release there along with this presentation. On slide 2, you'll find guidance on the inclusion of forward-looking statements in today's presentation. These are made in good faith and reflect management's current views, known and unknown risks, and are based on assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements, and the Partnership does not have or undertake a duty to update any such statements made as of the date of this presentation. For further information, please consult our SEC filings, especially in relation to our annual and quarterly results.

Today's presentation also includes certain non-GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures. We begin on slide 3 with the Q2 financial and operational headlines. Revenues were $96.8 million, operating income $15.6 million, net income $3.4 million, adjusted EBITDA $57.6 million. And as of June 30, 2026, we had $143.3 million in available liquidity made up of $95.3 million in cash and cash equivalents plus $48 million in undrawn capacity. This available liquidity was $2.6 million higher than at March 31, and that rise is largely in line with the reducing trend in recent quarters. We operated with 96.8% utilization, taking into account scheduled dry docking, which amounts to 92.4% utilization overall following the dry docking of Fortaleza. Following the end of the quarter, we declared a cash distribution of ¢7.5 per common unit, which was paid in August under the 1099 structure and which represented an increase from the previous level.

We're pleased to have continued the process of multiple gradual increases to our distribution, anchored in our reliable and diversified long-term cash flow and improved balance sheet. On slide 4, we have the most significant development since the start of the second quarter. On September 1, 2026, we purchased the Heda Knudsen from KNOT for a purchase price of $113 million, less an $89.4 million debt facility, plus $0.8 million of capitalized financing fees, resulting in a net cash cost of $24.4 million. The transaction was negotiated by our board's independent conflicts committee. The vessel was delivered new to KNOT in October 2024, and is on time charter to Petrobras in Brazil through to November 2034 with an additional five years of charter as options. The acquisition provides fleet growth, diversifies and extends our pipeline of long-term contracts, reduces our average fleet age and develops the fleet in the most in-demand shuttle tanker gross asset class. And on slide 5, we have commercial and financing developments.

We list here a number of positive contractual developments since the beginning of the second quarter. In addition to the various charterers options exercised as expected, I would highlight the time charter for Hilder Knudsen was executed with ENI to commence in June 2027 for a fixed period of three years plus three charterer's options each for one additional year. Time charter for Recife Knutsen was executed by Transpetro to commence in Q3 2026 for a fixed period of two years. The agreement was reached with E&I for a time charter on Ingrid Knudsen, commencing October 2026, for three years fixed, plus three options each of one year. This indirect continuation of the existing time charter to E&I replaces their existing options. And we refinanced the loan secured by the Tordis Knutsen, Vigdis Knutsen, Lena Knutsen, Anna Knutsen, and Brazil Knutsen via a new $225 million five-year senior secured term loan facility arranged by DNB, with the interest rate reduced meaningfully to SOFR plus 165 basis points. Turning to slide 6 for a high-level summary of our operating momentum.

In both Brazil and the North Sea, we continue to see tightening markets driven by robust multi-year FPSO pipeline, production growth and continuing investment in exploration and existing project expansion. The increase in shuttle tanker service volumes across both markets has been sustained and sufficient to tighten the supply-demand balance, even as new vessels have been delivered. We have expanded our strong backlog with $881.2 million of fixed contracts at quarter end, which average 2.5 years in duration, and chartered options averaging further four years. At quarter end, our fleet of 19 vessels had an average age of 10.7 years. Acquisition of the Heda Knudsen reduces the average age by nearly half a year. We are continuing to repay debt at around $95 million per year, which we consider prudent with a depreciating asset base. And we are well advanced in the refinancing of the $65 million facility secured by the Lena Knutsen, which is due later in October.

Over slides 8 to 11, we provide the financials for Q2, the highlights of which we've covered already. On slide 12 is our debt maturity profile. While no guarantees can be made, we have historically benefited from access to a wide pool of lenders and attractive bank finance. We've been encouraged by our refinancing experience in recent years, including during significantly weaker shuttle tanker markets than the current one. Notably, the average margin on our floating rate debt during the second quarter was 2.21% over SOFR. Moving on to slide 14 and our charter portfolio, I believe this remains a very useful resource for investors looking to track the primary moments where change can occur in a highly stable portfolio of cash flows. Based on current charter rates, we believe charter options are likely to be exercised given the strength of the charter market.

On slide 15, you can see our strong forward coverage where we're fully chartered for the remainder of 2026. And in 2027, we have 92% firm coverage or 96% including charter as options. Likewise for 2028, we have 65% firm coverage, or 93%, including charter's options. If we assume that charter's options are picked up, which is our current expectation, then you can see the slowly widening light gray section at the top of the bars as those offering upside potential for the KNOP fleet if market momentum is sustained. On slide 16, you can see the drop-down inventory held at the sponsor. Drop-downs have been the route to growth in the fleet throughout the life of the partnership and remain the means of replenishing and rejuvenating the fleet. In June 2026, the partnership decided not to pursue the Frieda Knudsen and the Sindra Knudsen and they've been removed from our drop-down inventory.

At the same time, we believe that the combination of accreted drop-downs and an improving charter market should support multiple, gradual distribution increases over the coming quarters and years, in addition to materially extending our long-term cash generation runway, as certain of our vessels begin to age out in the years ahead. On slides 17 to 19, we include market commentary, particularly from Petrobras, which continues to highlight record production, a strong and expanding offshore production outlook and continued FPSO deployment. We encourage you to review this, as well as the copious materials that Petrobras publishes as the largest player in the Brazilian market where we primarily operate. To summarize on slide 20, during the second quarter we had strong utilization and solid financial results. We secured additional charter coverage across key vessels. We maintained a constructive backlog and market outlook. And we paid a quarterly distribution of ¢7.5 per unit, which is an increase from ¢5 in the prior quarter and ¢2.6 per quarter for several years before that. Following the end of the quarter, we purchased the Heda Knudsen, secured additional charter coverage and refinanced the $225 million loan facility.

And on slide 21, we conclude with the key themes for KNOP and the shuttle tanker market. The market remains niche and highly concentrated. Offshore extraction continues to take market share from traditional onshore production. And FPSOs serviced by shuttle tankers remain dominant compared with the construction of new pipelines. Brazil and North Sea offshore build-outs have strong momentum following a quieter stretch, while the shuttle tanker order book remains non-speculative and insufficient to meet anticipated demand levels. Looking ahead to coming quarters and years, we believe that KNOP is well-positioned to pursue attractive long-term growth opportunities alongside multiple gradual increases to our sustainable distribution. With that, I'll hand the call back to Leo for any questions.

Thank you.

Operator

We will now begin the question and answer session. [Operator Instructions] Your first question comes from the line of Liam Burke with B. Riley Securities.

質疑応答

Liam Burke

Please go ahead. Rick, you've been a busy man this quarter.

Derek Lowe

Yes, I have. Thanks, Liam.

Liam Burke

In terms of drop-downs, the financing of the Heda Knudsen was pretty elegant with the assumption of debt and the addition of cash. Does that, when I think about the potential drop-downs and the ability to finance them, Do you anticipate a different cadence of growing the fleet or are you just going to take it as they come along?

Derek Lowe

Well, we respond to the offers that are made to us and obviously, only a limited number of the fleet have been delivered, of the drop-down vessels have been delivered at this stage, and so they can only be offered once they've been delivered. So it's a matter of the timing of the offers and the response that the Conflicts Committee wants to make to them.

Liam Burke

Okay, but would you envision the financing similar to the Heda Knudsen, which as I said before, is a pretty elegant way to fund a drop-down?

Derek Lowe

Yeah, I mean, the standard model for all of them is that they have a secure debt facility in place already as they are offered. The financing itself does not need to be arranged at the time that the drop-down is offered. And it's a standard term of those facilities that the guarantor or the ownership and the guarantor arrangements can be transferred over to KNOP from KNOT. So that's that is straightforward. But I would say the loan on the Heda Knudsen is very standard from the point of view of the drop-downs we've had in the past, so those terms did not come as a great surprise, nor did the approximate cash cost of the transaction, so that $24 million is fairly consistent with the cost that you'll see the sort of net of debt, the cost that you'll see in the previous transactions we've done.

Operator

Great. Thank you, Derek. Great. Thanks, Liam. There are no further questions at this time. I will now turn the call back to Derek Lowe for closing remarks.

Derek Lowe

Well, thank you again, ladies and gentlemen, for joining us earnings call for KNOT Offshore Partners in the second quarter of 2026. And I look forward to speaking with you again following the third quarter results. This concludes today's call. Thank you for attending. You may now disconnect.

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