Teleconferência de Resultados do 2º Trimestre de 2026 da KNOP: Aquisição da Heda e Crescimento do Backlog de Afretamento

Principais Destaques

• A receita no 2T2026 foi de US$ 96,8 milhões, com lucro operacional de US$ 15,6 milhões, lucro líquido de US$ 3,4 milhões e EBITDA ajustado de US$ 57,6 milhões.
• A liquidez disponível atingiu US$ 143,3 milhões em 30 de junho, composta por US$ 95,3 milhões em caixa e equivalentes de caixa e US$ 48,0 milhões em capacidade não utilizada.
• A utilização geral da frota foi de 92,4% após a docagem seca do Fortaleza, enquanto a utilização ajustada pela docagem seca programada foi de 96,8%.
• A KNOP adquiriu o Heda Knudsen em 1º de setembro por US$ 113 milhões. Após assumir uma linha de crédito de US$ 89,4 milhões e adicionar US$ 0,8 milhão em custos de financiamento capitalizados, o custo líquido em caixa foi de US$ 24,4 milhões.
• A carteira de contratos de afretamento a taxa fixa encerrou o trimestre em US$ 881,2 milhões, com duração média de 2,5 anos. As opções de afretamento somaram uma média adicional de quatro anos.
• A distribuição trimestral em dinheiro aumentou para US$ 0,075 por cota ordinária, ante US$ 0,05 no trimestre anterior. A administração espera que o crescimento da frota e um mercado de afretamento mais aquecido deem suporte a múltiplos aumentos graduais na distribuição ao longo dos próximos trimestres e anos.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

A KNOP esteve totalmente afretada para o restante de 2026. A cobertura de afretamento firme foi de 92% para 2027, subindo para 96% incluindo as opções dos afretadores. Para 2028, a cobertura firme foi de 65%, ou 93% incluindo as opções. A administração afirmou que as taxas atuais de afretamento tornam provável o exercício das opções.

A parceria garantiu cobertura plurianual adicional para vários navios. O Hilder Knudsen obteve um contrato de afretamento de três anos com a Eni a partir de junho de 2027, além de três opções de um ano. O Recife Knutsen garantiu um contrato de dois anos com a Transpetro a partir do 3T2026. O Ingrid Knudsen recebeu um contrato de três anos com a Eni a partir de outubro de 2026, também com três opções de um ano.

A aquisição do Heda Knudsen em setembro expandiu a frota e reduziu sua idade média em quase meio ano. Entregue em outubro de 2024, a embarcação está afretada para a Petrobras até novembro de 2034, com mais cinco anos de opção. A KNOP tinha 19 navios com idade média de 10,7 anos no encerramento do trimestre, antes da aquisição.

A administração descreveu o mercado de navios-tanque aliviadores (shuttle tankers) no Brasil e no Mar do Norte como cada vez mais restrito, sustentado pelo crescimento da produção, implantação de FPSOs e contínuo investimento offshore. A empresa também afirmou que a carteira de pedidos de shuttle tankers permanece não especulativa e insuficiente para atender à demanda prevista.

A KNOP refinanciou dívidas garantidas por cinco navios por meio de um novo empréstimo garantido sênior de US$ 225 milhões com prazo de cinco anos, precificado a SOFR acrescido de 165 pontos-base. A parceria continua a amortizar dívidas a um ritmo de aproximadamente US$ 95 milhões por ano.

Perspectivas da Administração

A administração espera que as opções dos afretadores sejam exercidas com base nas taxas atuais de mercado. Se essas opções forem exercidas, a KNOP vê potencial de valorização à medida que partes da frota ficarem disponíveis em anos posteriores, desde que o bom momento do mercado continue.

A empresa afirmou que aquisições accretive do tipo drop-down e a melhora no mercado de afretamento devem dar suporte a múltiplos aumentos graduais em sua distribuição sustentável ao longo dos próximos trimestres e anos. O cronograma de aquisições futuras dependerá da entrega dos navios, de ofertas da patrocinadora KNOT e da aprovação do Comitê de Conflitos independente da KNOP.

Riscos e Pontos de Atenção

A cobertura futura da KNOP diminui após 2027 em termos de contratos firmes, tornando a visibilidade do fluxo de caixa futuro parcialmente dependente do exercício de opções pelos afretadores e da força sustentada do mercado.

A frota é composta por ativos sujeitos à depreciação e ao envelhecimento. A administração afirmou que a continuidade das aquisições drop-down visa recompor e rejuvenescer a frota conforme certos navios atinjam o fim de sua vida útil nos próximos anos.

O refinanciamento de dívidas continua sendo uma consideração permanente. A administração afirmou que estava em estágio avançado no refinanciamento de uma linha de crédito de US$ 65 milhões com vencimento no final de outubro, observando, porém, que não há garantias quanto ao acesso futuro a financiamentos.

Destaques das Perguntas e Respostas dos Analistas

A B. Riley Securities perguntou se a estrutura de financiamento do Heda Knudsen poderia dar suporte a um ritmo mais rápido de crescimento da frota. A administração disse que o momento das aquisições depende de quando os navios da patrocinadora forem entregues e oferecidos, bem como da resposta do Comitê de Conflitos.

A administração acrescentou que os navios da patrocinadora geralmente já possuem linhas de crédito garantidas que podem ser transferidas para a KNOP. Descreveu o financiamento do Heda Knudsen e o custo líquido em caixa de aproximadamente US$ 24 milhões como amplamente consistentes com transações drop-down anteriores.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.

Perguntas e respostas

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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