KNOP 2026年第二季法說會：Heda 收購案與租船在手訂單成長

核心要點

• 2026 財年第二季營收為 9,680 萬美元，營業利益為 1,560 萬美元，淨利為 340 萬美元，調整後 EBITDA 為 5,760 萬美元。
• 截至 6 月 30 日，可用流動性達 1 億 4,330 萬美元，包含 9,530 萬美元的現金與現金等價物，以及 4,800 萬美元的未提取額度。
• 在 Fortaleza 號進行進塢維修後，整體船隊利用率為 92.4%；經預定進塢維修調整後的利用率則為 96.8%。
• KNOP 於 9 月 1 日以 1.13 億美元收購 Heda Knudsen 號。在承擔 8,940 萬美元的債務融資額度並加計 80 萬美元的資本化融資費用後，淨現金成本為 2,440 萬美元。
• 截至季末，固定租船合約在手訂單為 8.812 億美元，平均剩餘期限為 2.5 年。租船方選擇權平均額外增加 4 年。
• 每普通單位季現金配息由上一季的 0.05 美元增加至 0.075 美元。管理層預期船隊擴展與租船市場走強，將有助於在未來數季與數年中多次逐步提高配息。

關鍵財務數據

業務與營運表現

KNOP 在 2026 年剩餘時間已全數出租。2027 年的確定租約涵蓋率為 92%，計入租船方選擇權後提升至 96%。2028 年的確定租約涵蓋率為 65%，計入選擇權後則為 93%。管理層表示，當前的租船費率使租船方極有可能行使選擇權。

該合夥企業已為多艘船隻簽署額外多年的租約保障。Hilder Knudsen 號獲得 Eni 簽署的三年期租約，自 2027 年 6 月開始，並附帶三次為期一年的選擇權。Recife Knutsen 號獲得 Transpetro 簽署的兩年期租約，自 2026 年第三季開始。Ingrid Knudsen 號獲得 Eni 簽署的三年期租約，自 2026 年 10 月開始，同樣附帶三次為期一年的選擇權。

9 月收購 Heda Knudsen 號擴大了船隊規模，並將船隊平均船齡縮短了近半年。該船於 2024 年 10 月交付，出租給 Petrobras 至 2034 年 11 月，並附帶額外五年的選擇權。在收購前，截至季末 KNOP 擁有 19 艘船隻，平均船齡為 10.7 年。

管理層表示，在產量增長、FPSO 部署以及持續離岸投資的支撐下，巴西和北海的穿梭油輪市場正趨於緊繃。公司還指出，穿梭油輪的新船訂單仍非投機性質，不足以滿足預期需求。

KNOP 透過一筆全新的 2.25 億美元五年期優先擔保定期貸款，為 5 艘船隻作為擔保的債務進行重融資，利率為 SOFR 加 165 個基點。該合夥企業繼續以每年約 9,500 萬美元的速度償還債務。

管理層展望

管理層預計，基於當前的市場費率，租船方將會行使選擇權。若這些選擇權被行使，且市場動能持續，隨著部分船隊在未來幾年重新釋出，KNOP 預期將有潛在的上行空間。

公司表示，具增值效益的注入式收購與改善中的租船市場，應能支持其永續配息在未來數季與數年中多次逐步提高。未來收購的時間點將取決於船隻交付狀況、母公司 KNOT 的報價，以及 KNOP 獨立利益衝突委員會的批准。

風險與關注焦點

從確定合約角度來看，KNOP 在 2027 年之後的前瞻涵蓋率有所下降，使得未來的現金流可見度部分取決於租船方選擇權的行使與市場走勢的持續強勁。

船隊包含折舊與老化的資產。管理層表示，持續進行注入式收購旨在於未來幾年某些船隻達到退役船齡時，對船隊進行補充與年輕化。

債務重融資仍是持續關注的課題。管理層表示，將於 10 月底到期的 6,500 萬美元額度的重融資進展順利，但也指出無法對未來的融資管道做出保證。

分析師問答集錦

B. Riley Securities 詢問 Heda Knudsen 號的融資結構是否能支持更快速的船隊成長節奏。管理層表示，收購時間點取決於母公司船隻何時交付與提出報價，以及利益衝突委員會的相應決策。

管理層補充指出，母公司的船隻通常已經具備可轉讓給 KNOP 的擔保債務融資額度。管理層認為，Heda Knudsen 號的融資方式及約 2,400 萬美元的淨現金成本，與過往的注入式交易大致一致。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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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