KNOT Offshore Partners LP Announces Extension of the Torill Knutsen Charter and Amendments to the Board | Instant News


About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in offshore oil production areas in the North Sea and Brazil. KNOT Offshore Partners LP is organized as a publicly traded limited partnership master. KNOT Offshore Partners trades LP general units on the New York Stock Exchange under the symbol “KNOP.”

Forward-looking statement

This press release contains certain forward-looking statements about future events and the operation, performance and financial condition of KNOT Offshore Partners. Forward-looking statements include, without limitation, any statement that can predict, predict, show or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate , “” project, “” Will be, “” will continue, “” will likely produce, “” plan, “” mean “or words or phrases of similar meaning. These statements involve known and unknown risks and are based on a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of KNOT Offshore Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include statements relating to, inter alia:

the length and severity of the recent Covid-19 outbreak, including its impact on our business;
market trends in the shuttle tanker or general tanker industry, including rental rates, factors affecting supply and demand, and opportunities for profitable operation of tankers;
the ability of the US Knutsen NYK Offshore Tankers (“Knutsen NYK”) and KNOT Offshore Partners to build a shuttle tanker and the shipping and receiving times of these vessels by each charterer;
The ability of KNOT Offshore Partners to make or improve distribution in general units and to distribute in Unit A Series A Convertible Options and the number of such distributions;
The ability of KNOT Offshore Partners to integrate and realize the expected benefits from acquisitions;
KNOT Offshore Partners anticipates a growth strategy;
the impact of a global or regional economic slowdown;
turmoil in global financial markets;
currency and interest rate fluctuations;
oil price fluctuations;
general market conditions, including fluctuations in rental prices and ship value;
changes in KNOT Offshore Partners operating costs, including drydocking and insurance costs and bunker prices;
KNOT Offshore Partners’ future financial condition or results of operations and future revenues and expenses;
debt payment and interest rate swap settlement;
The ability of KNOT Offshore Partners to conduct additional loans and to access debt and equity markets;
planned capital expenditure and the availability of capital resources to fund capital expenditure;
The ability of KNOT Offshore Partners to maintain long-term relationships with key users of shuttle tonnage;
The ability of KNOT Offshore Partners to enhance Knutsen NYK’s relationship and reputation in the shipping industry;
The ability of KNOT Offshore Partners to purchase vessels from Knutsen NYK in the future;
The sustainable ability of KNOT Offshore Partners to enter long-term charters, which is defined by KNOT Offshore Partners as charters of five years or more;
The ability of KNOT Offshore Partners to maximize the use of its ships, including the re-placement or disposition of vessels that are no longer based on long-term charter;
the financial condition of existing or future KNOT Offshore customers and their ability to fulfill their charter obligations;
timely purchase and delivery from new factories;
new purchase prices for new and used vessels;
any decline in the value of KNOT Offshore Partners vessels;
The ability of KNOT Offshore Partners to compete successfully for new leasing and development opportunities in the future;
ship receipts by charterers;
date of termination and extension of the charter;
the expected costs of, and the ability of KNOT Offshore Partners to, comply with government regulations, maritime self-regulation organizational standards, and standard regulations imposed by tenants that apply to KNOT Offshore Partners business, including availability and low sulfur costs of meeting fuel oil requirements with reductions International Maritime Organization’s sulfur emission limits which are commonly called “IMO 2020” which take effect on January 1, 2020;
availability of skilled labor, crew members, and management, including possible disruption due to the Covid-19 outbreak;
KNOT Offshore Partners’ general and administrative costs and fees and expenses are paid based on technical management agreements, management and administrative agreements and administrative service agreements;
anticipated taxation from KNOT Offshore Partners and their distribution to non-life people;
estimated future capital expenditure for maintenance and replacement;
Marshall Islands economic substance requirements;
The ability of KNOT Offshore Partners to retain key employees;
increased customer emphasis on environmental and safety issues;
potential liability for any pending or future litigation;
potential disruption of shipping routes due to accidents, political events, piracy or terrorist acts;
future sale of KNOT Offshore Partners securities in the public market;
KNOT Offshore Partners business strategy and plans and other objectives for future operations; and
other factors listed from time to time in reports and other documents that KNOT Offshore Partners sends to the US Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ending December 31, 2019 and subsequent annual reports on Form 20-F and reports on Form 6-K.

All forward-looking statements included in this release are made only on this release date. New factors emerge from time to time, and KNOT Offshore Partners cannot predict all of these factors. Furthermore, KNOT Offshore Partners cannot assess the impact of each of these factors on its business or the extent to which any factors, or a combination of factors, could cause actual results to differ materially from those contained in forward-looking statements. KNOT Offshore Partners does not intend to release any updates or revisions to the forward-looking statements contained herein to reflect any changes in KNOT Offshore Partners’ expectations with respect to it or any changes in the events, conditions or circumstances on which the statement is based.

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