Despite the uncertainty caused by the Covid-19 virus, the Partnership has worked to ensure business continuity throughout its operations and its business model remains unchanged. The Partnership has taken all reasonable health and safety precautions to minimize the spread of the virus, following the direction of the government of the operating countries and adapting procedures in accordance with the recommendations of the relevant health authorities. However, mainly due to international travel restrictions, the Partnership has suspended crew changes and crew movements for a certain period of time and suspended all non-essential services.
Due to the nature of its charters, the Partnership’s operations are not affected by short-term oil price fluctuations, volume of oil transported, or global oil storage capacity. In addition, ships operate in areas where oil produced usually has lower marginal costs than those produced in other parts of the world.
As a result, the Partnership believes that it is well-positioned to navigate current environmental uncertainty due to its operational record, high-quality partners, contracted revenue streams and the fact that its vessels remain an important part of its customer’s supply chain.
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.”
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;