Knot Offshore Partners LP (KNOP) 2023 Q4 法說會逐字稿

Hello, my name is Drew and I'll be your conference operator today. At this time, I would like to welcome everyone to the Knot Offshore Partners Fourth quarter 2023 earnings results conference call. (Operator Instructions) Derek Lowe you now may begin your conference.

您好，我叫德魯，今天我將擔任您的會議操作員。此時此刻，我歡迎大家參加 Knot Offshore Partners 2023 年第四季財報電話會議。（操作員指示）Derek Lowe 您現在可以開始會議了。

Thank you 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 fourth quarter of 2023. Our website is knotoffshorepartners.com and you can find the earnings release there along with this presentation.

謝謝你們，早安，女士們、先生們。我叫 Derek Lowe，是 Knot Offshore Partners 的執行長兼財務長。歡迎參加該合作夥伴 2023 年第四季的財報電話會議。我們的網站是knotoffshorepartners.com，您可以在那裡找到收益發布以及本簡報。

On slide 2, you will 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.

在投影片 2 上，您將找到有關在今天的簡報中包含前瞻性陳述的指南。這些都是真誠地做出的，反映了管理層當前的觀點、已知和未知的風險，並且基於假設和估計，這些假設和估計本質上受到重大不確定性和意外事件的影響，其中許多是我們無法控制的。

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 forward-looking 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-US gap measures, and our earnings release includes a reconciliation of these to the most directly comparable gap measures.

實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異，且合作夥伴沒有也不承擔更新截至本簡報之日所做的任何此類前瞻性陳述的義務。如需了解更多信息，請查閱我們向 SEC 提交的文件，尤其是與我們的年度和季度業績相關的文件。今天的演示還包括某些非美國差距指標，我們的收益發布包括這些指標與最直接可比較的差距指標的調節。

On slide 3, we have the financial and operational headlines for Q4. Revenues were $73 million, operating income $18.1 million. There was a net loss of $5.3 million after accounting for an unrealized, in other words non-cash, loss of $8.9 million on derivatives and adjusted EBITDA of $45.7 million. We closed Q4 with $63.9 million in available liquidity made up wholly of cash and cash equivalents. We operated with 99.6% utilization of the vessel time available for scheduled operations, which is equivalent to 96% of total fleet time after accounting for the planned dry dockings of Torill Knutsen and Ingrid Knutsen. Following the end of Q4 we declared a cash distribution of USD0.026 per common unit, which was paid in early February.

在幻燈片 3 上，我們提供了第四季度的財務和營運頭條新聞。收入為 7,300 萬美元，營業收入為 1,810 萬美元。扣除衍生性商品未實現（即非現金）損失 890 萬美元及調整後 EBITDA 4,570 萬美元後，淨損失為 530 萬美元。在第四季結束時，我們可用的流動資金為 6,390 萬美元，全部由現金和現金等價物組成。我們的預定營運船舶時間利用率為 99.6%，相當於托里爾·克努森 (Torill Knutsen) 和英格麗德·克努森 (Ingrid Knutsen) 計劃乾船塢的總船隊時間的 96%。第四季末後，我們宣布每普通單位現金分配 0.026 美元，並於 2 月初支付。

On slide 4, we have the headlines of the contractual developments since our last results call, which was on December the 14, 2023. In our major market Brazil Carmen Knutsen saw exercise of a one-year extension option by Repsol, which commenced in January. Repsol holds a further one-year option which-- if exercised, would see Carmen Knutsen employed through to January 2026.

在幻燈片 4 上，我們列出了自 2023 年 12 月 14 日召開的上次業績電話會議以來合約進度的頭條新聞。在我們的主要市場巴西，卡門·克努森 (Carmen Knutsen) 看到雷普索爾 (Repsol) 行使了一年的延期選擇權，該選擇權從一月份開始。雷普索爾也持有一年期選擇權，如果行使該選擇權，卡門·克努森將受聘至 2026 年 1 月。

And Dan Sabia charter to Transpetro has been extended to early June this year. In the North Sea, Hilda Knutsen, Torill Knutsen and Bodil Knutsen have continued to operate under timed charters to our sponsor, Knutsen NYK. For Bodil Knutsen this charter will last until the end of March and delivery to Equinor. To commence a charter of two years fixed plus two years options.

Dan Sabia 給 Transpetro 的租約已延長至今年 6 月初。在北海，Hilda Knutsen、Torill Knutsen 和 Bodil Knutsen 繼續根據我們的贊助商 Knutsen NYK 的定期包機進行運作。對於 Bodil Knutsen 來說，該包機將持續到 3 月底並交付給 Equinor。開始為期兩年的固定租約加上兩年的選擇權。

For Hilda Knutsen and Torill Knutsen the charter is for rolling one-month terms up to January 2025. The continuing area of focus for our contracting team, especially for near-term deployment, is on Dan Cisne, Dan Sabia, Hilda Knutsen and Torill Knutsen. We received redelivery of Dan Cisne in December 2023. Her size is more suited to the North Sea market, and we are assessing her technical compatibility for shuttle tanker work in the North Sea.

對希爾達·克努森 (Hilda Knutsen) 和托里爾·克努森 (Torill Knutsen) 來說，章程規定滾動期限為一個月，直至 2025 年 1 月。我們的簽約團隊持續關注的領域，尤其是近期部署，是 Dan Cisne、Dan Sabia、Hilda Knutsen 和 Torill Knutsen。我們於 2023 年 12 月收到了 Dan Cisne 的重新交付。她的尺寸更適合北海市場，我們正在評估她在北海穿梭油輪工作的技術相容性。

In the meantime, we are deploying Dan Cisne on conventional tanker work. Dan Sabia is due for redelivery to us in June, which is the extended expiry date of her charter to Transpetro. Marketing of all four vessels continues to potential charters, both existing clients and others, including the partnership sponsor.

同時，我們正在部署 Dan Cisne 從事常規油輪工作。Dan Sabia 將於 6 月歸還給我們，這一天是她在 Transpetro 的租約到期日。所有四艘船舶的行銷活動繼續面向潛在的包機客戶，包括現有客戶和其他客戶，包括合作夥伴贊助商。

On slide 5, our outlook remains positive on both industry dynamics and the partnership's positioning to participate fruitfully in our markets. Significant growth is anticipated in production and fields which rely on service by shuttle tankers. We see recently reported orders of around six vessels as an endorsement of confidence in the sector. Three of these vessels have been ordered by our sponsor for delivery over 2026 and 2027.

在投影片 5 中，我們對產業動態和合作夥伴定位以富有成果地參與我們的市場的前景仍然持樂觀態度。預計依賴穿梭油輪服務的生產和領域將顯著成長。我們認為最近報道的約六艘船的訂單證明了對該行業的信心。我們的贊助商已訂購其中三艘，將於 2026 年和 2027 年交付。

Each of these is a 10-year fixed contract with Petrobras, along with a client option to extend by a further five years. We would expect to see further new build orders placed in order to service the large new production volumes coming online in the years ahead. A measured amount of new shuttle tanker ordering is imperative and should not be understood as some sort of negative development for the sector. We do also remain mindful of the near-term market conditions, where we are focused on the marketing of the four vessels, as I described earlier.

每份合約都是與巴西國家石油公司簽訂的為期 10 年的固定合同，並且客戶可以選擇再延長五年。我們預計將看到更多的新建訂單，以便為未來幾年上線的大量新產量提供服務。一定數量的新穿梭油輪訂單勢在必行，不應被理解為該行業的某種負面發展。我們也仍然關注近期的市場狀況，正如我之前所描述的，我們專注於四艘船的營銷。

In the meantime, the partnership remains financially resilient with a strong contracted revenue position of $699 million at the end of Q4 on fixed contracts, which average two years in duration. Chartered options are additional to this and average a further 2.1 years. Our pattern of cash generation and liquidity balance is sufficient for our operations and the significant pay down rate for our debt. We have demonstrated the strength of our relationships with lending banks by several refinancings completed over the last year. Finally, the average age of our vessels at 9.7 years places us well when compared with the useful life model at 23 years.

同時，該合作夥伴關係仍保持財務彈性，固定合約（平均期限為兩年）的固定合約截至第四季末的合約收入為 6.99 億美元。特許選項是額外的，平均還有 2.1 年。我們的現金產生和流動性平衡模式足以滿足我們的營運和顯著的債務償還率。去年完成的幾筆再融資，證明了我們與貸款銀行的牢固關係。最後，與 23 年的使用壽命模型相比，我們船舶的平均年齡為 9.7 年。

On to slide six, you can see the consistency of revenues and operating income when comparing with those of previous quarters, including Q2 of 2023 when that is viewed without the impairment. Slide 7, similarly reflects the consistency of our adjusted EBITDA, and you can find the definition of this non-gap measure in the appendix.

在第六張投影片上，您可以看到收入和營業收入與前幾季的一致性，包括 2023 年第二季（在沒有減損的情況下）。投影片 7 同樣反映了我們調整後的 EBITDA 的一致性，您可以在附錄中找到這種無缺口衡量標準的定義。

On slide 8, the most notable change in the balance sheet over 2023 has been the reduction in current liabilities, which has arisen from the refinancing secured during 2023. Long-term debt has increased as a reflection of these refinancings. However, the overall change in the partnership's liabilities has been a reduction by $92 million, which is reflective of the debt repayments we've made during the year.

在投影片 8 中，2023 年資產負債表最顯著的變化是流動負債的減少，這是由於 2023 年期間獲得的再融資而產生的。這些再融資反映了長期債務的增加。然而，合夥企業負債的整體變化減少了 9,200 萬美元，這反映了我們在這一年中償還的債務。

On slide 9, we've expanded on the terms of the partnership's debt facilities to provide added color around the dynamics of debt repayment. The highlighted column shows how the outstanding balances of each facility have been reducing because of the repayments we've been making in line with scheduled repayment terms.

在投影片 9 中，我們擴展了合夥企業債務融資的條款，為債務償還的動態提供了更多的色彩。突出顯示的欄位顯示了由於我們按照預定還款條款還款，每個設施的未償餘額如何減少。

The current instalments are the amounts of capital repayment due over the next year, which do not include interest, and the balloon payments are the final amounts of principal, which will be due on the maturity dates. Of note, $153 million is due to be paid on these debt facilities over the 12 months following December 31, 2023, of which $57 million is a balloon repayment due in May 24 on the loan, which is secured by Hilda Knudsen.

目前分期付款是明年到期的資本償還金額，不包括利息，而大額付款是本金的最終金額，將在到期日到期。值得注意的是，這些債務融資將於2023 年12 月31 日後的12 個月內支付1.53 億美元，其中5,700 萬美元是這筆貸款的大額還款，該貸款由希爾達·克努森( Hilda Knudsen) 擔保，將於5 月24 日到期。

Our practice with a significant repayment such as this is to seek a refinancing, and our track record demonstrates the viability of this approach. Negotiations are well advanced with potential lenders for a new facility to be secured also by the Hilda Knudsen, sufficient to finance the balloon repayments of the maturing facility. The partnership is not aware of any reasons why this refinancing would be unlikely to complete.

我們對此類大額還款的做法是尋求再融資，我們的業績記錄證明了這種方法的可行性。與潛在貸方的談判進展順利，新貸款也將由希爾達·克努森 (Hilda Knudsen) 擔保，足以為到期貸款的巨額還款提供資金。該合作夥伴尚不清楚此再融資不可能完成的任何原因。

However, there can be no guarantees of the success of any financing exercise. Aside from that refinancing, $87 million will be repayable over the course of this 12-month period, of which $10 million has already formed a repayment of the Dan Sabia facility in January. This leaves both Dan Cisne and Dan Sabia free of debt, and we don't have any plans to incur additional borrowing secured by these vessels until we have better visibility on their future employment.

然而，不能保證任何融資活動都會成功。除了再融資之外，還將在這 12 個月期間償還 8,700 萬美元，其中 1,000 萬美元已於 1 月償還 Dan Sabia 貸款。這使得 Dan Cisne 和 Dan Sabia 都擺脫了債務，而且在我們更好地了解這些船隻未來的就業情況之前，我們沒有任何計劃以這些船隻為抵押進行額外借款。

Slide 10, shows the contracted pipeline in chart format, reflecting the developments I set out earlier. Similarly, slide 11 highlights the focus of our commercial efforts on adding near-term contracts, primarily for the four vessels mentioned earlier. On slide 12, we see our sponsor's inventory of vessels which are eligible for purchase by the partnership. This applies to any vessel owned by or in order for our sponsor, where the vessel has a firm contract period at least five years in length.

投影片 10 以圖表形式顯示了合約管道，反映了我之前列出的進展。同樣，幻燈片 11 強調了我們商業努力的重點是增加近期合同，主要是針對前面提到的四艘船。在投影片 12 上，我們看到贊助商有資格由合作夥伴購買的船舶庫存。這適用於我們贊助商擁有或訂購的任何船舶，該船舶具有至少五年的固定合約期限。

At present, five existing vessels and five under construction fall into this category. There is no assurance that any further acquisitions will be made by the partnership, and any transaction will be subject to the board approval of both parties, which includes the partnership's independent conflicts committee. As we have said, our top priorities remain securing additional contract coverage for our existing fleet and fostering our liquidity position.

目前已有五艘現有船舶和五艘在建船舶屬於此類。不保證合夥企業將進行任何進一步的收購，任何交易都將得到雙方董事會的批准，其中包括合夥企業的獨立衝突委員會。正如我們所說，我們的首要任務仍然是確保現有機隊的額外合約覆蓋範圍並增強我們的流動性狀況。

On slides 13 and 14, we have provided some useful illustrations of the strong demand dynamics in the Brazilian market, as published by Petrobras. We encourage you to review Petrobras' materials directly at the webpages shown there. The primary takeaway from each of these slides is consistent. There is very significant committed demand growth coming in the Brazilian market in the form of new FPSOs that will require regular service from shuttle tankers.

在投影片 13 和 14 中，我們提供了巴西國家石油公司 (Petrobras) 發布的巴西市場強勁需求動態的一些有用說明。我們鼓勵您直接在顯示的網頁上查看 Petrobras 的資料。每張投影片的主要內容都是一致的。巴西市場對新型 FPSO 的需求成長非常顯著，需要穿梭油輪定期提供服務。

We believe that recent reports of up to six vessel construction contracts are an endorsement of the strong anticipated market conditions in the medium and longer term, and do not think this is an excessive amount of added supply in the context. As I mentioned earlier, three of these recent new build contracts are for our sponsor, Knutsen NYK, and are due for delivery over 2026 and 2027.

我們認為，最近關於多達六艘船舶建造合約的報告是對中長期市場狀況的強烈預期的認可，並且不認為在這種情況下增加的供應量過多。正如我之前提到的，最近的三份新建合約是為我們的贊助商 Knutsen NYK 簽訂的，預計將於 2026 年和 2027 年交付。

On slide 15, we provide information relevant to our US unit holders, in particular those seeking a Form 1099. Those holding units via their custodians or brokers should approach those parties directly. Those with directly registered holdings should contact our transfer agent, American Stock Transfer, who come under the umbrella of Equinity Trust Company, whose details are shown there.

在幻燈片 15 上，我們提供了與美國單位持有人相關的信息，特別是那些尋求 1099 表格的人。透過託管人或經紀人持有單位的人應直接與這些當事方聯繫。直接登記持股的人應聯絡我們的過戶代理美國股票轉讓公司（American Stock Transfer），該公司隸屬於股權信託公司（Equity Trust Company），其詳細資訊請見此處。

On slide 16, we include some reminders of the strong fundamentals of our business in the market we serve, our assets, competitive landscape, robust contractual footprint, and resilient finances. I'll finish with slide 17, recapping our financial and operational performance in Q4 2023 and the subsequent time, and our outlook for 2024. We are glad to have delivered high and safe utilization, which have generated consistent financial performance.

在投影片 16 中，我們提醒了我們在所服務的市場中業務的強勁基礎、我們的資產、競爭格局、穩健的合約足跡和富有彈性的財務狀況。我將以投影片 17 結束，回顧我們 2023 年第四季及後續時間的財務和營運業績，以及我們對 2024 年的展望。我們很高興能夠實現高且安全的利用率，從而產生了一致的財務表現。

We are pleased with the new contracts and extensions we've secured during the quarter and since, along with our ability to navigate our refinancing needs and CapEx relating to dry docks throughout last year. And our continued commercial focus remains on filling up utilization for 2024, while looking further forward to longer term charter visibility and liquidity generation. Thank you for listening. And with that, I'll hand back the call to the operator for any questions.

我們對本季以來獲得的新合約和延期感到滿意，並對我們去年全年滿足再融資需求和與乾船塢相關的資本支出的能力感到滿意。我們持續的商業重點仍然是提高 2024 年的利用率，同時進一步期待長期包機可見度和流動性生成。感謝您的聆聽。這樣，如果有任何問題，我會將電話轉給接線生。

Thank you. (Operator Instructions) Our first question today comes from Liam Burke from B. Riley. Your line is now open. Please go ahead.

謝謝。（操作員說明）今天我們的第一個問題來自 B. Riley 的 Liam Burke。您的線路現已開通。請繼續。

Yes, thank you. Hi, Derek. How are you today?

是的，謝謝。嗨，德里克。你今天怎麼樣？

Hi, Liam. Good. Thank you. And you?

嗨，利亞姆。好的。謝謝。你呢？

I'm fine. Thank you. On the Dan Cisne Sabia, asset values in the traditional tanker market are pretty healthy. And you've got one of those vessels currently working as a conventional tanker now anyway. Would a priority be to sell these two tankers for conventional use and redeploy that capital?

我很好。謝謝。在 Dan Cisne Sabia 號上，傳統油輪市場的資產價值相當健康。無論如何，其中一艘目前正在作為常規油輪工作。優先考慮的是出售這兩艘油輪用於常規用途並重新部署資金嗎？

I wouldn't say it's a priority. We think any shuttle tanker is better equipped to earn higher rates in the shuttle tanker market rather than in the conventional market. And that goes for both us operating them or potential purchaser. So our interest is in actually operating vessels in the shuttle tanker market and remarketing them as such.

我不會說這是優先事項。我們認為，與傳統市場相比，任何穿梭油輪都更有能力在穿梭油輪市場上獲得更高的利率。這對我們經營者或潛在購買者都適用。因此，我們的興趣在於在穿梭油輪市場上實際運營船舶並對其進行再行銷。

So I mean, based on the supply demand outlook, you see the earnings power of these two vessels outperforming a one-time sale and redeploying that capital?

所以我的意思是，根據供需前景，您認為這兩艘船的盈利能力優於一次性銷售並重新部署該資本？

For the time being, yes, obviously, we've got a gap in utilization coming up, which we're seeking to fill. So, it's a function of how well we secure or negotiate contracts for them.

是的，顯然，目前我們在利用率方面存在缺口，我們正在尋求填補這一缺口。因此，這取決於我們為他們爭取或談判合約的能力。

Okay. And then just on your current debt-- you laid it out-- you paid $10 million; you've got a $57 million balloon that's due in May that you've had a long history of successfully refinancing. So if I look at the balance and your current cash balance and your predictable cash flow, once you're past that refinancing, 2024 debt service should be pretty manageable.

好的。然後就你目前的債務——你列出來——你付了1000萬美元；你有一個 5700 萬美元的氣球，將於 5 月到期，因為你有成功再融資的悠久歷史。因此，如果我查看餘額、您當前的現金餘額以及可預測的現金流，一旦您完成再融資，2024 年的償債應該是相當容易管理的。

It's it will be pretty consistent with previous years. So if you look at the reduction in debt over 23, which was $92 million, the equivalent figure on slide 9, is the $90 million, which, as I say, we've paid $3 million from that column, an additional $6.5 million from the balloon payment list.

這將與前幾年非常一致。因此，如果你看一下23 歲以上債務的減少，即9200 萬美元，幻燈片9 上的相應數字是9000 萬美元，正如我所說，我們已經從該欄中支付了300 萬美元，另外還支付了650 萬美元。氣球付款清單。

Great. Thank you, Derek.

偉大的。謝謝你，德里克。

Thank you.

謝謝。

Our next question today comes from Poe Fratt from Alliance Global Partners. Your line is now open. Please go ahead.

今天我們的下一個問題來自 Alliance Global Partners 的 Poe Fratt。您的線路現已開通。請繼續。

Good afternoon, Derek. Two questions on the quarter. If you could just highlight the increase in the sequential increase in OpEx, what caused that? And then also, it looks like the tax rate jumped a little bit or just there was a tax payment as opposed to, what you would have expected with the loss. So can you just address those two things?

下午好，德瑞克。關於本季的兩個問題。如果您可以強調營運支出連續成長的成長，那麼是什麼原因導致的呢？而且，看起來稅率略有上升，或者只是繳納了稅款，而不是您對損失的預期。那你能解決這兩件事嗎？

Sure. Hi, Poe. Thank you for the questions. Yeah. So OpEx is typically impacted by unit costs in our major expenditure items. So things particularly like manning, if you extend that to crewing-- if you extend that to costs like crew travel and so on, on and off shift. So that's what the unit pricing and other supplies like lube oil and so on, that's the major impact when OpEx changes.

當然。嗨，坡。謝謝你的提問。是的。因此，營運支出通常會受到我們主要支出項目的單位成本的影響。所以，特別是像人員配置這樣的事情，如果你把它擴展到船員方面——如果你把它擴展到船員旅行等費用，無論輪班還是下班。這就是單位定價和潤滑油等其他供應品的變化，這是營運支出變化時的主要影響。

And then tax rates, the tax item you can see at the bottom of page 6, it's an adjustment to the value recognized in Q3. So there's a single item there, the net amount of which is something like $4.4 million.

然後是稅率，你可以在第6頁底部看到的稅項，它是對第三季確認的價值的調整。因此，其中有一個項目，其淨金額約為 440 萬美元。

Great. That's helpful. And then can you talk about OpEx going into this year as far as 2024? And then Derek, would you discuss the impact that the Dan Cisne is going to have on utilization and potentially revenues as it works as the conventional tanker versus the shuttle tanker?

偉大的。這很有幫助。然後您能談談今年一直到 2024 年的營運支出嗎？然後德里克，您能否討論一下丹·西斯內號作為傳統油輪與穿梭油輪相比，將對利用率和潛在收入產生的影響？

Sure. So we are-- as I said, we're marketing all four of those vessels, which are either on short term or limited contracts, of which Cisne is the most notable one because it's been redelivered to us. And we are, our preference is to secure medium and longer term shuttle tanker work. So the conventional work is pretty much spot market for the Cisne, and we don't see it as a strategy in anything other than the near term to deploy into that market.

當然。因此，正如我所說，我們正在行銷所有四艘船，它們要么是短期合同，要么是有限合同，其中“Cisne”號是最引人注目的一艘，因為它已重新交付給我們。我們的偏好是確保中長期穿梭油輪的工作。因此，傳統工作對 Cisne 來說幾乎是現貨市場，除了近期部署到該市場之外，我們不認為這是任何其他策略。

Great. Should we expect any downtime on it? Is it, you know, flips between charters? And then also, can you confirm that, you don't expect any dry docking activity in 2024?

偉大的。我們應該預期它會出現停機嗎？你知道嗎，是在包機之間翻轉嗎？另外，您能否確認，您預計 2024 年不會有任何乾船塢活動？

Correct about dry docking. We don't anticipate any dry docks in 2024. What you'll see on Dan Cisne is the utilization information will come through in the first quarter results because we received redelivery, I think it was around mid-December. So it had very little impact, if any, on the Q4 figures. And so our impacts will come through in Q1 figures.

關於乾塢的正確說法。我們預計 2024 年不會有任何乾船塢。您將在 Dan Cisne 上看到的是利用率資訊將在第一季度的結果中顯示，因為我們收到了重新交付，我認為是在 12 月中旬左右。因此，它對第四季度的數據影響很小（如果有的話）。因此，我們的影響將體現在第一季的數據中。

Okay. So expect a little bit of downtime. And can you-- the other major option, it seems like, is the, you know, on the ANA with Total. And what's the notice period on that? And have you heard or, you know, when do you expect to hear on a potential, you know, option exercise there?

好的。因此，預計會有一點停機時間。另一個主要選擇，似乎是，你知道，在 ANA 上與 Total 合作。通知期是多長？您是否聽說過，或者您預計什麼時候會聽到潛在的選擇權行使？

Yeah, I believe the notice period is between one and two months. And obviously, we're coming up to the end of that notice period over the next month or so. I know we're always in active dialogue with all of our clients and potential clients. So, we don't, while we don't have any news to announce there, it's not currently causing us any concern.

是的，我相信通知期在一到兩個月之間。顯然，我們將在下個月左右結束該通知期。我知道我們始終與所有客戶和潛在客戶進行積極對話。所以，我們沒有，雖然我們沒有任何消息要在那裡宣布，但目前並沒有引起我們任何擔憂。

Okay, great. Thank you. Thank you, Derek.

好的，太好了。謝謝。謝謝你，德里克。

Thanks, Poe.

謝謝，波。

Our next question comes from Jim Altshaw from Aviation Advisory Service. Your line is now open. Please go ahead.

我們的下一個問題來自航空諮詢服務部的 Jim Altshaw。您的線路現已開通。請繼續。

Good afternoon. Thanks for taking my question. A couple of related questions. Well, the big thing is with the utilization, because in the fourth quarter, the whole year of 2023, we had something like 99% utilization. Now, I guess, the Dan Cisne will be off hire for part of this quarter. You indicated that you have, as of today, charter coverage of something like 70%, a little more than 70% for the full year. What is utilization? What is the percentage figure going to look like for the first and second quarters based on the contracts you now have?

午安.感謝您提出我的問題。幾個相關的問題。嗯，最重要的是利用率，因為在 2023 年第四季度，即全年，我們的利用率約為 99%。現在，我猜 Dan Cisne 將在本季度的部分時間停止租用。您表示，截至今天，您的包機覆蓋率約為 70%，全年覆蓋率略高於 70%。什麼是利用率？根據您現在擁有的合同，第一季和第二季的百分比數字是多少？

Well, Jim, thanks for your questions. So the range of utilization that or contracting that we currently have in terms of full visibility for this year, 79% fixed and 91% if that, if you include exercise of all client options. Those figures, I appreciate they're in chart format, but they're set out on slide 11. I don't have the individual numbers directly to hand, but you can-- the chart will give you a good indication of those levels. O

好的，吉姆，謝謝你的提問。因此，我們目前在今年的完全可見性方面所擁有的利用率或合約範圍，如果包括所有客戶選擇權的行使，則為 79% 固定，如果是的話，則為 91%。我很欣賞這些數字是圖表格式的，但它們列在幻燈片 11 上。我手頭上沒有直接的具體數字，但你可以——圖表將為你提供這些水平的良好指示。氧

h, I'm sorry. I didn't look at that. I just looked at the news. Really sorry about that. But you're going to have one ship off hire for this quarter, Dan Cisne, if I remember correctly. And also, maybe I wasn't listening carefully enough, but will there be much of an impact on the revenues and the fact some of the ships that were on charter are now on short-term conventional tanker contracts? Is that going to make a meaningful, the combination of all these things, is that going to make a meaningful, create a meaningful impact on first quarter revenues?

哈，對不起。我沒看那個。我剛剛看了新聞。對此真的很抱歉。但丹·西斯內（Dan Cisne），如果我沒記錯的話，本季將有一艘船停租。而且，也許我聽得不夠仔細，但這會對收入產生很大影響嗎？事實上，一些包租的船舶現在簽訂了短期常規油輪合約？所有這些事情的結合是否會對第一季的收入產生有意義的影響？

Well, we're only talking about one vessel, so one out of 18. So you, the percentage there is order of magnitude 5%. And that's assuming no income, but actually, as we've described with the conventional work that she's been able to do, there has been some income and some utilization. So those overall figures should feed through to the figures in Q1. But it's not a question of entirely removing a vessel from the performance of the fleet over this quarter. And it is limited to one vessel in this quarter.

好吧，我們只討論一艘船，所以是 18 艘中的一艘。所以你，這個比例是5%的數量級。這是假設沒有收入，但實際上，正如我們所描述的，她能夠從事的傳統工作，有一些收入和一些利用。因此，這些總體數據應該反映到第一季的數據中。但這並不是將一艘船舶從本季船隊表現中完全剔除的問題。且本季僅限一艘。

Okay. Is it reasonable to assume that the rates you're getting on short-term conventional tanker work are less than you would get on a medium or long-term charter for shuttle tanker work?

好的。假設您在短期常規油輪工作中獲得的費率低於在中長期包租穿梭油輪工作中獲得的費率，是否合理？

Yes, that's correct. And obviously, they're modeled on a slightly different basis because of the short-term nature of the conventional contracts we're looking at as well.

對，那是正確的。顯然，由於我們正在研究的傳統合約的短期性質，它們的建模基礎略有不同。

Thank you very much.

非常感謝。

Okay. Thanks, Jim.

好的。謝謝，吉姆。

Lastly, we have a follow-up from Poe Fratt from Alliance Global Partners. Your line is now open. Please go ahead.

最後，我們有來自 Alliance Global Partners 的 Poe Fratt 的後續報導。您的線路現已開通。請繼續。

Yeah. Hi, Derek. Can you talk about the backlog? There was a pretty healthy increase in the backlog of, you know, to $699 million from $645 million from the time of the third quarter call. Can you just talk about that incremental increase? Because it didn't seem like your contracted backlog in years went up that significantly, but you did add $50 million. Can you just talk about the mechanics of that, Derek?

是的。嗨，德里克。能談談積壓的情況嗎？您知道，自第三季電話會議以來，積壓訂單從 6.45 億美元增加到了 6.99 億美元。能簡單談談增量成長嗎？因為多年來你們的合約積壓似乎並沒有顯​​著增加，但你們確實增加了 5000 萬美元。德瑞克，你能談談其中的原理嗎？

Sure. I mean, obviously, we burn off backlog each quarter as well. That would be factored into it. And I appreciate that serves to reduce the number before any additions. The main addition to the main addition to the backlog was the Carmen Knutsen with the exercise of one-year option by Repsol.

當然。我的意思是，顯然，我們每季也會消耗掉積壓的訂單。這將被考慮在內。我很欣賞這有助於在添加之前減少數量。積壓訂單中主要的新增項目是卡門·克努森 (Carmen Knutsen)，雷普索爾 (Repsol) 行使了一年期選擇權。

We also had the extension of the Dan Sabia for an additional six months in the first half of this year as well. So, those are the major changes.

今年上半年，我們也將 Dan Sabia 的期限再延長了六個月。所以，這些都是主要的改變。

Yeah. I sort of calculated that as adding about four and a half years of backlog, and you burn off every quarter about four and a half years of backlog. And so, you know, you take the $645 million, you take out the $72 million that you recognized in the fourth quarter revenue to get to the new number, and that delta is about $126 million. And it just seemed a little bit higher than I would have anticipated, given that--the Torill and the Hilda, which I assume are included in the backlog, are working at reduced rates. And the Carmen was really the only option that, you know, would have been expired or would have been exercised at, you know, a decent rate in my mind.

是的。我計算了一下，增加了大約四年半的積壓，每個季度都會消耗掉大約四年半的積壓。所以，你知道，你把 6.45 億美元，去掉第四季收入中確認的 7,200 萬美元，得到新的數字，增量約為 1.26 億美元。它似乎比我的預期要高一點，因為我認為 Torill 和 Hilda（我認為它們已包含在積壓訂單中）正在以較低的速度運行。卡門確實是唯一的選擇，你知道，它會過期，或者會以我心目中一個不錯的利率行使。

Yeah. I mean, the Carmen was the main headline since we held our call in December. And these figures relate to quarter end. So, you need to look at also at the additional contracts secured during Q4, but that were before December 14. So, apologies for the complexity there. So, on slide 4, you've got just a reminder there, and it will also be in our Q3 release as well.

是的。我的意思是，自從我們 12 月召開電話會議以來，《卡門》一直是頭條新聞。這些數字與季度末有關。因此，您還需要查看第四季度獲得的額外合同，但這些合約是在 12 月 14 日之前。因此，對於那裡的複雜性表示歉意。因此，在投影片 4 上，您只看到了一個提醒，它也將出現在我們的第三季版本中。

So, there was additional work secured for Windsor Knutsen, which we announced in December, and Brazil Knutsen as well, and then a one-year extension on each of the Tordis and Lena Knutsen. So, those will also have been part of the addition to backlog over that time.

因此，我們在 12 月宣布了為 Windsor Knutsen 和巴西 Knutsen 提供的額外工作，然後為 Tordis 和 Lena Knutsen 分別延長了一年。因此，這些也將成為這段時間內積壓的一部分。

Okay, great. That's helpful. Thank you so much.

好的，太好了。這很有幫助。太感謝了。

Thanks. So, apologies, it's in two places, but we didn't want to re-announce the same thing twice.

謝謝。所以，抱歉，它在兩個地方，但我們不想兩次重新宣布同一件事。

There are no further questions. I will now hand back over to Derek Lowe for any closing remarks.

沒有其他問題了。現在我將把閉幕詞交還給德里克·洛（Derek Lowe）。

Thank you again for joining this earnings call for Knot Offshore Partners' fourth quarter in 2023, and I look forward to speaking with you again following the first quarter results for 2024.

再次感謝您參加 Knot Offshore Partners 2023 年第四季的財報電話會議，我期待在 2024 年第一季業績公佈後再次與您交談。

That concludes today's call. You may now disconnect your line.

今天的電話會議到此結束。現在您可以斷開線路。