Knot Offshore Partners LP (KNOP) 2024 Q1 法說會逐字稿

Welcome to the Knot first quarter 2024 earnings call. My name is Carla, and I will be coordinating your call today. (Operator Instructions) I would now like to hand you over to Derek Lowe to begin. Derek, please go ahead.

歡迎參加 Knot 2024 年第一季財報電話會議。我叫卡拉，今天我將協調您的電話。（操作員指示）我現在想將您交給 Derek Lowe 開始。德里克，請繼續。

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 first quarter of 2024. Our website is knotoffshorepartners.com and you can find the earnings release there along with this presentation.

謝謝。女士們、先生們，早安。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 2024 年第一季的財報電話會議。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 GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP 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。該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。欲了解更多信息，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公認會計原則措施，我們的收益發布包括這些措施與最直接可比較的公認會計原則措施的調節。

On slide 3, we have the financial and operational headlines for Q1. Revenues were $76.6 million. Operating income $19.7 million. Net income was $7.4 million. And adjusted EBITDA are$ 47.5 million. We closed Q1 with $55 million dollars in available liquidity, made up of $50 million in cash and cash equivalents, plus $5 million in undrawn capacity on our credit facilities.

在幻燈片 3 上，我們提供了第一季的財務和營運頭條新聞。收入為 7,660 萬美元。營業收入 1,970 萬美元。淨利潤為 740 萬美元。調整後的 EBITDA 為 4750 萬美元。第一季結束時，我們擁有 5,500 萬美元的可用流動資金，其中包括 5,000 萬美元的現金和現金等價物，加上我們信貸額度中 500 萬美元的未提取能力。

We operated with 97.6% utilisation, and the vessel time available for scheduled operations was not impacted by any planned drydocking. Following the end of Q1, we declared a cash distribution of USD0.026 per gallon unit, which was paid in early May.

我們的營運利用率為 97.6%，可用於預定營運的船舶時間並未受到任何計畫進塢的影響。第一季末後，我們宣布每加侖單位現金分配 0.026 美元，並於 5 月初支付。

On slide 4, we have the headlines of the contractual and operational developments since our last results call, which was on February 27. In our major market, Brazil, Vigdis Knutsen was delivered to Shell in March for a three year time charter Anna Knutsen sought exercise of an option by Total Energies, extending the current charter to April 2026.

在幻燈片 4 上，我們列出了自 2 月 27 日上次業績電話會議以來合約和營運進度的頭條新聞。在我們的主要市場巴西，Vigdis Knutsen 於 3 月以三年期租船形式交付給殼牌。

And by the time of the last results call, Dan Sabia's charter to Transpetro had been extended to early June this year. In the North Sea, Hilda Knutsen, Torill Knutsen and Bodil Knutsen have continued to operate under time charters to our sponsor, Knutsen NYK. For Bodil Knutsen, this charter lasted, as planned, until delivery to Equinor at the end of March, on a charter of two years fixed plus two years options.

到最後一次業績電話會議時，Dan Sabia 與 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 的定期租船合約進行運作。對於 Bodil Knutsen 來說，這份租約按計畫持續有效，直到 3 月底交付給 Equinor，租期為兩年固定加兩年選擇權。

For Hilda Knutsen and Toril Knutsen, the charter is for rolling one-month terms up to January 2025. Ingrid Knutsen was redelivered by Altera at the end of March as anticipated and has since gone on to time charter with Knutsen NYK.

對於 Hilda Knutsen 和 Toril Knutsen 來說，該章程規定將一個月的任期滾動至 2025 年 1 月。Ingrid Knutsen 以預期於 3 月底由 Altera 重新交付，此後繼續與 Knutsen NYK 簽訂期租合約。

Both Ingrid Knutsen and Toril Knutsen will commence charters with Eni in Q4 this year. For Ingrid Knutsen, this was a deferral to October from a previously contracted April delivery. This deferral is on terms that are no less favourable to us than applied previously. That charter is for two years fixed plus two options each of one year.

Ingrid Knutsen 和 Toril Knutsen 都將於今年第四季開始與埃尼集團簽訂租約。對於英格麗德·克努森 (Ingrid Knutsen) 來說，這比之前約定的 4 月交貨推遲到了 10 月。此次延期的條款對我們來說並不遜色於之前的條款。該章程的期限是固定的兩年，加上每年兩個選項。

For Torill Knutsen, the new time charter with Eni is for three years fixed plus three options each of one year. In the meantime, Torill Knutsen is undergoing repairs to a broken generator rotor, which has limited the range of client facilities which this vessel is able to serve.

對托里爾·克努森 (Torill Knutsen) 來說，與埃尼集團簽訂的新期租合約期限為三年固定，加上每年三個選項。同時，Torill Knutsen 正在修復損壞的發電機轉子，這限制了船隻能夠服務的客戶設施範圍。

We expect the repair to be completed later in Q2 or into Q3 and both the repair costs and some loss of hire are expected to be covered by insurance, subject to the relevant policy terms. After we received redelivery of Dan Cisne in December 2023, we have deployed her on short-term conventional tanker work while also assessing the upgrades required for compatibility with shuttle tanker work in the North Sea.

我們預計維修將在第二季稍後或第三季完成，維修費用和部分租金損失預計將由保險承擔，具體取決於相關保單條款。在我們於 2023 年 12 月重新交付 Dan Cisne 後，我們將她部署到短期常規油輪工作中，同時也評估了與北海穿梭油輪工作的兼容性所需的升級。

Those upgrades are due to be carried out in the coming weeks. Dan Sabia is due for redelivery to us in June, which is the extended expiry date of her charter to Transpetro. The continuing area of focus for our contracting team is on Dan Cisne, Dan Sabia and Hilde Knutsen. For near term deployment, focus also remains on Ingrid Knutsen and Torill Knutsen until each of them is delivered to Eni in Q4 this year.

這些升級將在未來幾週內進行。Dan Sabia 將於 6 月歸還給我們，這一天是她在 Transpetro 的租約到期日。我們的簽約團隊持續關注的領域是 Dan Cisne、Dan Sabia 和 Hilde Knutsen。對於近期部署，重點仍然是 Ingrid Knutsen 和 Torill Knutsen，直到今年第四季交付給埃尼集團。

On slide 5, our outlook remains positive on both industry dynamics and the partnerships positioning to participate fruitfully in our markets. Significant growth is anticipated in production in fields which rely on service by shuttle tankers. We see reported orders from earlier this year 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的前景仍然樂觀，以有效地參與我們的市場。預計依賴穿梭油輪服務的油田的產量將大幅成長。我們認為今年稍早報告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 sponsor vessels has 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. It should not be understood as some sort of negative development for the sector. A material shortage of shuttle tanker capacity remains projected in the coming years.

每艘贊助商船舶都與巴西國家石油公司簽訂了為期 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購量勢在必行。這不應被理解為該行業的某種負面發展。預計未來幾年穿梭油輪運力仍將出現嚴重短缺。

We also remain mindful of near term market conditions, where we are particularly focused on marketing the Dan Cisne, Dan Sabia and Hilde Knutsen, as well as seeking third-party employment of Ingrid Knutsen and Torill Knutsen until commencement in Q4 of their next long-term charters. In the meantime, the partnership remains financially resilient, with a strong contracted revenue position of $683 million at the end of Q1 on fixed contracts, which averaged two years in duration.

我們也仍然關注近期的市場狀況，我們特別關注 Dan Cisne、Dan Sabia 和 Hilde Knutsen 的營銷，並尋求 Ingrid Knutsen 和 Torill Knutsen 的第三方僱傭，直到他們下一個長期項目的第四季度開始。同時，該合作關係在財務上仍然保持彈性，第一季末固定合約的合約收入為 6.83 億美元，平均期限為兩年。

Charterers' options are additional to this and average a further two years. Our pattern of cash generation and liquidity balance is sufficient for our operations and the significant paid-out rate for our debt. And 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 9.9 years places as well when compared with the useful life model at 23 years.

承租人的選擇權是額外的，平均還有兩年。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債務的顯著支付率。去年完成的幾筆再融資也證明了我們與貸款銀行的關係的強度。最後，與 23 年的使用壽命模型相比，我們船舶的平均年齡也為 9.9 年。

On to slide 6. You can see the consistency of revenues and operating income when comparing between quarters and also between 12-month periods. Slide 7, similarly reflects the consistency of our adjusted EBITDA, and you can find the definition of this non-GAAP measure in the appendix.

轉到投影片 6。在季度之間以及 12 個月期間之間進行比較時，您可以看到收入和營業收入的一致性。投影片 7 同樣反映了我們調整後 EBITDA 的一致性，您可以在附錄中找到此非 GAAP 衡量標準的定義。

On slide 8, the most notable change in the balance sheet over the first quarter has come from refinancing of the loan secured by Hilde Knutsen, the balance of which has moved from current liabilities into long-term debt. The overall change in the partnership's liabilities has been a reduction by $42 million, which is reflective of our debt repayment schedule.

在投影片 8 中，第一季資產負債表最顯著的變化來自希爾德·克努森 (Hilde Knutsen) 擔保貸款的再融資，其餘額已從流動負債轉變為長期債務。合夥企業負債的整體變化減少了 4,200 萬美元，這反映了我們的債務償還計畫。

On slide 9, we have expanded on the terms of the partnership's debt facilities to provide added colour 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 repayments 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 date. Of note, $91 million is due to be paid on these debt facilities over the 12 months following March 31. Completion of the Hilda refinancing is due imminently, following which no further balloon repayments or refinancings are due within that 12-month period.

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，將於到期日到期。值得注意的是，這些債務融資將在 3 月 31 日之後的 12 個月內支付 9,100 萬美元。Hilda 再融資即將完成，此後 12 個月內無需再進行大規模還款或再融資。

Our typical pattern is for our vessels to provide security for our debt facilities, and that applies to 16 out of 18 vessels. At present, the exceptions are that Dan Cisne and Dan Sabia are free of debt, and we do not have plans to incur additional borrowings secured by these vessels until we have better visibility on their future employment. $880 million out of $925 million in debt facilities are secured by vessels, while the two revolving credit facilities totalling $50 million of capacity are unsecured.

我們的典型模式是讓我們的船舶為我們的債務融資提供擔保，這適用於 18 艘船舶中的 16 艘。目前，例外情況是 Dan Cisne 和 Dan Sabia 沒有債務，而且在我們更好地了解這些船隻未來的就業情況之前，我們沒有計劃透過這些船隻進行額外借款。 9.25 億美元的債務融資中，8.8 億美元由船舶擔保，而兩筆總計 5,000 萬美元的循環信貸融資則無擔保。

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, particularly for Dan Cisne, Dan Sabia and Hilda Knutsen, and in the near term also for Ingrid knutsen and Torill knutsen.

投影片 10 以圖表形式顯示了合約管道，反映了我之前闡述的進展。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，特別是 Dan Cisne、Dan Sabia 和 Hilda Knutsen，以及 Ingrid knutsen 和 Torill knutsen 的近期合約。

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 on order for our sponsor, where the vessel has a firm contract period at least five years in length. At present, five existing vessels and five under construction fall into this category.

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。目前已有五艘現有船舶和五艘在建船舶屬於此類。

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.

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 to 15, 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. 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 至 15 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。我們鼓勵您直接查看 Petrobras 材料。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 reports earlier this year of up to six vessel construction contracts are an endorsement of the strong anticipated market conditions in the medium and longer term. 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. 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, and a material shortage of shuttle tanker capacity remains projected in the coming years.

我們認為，今年稍早發布的多達六份船舶建造合約的報告是對中長期強勁預期市場狀況的認可。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。我們預計將看到更多的新建造訂單，以便為未來幾年上線的大量新產量提供服務，並且預計未來幾年穿梭油輪運力仍將出現材料短缺。

On slide 16, 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, Equinity Trust Company, whose details are shown there.

在投影片 16 中，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轉讓代理股權信託公司，其詳細資訊請見此處。

On slide 17, 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 will finish with slide 18, recapping our financial and operational performance in Q1 '2024 and the subsequent time, and our outlook for the remainder of 2024. We are glad to have delivered high and safe utilisation, which have generated consistent financial performance.

在投影片 17 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 18 結束，回顧我們 2024 年第一季及後續時間的財務和營運業績，以及我們對 2024 年剩餘時間的展望。我們很高興實現了高且安全的利用率，從而產生了一致的財務表現。

We are pleased with the new contracts and extensions we have secured during the quarter and since, along with our ability to navigate our refinancing needs and periodic capital expenditure. And our continued commercial focus remains on filling up third-party utilisation for 2024, while looking further forward to longer-term charter visibility and liquidity generation. Thank you for listening.

我們對本季及此後獲得的新合約和延期以及我們滿足再融資需求和定期資本支出的能力感到滿意。我們持續的商業重點仍然是填補 2024 年的第三方利用率，同時進一步期待長期包機可見性和流動性產生。感謝您的聆聽。

And with that, I'll hand the call back to the operator for any questions.

這樣，如果有任何問題，我會將電話轉給接線生。

(Operator Instructions) Liam Burke, B. Riley Securities, Inc.

（操作員指令）Liam Burke, B. Riley Securities, Inc.

Thank you. Hi, Derek. How are you today?

謝謝。嗨，德里克。你今天怎麼樣？

Hi, Liam. Good to talk to you.

嗨，利亞姆。很高興和你說話。

Thank you. Derek, could you give us a little more colour on the macro side, specifically the activity in the North Sea? I mean, it's pretty well known that the step-up investment on offshore in Latin America is pretty high. We're not hearing much on the North Sea.

謝謝。德里克（Derek），您能為我們提供更多宏觀方面的信息，特別是北海的活動嗎？我的意思是，眾所周知，拉丁美洲的離岸投資非常高。我們沒有聽到太多有關北海的消息。

Sure. Well, I mean, the main developments we're looking to are the Johan Castberg and the Penguins. FPSOs coming online with production either late this year or early next year. And we think there's going to be a significant increase in demand for the whole of the North Sea shuttle fleet once those come along. And the question in the meantime is, at what stage do clients want to start entering into contracts in anticipation of that.

當然。嗯，我的意思是，我們期待的主要發展是約翰·卡斯特伯格和企鵝隊。FPSO 將在今年底或明年初投入生產。我們認為，一旦這些飛機出現，對整個北海太空梭機隊的需求將會顯著增加。同時的問題是，客戶希望在什麼階段開始簽訂預期的合約。

So everybody's anticipating the actual projects coming to fruition. Does that make sense to just keep the Hilda and Torill busy until you can charter it? I mean, are they good candidates to be to be chartered into this market?

所以每個人都期待實際專案的實現。讓 Hilda 和 Torill 一直忙碌直到你可以包租它是否有意義？我的意思是，他們是進入這個市場的好候選人嗎？

Torill has a charter from Q4 this year with Eni. So Torill's used in perhaps the CoA pool until delivered into that contract. That's certainly a relevant point for us, but not after that.

Torill 從今年第四季起就與埃尼集團簽訂了特許協議。因此，在交付到該合約之前，Torill 可能會在 CoA 池中使用。這對我們來說當然是一個相關的觀點，但在那之後就不再是了。

Okay. And on the Cisne and Sabia, I mean, they're in a good market, but just not the right size. Do you have any more alternatives rather than just running them into the traditional market?

好的。我的意思是，在 Cisne 和 Sabia 上，它們的市場很好，但尺寸不合適。除了將它們投入傳統市場之外，您還有其他選擇嗎？

Well, the Cisne, as I think you'll be aware, we brought over to the North Sea and are going to put the upgrades in place for North Sea work, because we think Cisne is much better suited to North Sea because of the size than the Brazilian-- and to the Brazilian market.

好吧，Cisne，我想你會知道，我們把它帶到了北海，並將為北海工作進行升級，因為我們認為 Cisne 更適合北海，因為它的規模比巴西——以及巴西市場。

So we should be exposed to the same dynamics in the North Sea as we have with the other vessels as well, which is why she's got probably the greatest amount of focus from the contracting team of all of our vessels. And Sabia, we expect redelivery in early June, and she's subject to all the normal and energetic marketing efforts, as you might imagine, given that seasonal contracted after this.

因此，我們應該在北海面臨與其他船隻相同的動態，這就是為什麼她可能受到我們所有船隻的承包團隊的最大關注。至於 Sabia，我們預計將在六月初重新交付，正如您可能想像的那樣，考慮到在此之後季節性合約的簽訂，她將受到所有正常且充滿活力的行銷工作的影響。

Great. Well, thank you, Derek.

偉大的。好吧，謝謝你，德里克。

Thank you.

謝謝。

Poe Fratt, Alliance Global Partners.

Poe Fratt，聯盟全球合作夥伴。

Hi, Derek.

嗨，德里克。

Hi, Poe. How are you doing?

嗨，坡。你好嗎？

Very well. How about you?

很好。你呢？

Very good. Thanks.

非常好。謝謝。

Well, congrats on closing some of the holds. I'm especially surprised about the Torill just because, as you just mentioned, the North Sea market could be very tight as you have the two FPSOs coming on later this year. Do you -- your market intelligence, what do you understand as far as the incremental demand that could be generated from those two FPSOs? And then, you know, is -- it seems like there won't be any available capacity at the Hilda at that point in time. Is that a fair statement?

好吧，恭喜您關閉了一些保留。我對 Torill 感到特別驚訝，因為正如您剛才提到的，北海市場可能會非常緊張，因為今年稍後將有兩艘 FPSO 投產。您的市場情報對這兩個 FPSO 可能產生的增量需求有何了解？然後，你知道，在那個時間點，希爾達似乎不會有任何可用的容量。這是一個公平的說法嗎？

Well, we think there's more than enough incremental demand to come through to cover the short -- I guess, underemployed or underutilized vessels that we've got, potentially that others have as well. So this-- the North Sea has always been a timing issue, and obviously the longer it goes, the more frustrating it is. But it's a timing issue rather than anything worse than that.

好吧，我們認為有足夠的增量需求來彌補短缺——我想，我們擁有的未充分利用或未充分利用的船舶，其他國家也可能有。所以，北海問題一直是個時間問題，顯然拖得越久，就越令人沮喪。但這是一個時間問題，而不是比這更糟糕的事。

So the vessels that we would have available for that, because the Torill and Ingrid have both been contracted to Eni from Q4, they won't be in the question for that. But Hilda will, and Dan Cisne, as she's been set up for the North Sea, will be as well.

因此，我們可以使用的船隻，因為 Torill 和 Ingrid 都從第四季度開始與埃尼公司簽訂了合同，因此它們不會出現問題。但希爾達（Hilda）會，丹·西斯內（Dan Cisne）也將如此，因為她是為北海而準備的。

But if you would answer the question of what you think the incremental demand of those two FPSOs could be?

但如果您回答以下問題：您認為這兩艘 FPSO 的增量需求可能是多少？

I don't have a figure to hand of rates, but certainly more than enough to soak up the capacity that we've got.

我沒有具體的費率數據，但肯定足以吸收我們現有的容量。

Would it be fair to say that, two to four for each FPSO, or, you know, maybe two, so that you have incremental demand developing into 2025 of four shuttle tankers in the North Sea?

公平地說，每艘 FPSO 配備兩到四艘，或者，你知道，可能是兩艘，這樣到 2025 年，北海的四艘穿梭油輪的需求就會不斷增加？

Yeah. I'm afraid I don't have that to hand, so I can look at that, and maybe we can discuss offline.

是的。恐怕我手邊沒有那個，所以我可以看看，也許我們可以線下討論。

Okay. And my understanding is that neither of those projects have lined up any capacity. Is that what you understand?

好的。我的理解是，這兩個項目都沒有任何產能。你是這麼理解的嗎？

As far as I know, they haven't lined any up yet.

據我所知，他們還沒有排隊。

Okay, great. And then if you could just talk about Dan Cisne. How much was the upgrade, the cost of the upgrade, and then will there be any downtime on that vessel in the second quarter?

好的，太好了。然後可以談談丹·西斯內嗎？升級費用是多少、升級成本以及第二季度該船是否會停機？

Well, she's currently not contracted, so downtime is perhaps a slightly moot point. We think it's around a month of both the work and the testing and sea trials and so on that will go on afterwards, maybe a month to six weeks. As I say, she's not on contract in any case during that time. We haven't published the cost, but it's not material in the context of the financial results we've produced, but we haven't produced a figure.

好吧，她目前還沒有簽約，所以停工可能是一個有點爭議的問題。我們認為工作、測試和海上試驗等大約需要一個月的時間，之後將繼續進行，可能需要一個月到六週的時間。正如我所說，在那段時間她無論如何都沒有簽約。我們還沒有公佈成本，但就我們產生的財務表現而言，它並不重要，但我們還沒有提供數字。

Okay. Maybe you could describe the upgrade that was required.

好的。也許您可以描述所需的升級。

Yes, it's some harsh weather facilities.

是的，這是一些惡劣天氣設施。

Okay. And then do you think the Dan Sabia will stay in Brazil? It seems like there's strong enough demand there, and I guess what's your sort of working assumption on Dan Sabia at this point in time?

好的。那你認為丹薩比亞會留在巴西嗎？看起來那裡的需求夠強烈，我猜你目前對 Dan Sabia 的工作假設是什麼？

Well, we are very mindful that she's not the size that is ideal in Brazil, but there's enough demand that potentially a client might want to take her in any case, so we continue to market in Brazil given that that's where she is.

嗯，我們非常注意，她的體型在巴西並不理想，但有足夠的需求，潛在的客戶無論如何都可能想要帶她，所以我們繼續在巴西進行行銷，因為那是她所在的地方。

Okay. When you look at the impact of the Torill on the first quarter, -- the broken motor rotor, can you just quantify the number of days? Will it just be the deductible, the higher deductible of 14 days that was in the first quarter?

好的。當你看到Torill對第一季的影響時－馬達轉子損壞，你能能量化一下天數嗎？只是自付額嗎？

Well, we certainly will be subject to that 14 days deductible. It's not straightforward because she's able to serve some client facilities but not others, so she's got some earnings, so it's not a classic loss of hire where she's completely out, and the calculation involved is actually relatively simple in those cases. This is going to be more complicated.

嗯，我們當然要遵守 14 天的免賠額。這並不簡單，因為她能夠為一些客戶設施提供服務，但不能為其他客戶設施提供服務，所以她有一些收入，所以這不是她完全出局的典型僱傭損失，而且在這些情況下，涉及的計算實際上相對簡單。這將會變得更加複雜。

Got you. So was she down at all in the first quarter? And then if you could quantify any other idle days that you might have had in the first quarter to sort of get to that utilization number that you published?

明白你了。那麼她在第一季有沒有表現不佳呢？然後，您是否可以量化第一季可能有的任何其他空閒天數，以得出您發布的使用率數字？

Sure. Something like a month in the first quarter. I need to check the exact figures, but order of magnitude a month.

當然。第一季大約一個月。我需要檢查確切的數字，但每個月都是一個數量級。

And was there any other downtime or idle days in the first quarter? It sounded like you worked essentially in the conventional tanker market, so that was more on voyages, right?

第一季是否還有其他停機或閒置的日子？聽起來您基本上是在傳統油輪市場工作，所以更多的是在航行，對吧？

That's right. She had downtime between those as well, but I think total employment for the Cisne is -- this isn't a Q1 comment because her work has continued since then something like 80 days in the last five months.

這是正確的。她在這段期間也有停工時間，但我認為 Cisne 的總就業人數是——這不是第一季的評論，因為從那時起她的工作在過去 5 個月裡持續了大約 80 天。

Sorry. Would you clarify that? 80 days? She's worked 80 days over the last five months?

對不起。你能澄清一下嗎？80天？過去五個月她工作了 80 天？

Something like that, yeah.

類似的事情，是的。

Okay. Got you. So 80 of the 150, if you look at it. Okay.

好的。明白你了。150 個中的 80 個，如果你看一下的話。好的。

(multiple speakers) They straddle three different courses of performance as well, so it's not easy to fit into quarterly results.

（多位發言者）他們也跨越三個不同的表現過程，因此很難適應季度結果。

Understood. And when I combine your-- or just look at your OpEx, it looks like the OpEx in the first quarter might have gone up just slightly on a daily basis. Is that accurate? And could you just comment on looking forward, OpEx and G&A?

明白了。當我結合您的數據或僅查看您的營運支出時，看起來第一季的營運支出可能每天略有上升。準確嗎？您能否就展望、營運支出和一般行政費用發表評論？

Sure. G&A has been pretty stable. The main difference in OpEx is voyage expenses. Bear in mind also, of course, we have royalty revenues to offset that as well, and that's a classification issue relating to-- I expect that's for Dan Cisne because of the nature of our volumes at that time.

當然。G&A 一直相當穩定。營運支出的主要差異在於航程費用。當然，也要記住，我們也有特許權使用費收入來抵消這一點，這是一個與 - 我希望這是丹·西斯內 (Dan Cisne) 相關的分類問題，因為我們當時的捲的性質。

Got you. So that was mainly absorbing the bunker costs from the voyages and other potential fees? And then just one nitpicky one. It looks like you might have layered on some interest rate hedges in the first quarter. The overall notional amount of the swap went up. Can you just talk about that?

明白你了。那麼這主要是吸收航程中的燃油成本和其他潛在費用？然後就是一個挑剔的人。看來您可能在第一季進行了一些利率對沖。互換名目金額整體上升。能簡單談談嗎？

Yes, we did a small amount of additional fixing. At the moment, we're well within our policy range of the amount of debt that is either fixed rates or effectively fixed through hedges. And in due course, as those hedges come off, we'll need to put some more in place, and so we did a small amount of that quite early in Q1. So we're fairly pleased with the rate that we got at that stage, even though rates have moved a little bit since then.

是的，我們做了少量的額外修復。目前，我們的債務金額完全處於固定利率或透過避險有效固定的保單範圍內。在適當的時候，隨著這些對沖的解除，我們需要採取更多措施，因此我們在第一季初期就做了少量的工作。因此，我們對當時階段​​的利率相當滿意，儘管此後利率發生了一些變化。

Yeah, it looks like you still were able to fix in the low 2 range because your average interest rate costs fixed wise only went up to 2 from 1.9, right?

是的，看來您仍然能夠在較低的 2 範圍內固定利率，因為您的平均固定利率成本僅從 1.9 上升到 2，對吧？

Sure, it was as low as 2 for the new fix, but it certainly was a rate that we were happy with.

當然，新修復的速度低至 2，但這確實是我們滿意的速度。

Yeah. Okay. And then it looks like, other than the three that you talked about, the Hilda, Torill, I'm sorry-- the Hilda, Dan Cisne and Dan Sabia with open windows and no longer-term work, can you just talk about the Carmen? It looks like Repsol has a year option at the start of next year.

是的。好的。然後看起來，除了你談到的三個人之外，Hilda、Torill，我很抱歉——Hilda、Dan Cisne 和 Dan Sabia 都開著窗戶，沒有長期工作，你能談談卡門？看起來雷普索爾在明年初有一年的選擇。

When would the notice period be on that option before it moves to the major oil company for, what is it, four years or three years?

在該選項移交給大型石油公司之前，通知期是什麼時候，是四年還是三年？

We would generally expect that to be within something like one to three months of the start of the optional period. I don't have the exact terms for that particular one in front of me, but that sort of period would be the latest we'd expect from that.

我們通常預計該時間會在可選期開始後的一到三個月內。我沒有擺在我面前的那個特定條款的確切條款，但這樣的時期將是我們所期望的最晚的時期。

Okay, great. Well, congratulations, Derek, on the contracting chartering during the quarter.

好的，太好了。好吧，德里克，恭喜您在本季度獲得了承包租船合約。

Great, thank you.

太好了謝謝。

You're welcome.

不客氣。

Pavel Oliva, RockHill Global, LLC.

Pavel Oliva，RockHill Global, LLC。

Hi, good morning. Congratulations on that great quarter. I have a few questions if you don't mind. One is my understanding is that the new builds, that the prices of new builds are around $160 for the North Sea and $140 for Brazil million, and that there are really no new builds for North Sea. Does the value of the new builds impact pricing, daily pricing of the existing fleet?

早安.恭喜這個偉大的季度。如果你不介意的話我有幾個問題。一是我的理解是，新建的建築，北海的新建建築的價格約為 160 美元，巴西百萬美元的新建建築價格約為 140 美元，而且北海確實沒有新建建築。新船的價值是否會影響現有船隊的定價和每日定價？

I wouldn't say so. Certainly not in the North Sea. We're aware of the short to medium term issues around when demand for those for North Sea vessels can come in, and that's a far greater driver than anything else.

我不會這麼說。當然不是在北海。我們意識到對北海船舶的需求何時出現的中短期問題，這是比其他任何因素都更重要的驅動因素。

I see. So the charters that are on those new ships, for example, in Brazil, would be similar to what they are now, or they would reflect the new cost and the new cost of capital?

我懂了。那麼，例如在巴西，這些新船的租船合約將與現在的類似，或者它們將反映新的成本和新的資本成本？

They will reflect the terms, market conditions at the time they were entered into. So the newest ones obviously you'd expect to be. Let's say, recognizably current, but some of the other vessels that aren't yet delivered obviously were contracted some time ago and would be on different terms.

它們將反映簽訂時的條款和市場條件。所以顯然你會期望最新的。比方說，目前的船隻明顯是現役的，但其他一些尚未交付的船隻顯然是前一段時間簽訂的合同，並且條款不同。

Right. So if I have a ship that's coming off hire and I have to recharter it, is it fair to say that, for example, in Brazil, the rates would be a lot higher than they were at the historical charter?

正確的。因此，如果我有一艘即將租用的船舶並且必須重新租用它，那麼可以公平地說，例如在巴西，費率會比歷史租船時的費率高很多嗎？

We are seeing them firming up, if anything. So we clearly know in the direction that's going.

如果有的話，我們看到他們正在變得堅定。所以我們清楚知道事情的發展方向。

Can I ask in the North Sea, besides your ships, are there any other ships like Altera ships that may be available for those projects or are these ships sort of it?

我可以問一下，在北海，除了你們的船之外，還有其他像 Altera 船這樣的船可以用於這些項目嗎？

I understand there is competing capacity. I don't have figures to hand on that, and I wouldn't want to comment on another operator's contractual profile anyway. But, yes, we understand there is capacity aside from our own.

我知道存在競爭能力。我沒有相關數據，而且我也不想對其他業者的合約狀況發表評論。但是，是的，我們知道除了我們自己的能力之外還有其他能力。

I see. Okay. And you had really good results in terms of free cash flow generation in the first quarter, and that's without a lot of the charters. Have you guys considered potentially buying some shares back at this point, given what the NAV is in light of the new ships that are being built in Brazil and sort of the replacement value of the fleet. As well as just the ability by lowering the number of shares to potentially increase the dividend when and if you're ready to reinstate that dividend?

我懂了。好的。第一季在自由現金流產生方面取得了非常好的成果，而且還沒有太多的章程。考慮到巴西正在建造的新船的資產淨值以及船隊的重置價值，你們是否考慮過在此時回購一些股票。以及當您準備好恢復股利時，是否可以透過減少股票數量來增加股利？

Yes. Well, we certainly understand and appreciate the value of that strategy, and that's a question for the board to be addressing in due course. Their greatest priority is actually that we continue to make progress on visibility of our contracting schedule. And at the moment, clearly, there are two or three vessels that remain uncontracted, which is quite a rare position for us to be in. And they're more concerned that that capacity is filled first before looking at anything else.

是的。嗯，我們當然理解並欣賞該策略的價值，這是董事會需要在適當時候解決的問題。實際上，他們最優先考慮的是我們繼續在合約時間表的可見性方面取得進展。目前，顯然有兩三艘船仍未簽訂合同，這對我們來說是相當罕見的。他們更關心的是，在考慮其他事情之前，這個容量首先被填滿。

We certainly look forward to the point where that is a really good use of capital. I would also say, if you look at our liquidity position, which we are-- certainly, content with, we had $50 million of cash and cash equivalents at the end of March, but we also had $45 million of drawn-down revolving credit facility. And so the net liquidity, if you look at the difference between those, is rather less, and we wouldn't feel, I expect the board wouldn't feel, able to invest cash in buying back units when that's the position.

我們當然期待著真正充分利用資本的時刻。我還想說，如果你看看我們的流動性狀況，我們當然很滿意，截至 3 月底，我們擁有 5000 萬美元的現金和現金等價物，但我們也有 4500 萬美元的提取循環信貸設施。因此，如果你看看它們之間的差異，淨流動性相當小，而且我們不會覺得，我預計董事會也不會覺得，能夠在這種情況下投資現金回購單位。

Understood, understood. But as you kind of get to that more comfortable position, and you have repaid a lot of debt so far, it's something that the board will certainly consider, right?

明白了，明白了。但當你達到了更舒適的位置，並且到目前為止你已經償還了很多債務，董事會肯定會考慮這一點，對吧？

Yes, it's certainly one of the options.

是的，這當然是選擇之一。

Okay, awesome. Very good. Congratulations on a great quarter and a terrific performance. Thank you.

好吧，太棒了。非常好。恭喜您度過了一個出色的季度和出色的表現。謝謝。

Thanks, Pavel. Appreciate it.

謝謝，帕維爾。欣賞它。

Ronald Silvera from R.E. Silvera & Associates Marine Surveyors & Consultants, Inc

來自 R.E. 的 Ronald Silvera Silvera & Associates 海洋測量師與顧問公司

Hello. Derek, thank you for taking my call. Yes, we're marine surveyors, by the way. She dropped the word surveyors. In any case, thank you for taking the call, and I'd like to congratulate you on improving the company situation considerably versus the past.

你好。德瑞克，謝謝你接我的電話。是的，順便說一句，我們是海洋測量員。她放棄了測量員這個詞。無論如何，感謝您接聽電話，我要祝賀您使公司狀況比過去有了很大改善。

Our input is that we would love, because we own thousands of shares, we would love to see you keep the dividend about where it is for an extended period of time and aggressively continue your move toward reducing debt.

我們的意見是，因為我們擁有數千股股票，所以我們希望看到您在較長一段時間內保持股息不變，並積極繼續採取減少債務的行動。

Don't take any more drop downs for the time being because the fleet is fairly young, and let's fill the gaps, as you've been saying, and get to the position where we have significantly continued to reduce the debt. You have some of the ships already debt-free, and that's really great. So that's our position as shareholders, and we hope you will take that into consideration.

暫時不要再進行任何降級，因為機隊相當年輕，讓我們填補空白，正如您所說，並達到我們繼續大幅減少債務的水平。有些船隻已經沒有債務了，這真的很棒。這就是我們作為股東的立場，我們希望您能夠考慮這一點。

Sure. Thank you very much. I would just show you again slide 9 if you want to get back to it. The current installments figure is basically a 12-month look forward from the balance sheet date of the debt repayments that are coming due via amortizations, and that $91 million over the 12 months starting April 1, this year is very recognisable on a year-by-year basis for the amount we repay in our debt in cash, purely on the scheduled repayment terms. So point very well taken, and I hope you're also pleased with the amount of debt repayment we're managing to do already.

當然。非常感謝。如果您想回到投影片 9，我會再次向您展示投影片 9。目前的分期付款數字基本上是從資產負債表日起12 個月內透過攤銷方式償還到期債務的預期，從4 月1 日開始的12 個月內，今年的9,100 萬美元在年同比上是非常明顯的。所以這一點非常好，我希望您也對我們已經設法償還的債務金額感到滿意。

Yes, very pleased with that. And I'm saying our point is I'm not interested in getting the dividend raised back $0.52 right away, but rather continuously, aggressively continue to pay down the debt. Don't take any drop downs for at least a year at this point, and filling the gaps on where we are with our ships, putting us in a very, very solid position.

是的，對此非常滿意。我想說的是，我們的觀點是，我對立即將股息提高 0.52 美元不感興趣，而是持續、積極地繼續償還債務。此時至少一年內不要出現任何下降，並填補我們與我們的船隻之間的空白，使我們處於一個非常非常穩固的位置。

And I think the share price will reflect it. And the future with the market in Brazil looking as good as it is, given that much time that I'm talking about a year, we will know the market a lot better by then, and we can make very judicious decisions on what to add to the fleet in the future. Thank you, Derek.

我認為股價會反映這一點。巴西市場的未來看起來和現在一樣好，考慮到我所說的一年的時間，到那時我們會更好地了解市場，我們可以就添加什麼做出非常明智的決定未來的艦隊。謝謝你，德里克。

Thank you. Thanks, Ronald.

謝謝。謝謝，羅納德。

Bye, bye.

再見。

(Operator Instructions) We currently have no further questions. I will hand back over to Derek for any final remarks.

（操作員說明）我們目前沒有其他問題。我將把最後的評論交還給德里克。

Well, thank you all again for joining this earnings call for Knot Offshore Partners' first quarter in 2024. And I look forward to speaking with you again following the second quarter results.

好吧，再次感謝大家參加 Knot Offshore Partners 2024 年第一季的財報電話會議。我期待在第二季業績公佈後再次與您交談。

And this concludes today's conference call and thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束，感謝您的加入。現在您可以斷開線路。