Knot Offshore Partners LP (KNOP) 2024 Q4 法說會逐字稿

Good morning, and thank you, all, for attending KNOT Offshore Partners fourth quarter 2024 earnings call. My name is Brika, and I will be your moderator for today. (Operator Instructions)

早安，感謝大家參加 KNOT Offshore Partners 2024 年第四季財報電話會議。我叫 Brika，今天我將擔任你們的主持人。（操作員指示）

I would now like to pass the call over to your host, Derek Lowe, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners. Thank you. You may proceed, Derek.

現在我想將電話轉給主持人、KNOT Offshore Partners 執行長兼財務長 Derek Lowe。謝謝。你可以繼續，德里克。

Thank you, Brika, 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 2024. Our website is knotoffshorepartners.com, and you can find the earnings release there along with this presentation.

謝謝你，布里卡。女士們、先生們，早安。我叫 Derek Lowe，是 KNOT Offshore Partners 的執行長兼財務長。歡迎參加合夥企業 2024 年第四季財報電話會議。我們的網站是 knotoffshorepartners.com，您可以在那裡找到收益報告和本簡報。

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.

在第 2 張投影片上，您將找到有關在今天的簡報中加入前瞻性陳述的指導。這些都是真誠做出的，反映了管理層當前的觀點、已知和未知的風險，並且基於固有地受重大不確定性和意外事件影響的假設和估計，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表達或暗示的結果有重大差異，且合夥企業沒有義務或承擔更新截至本簡報發布之日的任何此類前瞻性陳述的義務。欲了解更多信息，請參閱我們的美國證券交易委員會 (SEC) 文件，特別是有關我們的年度和季度業績的文件。今天的演示還包括某些非美國 GAAP 指標，我們的收益報告包括將這些指標與最直接可比較的 GAAP 指標進行調整。

On slide 3, we have the financial and operational headlines for Q4. Revenues were $91.3 million, operating income $34.7 million, net income $23.3 million. Adjusted EBITDA was $63.1 million. We closed Q4 with $90 million in available liquidity made up of $67 million in cash and cash equivalents, plus $23 million in undrawn capacity on our credit facilities.

在投影片 3 上，我們列出了第四季度的財務和營運情況。收入為 9,130​​ 萬美元，營業收入為 3,470 萬美元，淨收入為 2,330 萬美元。調整後的 EBITDA 為 6,310 萬美元。截至第四季末，我們擁有 9,000 萬美元的可用流動資金，其中包括 6,700 萬美元的現金和現金等價物，以及 2,300 萬美元的未提取信貸額度。

We operated at 98.3% utilization and the vessel time available for scheduled operations was not impacted by any planned drydocking. Following the end of Q4, we declared a cash distribution of USD0.026 per common unit, which was paid in early February.

我們的營運利用率為 98.3%，且可用於預定營運的船舶時間未受到任何計畫的乾船塢的影響。第四季結束後，我們宣布以每股 0.026 美元的現金分配，並於 2 月初支付。

On to slide 4. 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 in fields which rely on service by shuttle tankers. In particular, we've seen Brazilian FPSOs delivering and starting up ahead of schedule with quite a few still to come.

轉到投影片 4。我們對產業動態以及合作夥伴在我們市場中取得豐碩成果的定位依然持樂觀態度。預計依賴穿梭油輪服務的油田產量將大幅成長。特別是，我們看到巴西的FPSO提前交付並啟動，還有不少FPSO尚未交付並啟動。

In the North Sea, the long-awaited Johan Castberg FPSO is expected to start production shortly, while the Penguins FPSO began production recently. Penguin is Shell's first new operated platform in the North Sea in over 20 years, bringing production back to a field that has been offline since the decommissioning of the prior generation platform in 2021.

在北海，人們期待已久的Johan Castberg FPSO預計很快就會投產，而Penguins FPSO也於近期開始投產。企鵝平台是殼牌公司 20 多年來在北海運營的首個新平台，它將使自 2021 年上一代平台退役以來一直處於停產狀態的油田恢復生產。

On Johan Castberg, we are aware of some media speculation that the KNOP vessel has already offloaded cargoes, but I can clarify that this operation was our vessel coming alongside still as part of the commissioning process. Nonetheless, the picture at Johan Castberg is positive, and we look forward to operations there.

關於 Johan Castberg 號，我們知道一些媒體猜測 KNOP 號船已經卸下了貨物，但我可以澄清的是，這次操作是我們的船作為調試過程的一部分靠攏的。儘管如此，Johan Castberg 的情況還是積極的，我們期待在那裡開展業務。

On the vessel supply front, we are seeing continued newbuild orders placed in order to service the large new production volumes coming online in the years ahead, including for our sponsor, Knutsen NYK. A measured amount of new shuttle tanker ordering is unavoidable and in fact, necessary as a shortage of shuttle tanker capacity remains projected in the coming years.

在船舶供應方面，我們看到新船訂單不斷湧現，包括我們的贊助商 Knutsen NYK，以便為未來幾年上線的大量新船生產提供服務。預計未來幾年穿梭油輪運力仍將短缺，因此訂購一定數量的新穿梭油輪是不可避免的，事實上也是必要的。

As usual for the shuttle market, we believe that all known newbuild orders are backed by firm client charters, which minimizes or even eliminates the dynamic of speculation around anticipated supply into the global fleet in two to three years' time. The partnership remains financially resilient with a strong contracted revenue position of $870 million at the end of Q4 on fixed contracts, which average 2.4 years in duration. Charterers' options are additional to this and average a further 4.8 years.

與往常的太空梭市場一樣，我們相信所有已知的新建訂單都得到了堅定的客戶租船合約的支持，這最大限度地減少了甚至消除了圍繞兩到三年內全球船隊預期供應量的猜測。該合作關係保持著財務韌性，第四季末固定合約收入強勁，達到 8.7 億美元，平均合約期限為 2.4 年。租船人的選擇權是額外的，平均為 4.8 年。

With the market having strengthened and given expectations for tightness in the years ahead, the economic rationale for exercising these options has been strengthening, and we increasingly expect these options to be taken up.

隨著市場走強並對未來幾年的緊縮預期，行使這些選擇權的經濟理由也越來越強，我們越來越預期這些選擇權會被採納。

Our near-term chartering exposure has been addressed by a swap of the Dan Sabia for the Live Knutsen, which we announced on the 27th of February. And our past months' cash generation and liquidity balance is sufficient for our operations and the significant paydown rate for our debt, which is in the region of $90 million per year for installment payments. The debt on the Live acquisition fits in with this repayment profile also.

我們已在 2 月 27 日宣布將「Dan Sabia」號換成「Live Knutsen」號，以解決近期的租船風險。我們過去幾個月的現金產生和流動性餘額足以維持我們的營運和債務的大幅償還率，分期付款約為每年 9000 萬美元。Live 收購所產生的債務也符合此還款情況。

On slide 5, a number of developments in Q4 were announced already on the previous earnings call, including a new charter with Hilda Knutsen, which is about to begin. On slide 6, our most recent developments include closeout of the insurance claim for Torill Knutsen dating back to January 2024, totaling a bit less than $6 million, a brief option exercise for Brasil Knutsen and for Vigdis Knutsen, a switch to bareboat and extension of fixed duration by three years out to 2030, along with an option for a further two years.

在第 5 張投影片上，上一次財報電話會議上已經宣布了第四季的一些進展，包括即將開始的與 Hilda Knutsen 的新合作。在第 6 張投影片中，我們最新的進展包括：自 2024 年 1 月以來，Torill Knutsen 的保險索賠結清，總額略低於 600 萬美元；對 Brasil Knutsen 和 Vigdis Knutsen 進行短期期權行使；轉換為光船租賃，並將固定期限延長三年至 2030 年，同時還有一項短期期權行使；

The most important recent development is on slide 7, showing a swap of the Dan Sabia for Live Knutsen. Live has brought nearly five years of fixed or guaranteed future charter revenue, and the swap is a significant step in fleet and pipeline growth without the need for new funding. Additionally, this transaction leaves our fleet wholly concentrated in the most in-demand shuttle tanker classes.

最重要的最新進展在第 7 張投影片上，展示了 Dan Sabia 與 Live Knutsen 的交換。Live 已帶來近五年的固定或保證未來租船收入，此次互換是無需新資金即可實現船隊和管道增長的重要一步。此外，此交易使我們的船隊完全集中在最受歡迎的穿梭油輪類別上。

On to slide 8, you can see consistent and growing revenues over the quarters and years, along with improving profitability. Slide 9 similarly reflects consistent and growing adjusted EBITDA, and you can find the definition of this non-GAAP measure in the appendix.

在投影片 8 上，您可以看到各個季度和年份的收入持續成長，獲利能力也不斷提高。投影片 9 同樣反映了持續成長的調整後 EBITDA，您可以在附錄中找到此非 GAAP 指標的定義。

On slide 10, there are two notable points in the balance sheet over 2024. The first is that four of our debt facilities have moved up from long-term to current liabilities because of their upcoming maturities. The second is that even after the assumption of debt involved in the Tuva acquisition in September, our overall liabilities decreased by $29 million in 2024 as we continue to make contractual debt repayments in the area of $90 million per year.

在第 10 張投影片上，2024 年的資產負債表中有兩個值得注意的要點。首先，我們的四筆債務由於即將到期，已從長期負債轉為流動負債。第二，即使在 9 月承擔了收購 Tuva 所涉及的債務之後，由於我們每年仍繼續償還約 9,000 萬美元的合約債務，我們的整體負債在 2024 年仍減少了 2,900 萬美元。

The debt facilities can be seen on slide 11, which sets out the maturity profile. On Line 1, the first of our revolving credit facilities is due to mature in August 2025. And on Line 2, the loan secured by Tuva Knutsen and Synnove Knutsen matures over September and October 2025. The second revolver matures in November 2025. We typically seek to refinance such facilities on very comparable terms, and we have a good track record of refinancing success even in less favorable market environments.

債務融資情況可參考投影片 11，其中列出了到期情況。在第 1 行，我們的第一筆循環信貸將於 2025 年 8 月到期。第 2 行，由 Tuva Knutsen 和 Synnove Knutsen 擔保的貸款將於 2025 年 9 月和 10 月到期。第二筆循環貸款將於 2025 年 11 月到期。我們通常尋求以非常可比較的條款為此類設施進行再融資，即使在市場環境不太有利的情況下，我們也擁有良好的再融資成功記錄。

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. The current installments are the amount of capital repayment due over the next year, which do not include interest or the final balloon payments due on the maturity date. Of note, $93 million in current installments is due to be paid during 2025.

突出顯示的欄位顯示了由於我們按照預定的還款條款進行還款，每項貸款的未償餘額一直在減少。目前分期付款是下一年度應償還的本金金額，不包括利息或到期日應支付的最後一筆大額付款。值得注意的是，9,300 萬美元的當前分期付款將於 2025 年支付。

Our typical pattern is for our vessels to provide security for our debt facilities, and that applies to 17 out of the 18 vessels in the fleet as of the 31st of December, with the one exception being Dan Sabia, which is the vessel we sold earlier this month. $883 million out of $910 million in debt facilities at 31st of December are secured by vessels, while the two revolving credit facilities totaling $50 million of capacity are unsecured.

我們的典型模式是讓我們的船隻為我們的債務提供擔保，截至 12 月 31 日，這適用於船隊 18 艘船中的 17 艘，唯一的例外是 Dan Sabia，這是我們本月早些時候出售的船隻。截至 12 月 31 日的 9.1 億美元債務中，有 8.83 億美元由船舶擔保，而兩筆總額為 5,000 萬美元的循環信貸額度則無擔保。

The Live Knutsen, which we acquired earlier this month, has $73 million of secured debt attached, maturing in October '26 and on very similar terms and conditions to the other secured loans shown here. The maturity profile of these debts is set out graphically on slide 12. As you can see, repayments are spread out over the coming years, but include material balloons in each of 2025 and 2026.

我們本月稍早收購的 Live Knutsen 附帶 7,300 萬美元的擔保債務，將於 26 年 10 月到期，條款和條件與此處顯示的其他擔保貸款非常相似。這些債務的到期情況以圖表形式列於第 12 頁。如您所見，還款將分散在未來幾年，但包括 2025 年和 2026 年的材料膨脹。

Slide 13 shows the contracted pipeline in chart format, reflecting the developments I set out earlier as well as the fact that Raquel Knutsen's option period is the only material outstanding period for the year as well as the possibility of brief off-hire as the Brasil Knutsen transitions between charters. While nothing is certain until it's formally in place, we are cautiously optimistic about securing that additional coverage in the current tight market, either as an extension or under a new charter.

投影片 13 以圖表形式顯示了已簽訂合約的管道，反映了我之前所述的發展情況，以及 Raquel Knutsen 的選擇期是今年唯一重要的未完成期間，以及 Brasil Knutsen 在租船期轉換期間可能出現的短暫停留。儘管在正式實施之前一切都不確定，但我們對在當前緊張的市場中獲得額外保障持謹慎樂觀的態度，無論是作為延期還是根據新章程。

Similarly, slide 14 highlights an encouraging 94% fixed charter coverage for 2025. We currently have 75% of 2026 fixed as well, although the open percentage does rise materially over the course of the year, which demonstrates the need for our continuing commercial efforts.

同樣，幻燈片 14 強調了令人鼓舞的 2025 年 94% 固定租船覆蓋率。目前，我們已經完成了 2026 年 75% 的固定費用，儘管在一年的時間裡，未平倉百分比確實大幅上升，這表明我們需要繼續進行商業努力。

On slide 15, we see our sponsors' 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 secured a firm contract period at least five years in length. At present, four existing vessels and five under construction fall into this category. There's 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.

在第 15 張幻燈片上，我們看到了贊助商的船隻庫存，這些船隻有資格由合作夥伴購買。這適用於我們的贊助商擁有或訂購的任何船隻，其中船隻已獲得至少五年的固定合約期限。目前，已有四艘現有船隻和五艘在建船隻屬於此類。無法保證該合夥企業將進行任何進一步的收購，任何交易均須經雙方董事會批准，其中包括合夥企業的獨立衝突委員會。

We continue to believe that key components of KNOP's strategy and value proposition are accretive investment in the fleet and the long-term sustainable distribution. As such, we intend to pursue long-term charter visibility and accretive drop-down supportive of long-term cash flow generation.

我們仍然相信，KNOP 策略和價值主張的關鍵組成部分是對船隊的增值投資和長期永續分銷。因此，我們打算追求長期租船可見度和支持長期現金流產生的增值下拉。

On slide 16 to 18, we provided some useful illustrations of the strong demand dynamics in the Brazilian market as published by Petrobras. We encourage you to review Petrobras's materials directly at the web page shown there. The primary takeaway from each of these slides is consistent. There's very significant committed demand growth coming in the Brazilian market in the form of new FPSOs that will require regular service from shuttle tankers.

在第 16 至 18 張投影片上，我們提供了巴西石油公司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巴西石油公司的資料。每張投影片的主要內容都是一致的。巴西市場對新 FPSO 的需求將出現非常顯著的成長，這些新 FPSO 需要穿梭油輪的定期維護。

We believe that recent reports of additional vessel construction contracts are an endorsement of the strong anticipated market conditions in the medium and longer term. Five outstanding newbuild contracts are for our sponsor, Knutsen NYK, and are due for delivery by the end of 2027. We would not be surprised to see further newbuild orders placed in order to service the large new production volumes coming online in the years ahead.

我們認為，最近有關增加船舶建造合約的報告證明了中長期市場狀況的強勁預期。我們的贊助商 Knutsen NYK 有五份未完成的新建合同，預計將於 2027 年底交付。為了滿足未來幾年大量新船的生產需求，我們將不會對進一步的新建訂單感到驚訝。

In the trend that also applies to oil production globally, you'll see that even in the years ahead where aggregate production growth slows, deep offshore production, in this case, the Brazilian pre-salt, continues to outpace the overall market and take market share.

這個趨勢也適用於全球石油生產，你會發現，即使在未來幾年總產量成長放緩的情況下，深海石油產量（這裡指的是巴西鹽下油田）仍將超過整體市場並佔據市場份額。

On slide 19, we provide information relevant to our US unitholders and particularly 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, Equiniti Trust Company, whose details are shown there. On slide 20, 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.

在第 19 張投影片上，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 表格的人的信息。透過託管人或經紀人持有單位的人士應直接與上述各方聯繫。直接註冊持有者應聯絡我們的轉讓代理商 Equiniti Trust Company，其詳細資訊已在此處顯示。在第 20 張投影片上，我們提醒了我們服務市場中的業務基本面、資產、競爭格局、強大的合約足跡和有彈性的財務狀況。

I'll finish with slide 21, recapping our financial and operational performance in Q4 2024 and the subsequent time and our current outlook. We are glad to have delivered high and safe utilization, which have generated consistent financial performance. We're delighted to have taken the further growth step by swapping Dan Sabia for Live Knutsen.

我將以第 21 張投影片結束，回顧我們在 2024 年第四季及後續季度的財務和營運業績以及我們當前的展望。我們很高興實現了高效、安全的利用，並產生了穩定的財務表現。我們很高興透過將 Dan Sabia 替換為 Live Knutsen，邁出了進一步發展的一步。

Our continued commercial focus remains on adding to our longer-term charter visibility and the cash flows that provide us with the capacity for both accretive investment in the fleet and a long-term sustainable distribution. And in the coming months, we will also be addressing the four refinancings, which are coming due this year. In total, though, we are making good progress and are pleased to have established positive momentum against an improving market backdrop.

我們持續的商業重點仍然是提高我們的長期租船可見度和現金流，這為我們提供了對船隊的增值投資和長期可持續分銷的能力。在接下來的幾個月裡，我們還將處理今年到期的四筆再融資。總體而言，我們正在取得良好進展，並很高興在市場好轉的背景下建立了積極的勢頭。

Thank you for listening. And with that, I'll hand the call back to Brika for any questions.

謝謝您的聆聽。說完這些，我會把電話轉回給 Brika 以解答任何問題。

(Operator Instructions)

（操作員指示）

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Derek, you've got a long history of being able to refinance high-quality assets. You're improving -- your liquidity is improving. Your cash flow is up year-over-year, up nicely. How do you think about allocation of capital now that you've got a fairly safe lease book here?

德里克，您在為優質資產進行再融資方面有著悠久的歷史。你的流動性正在改善——你的流動性正在改善。您的現金流逐年增加，成長動能良好。既然您現在擁有一份相當安全的租賃帳簿，您如何考慮資本配置？

Well, we are pleased -- thank you. We are pleased with the way things are going. I mean, I would say at the moment that we do count in our freely available liquidity, $50 million worth of RCF capacity. So $90 million isn't $90 million of cash without other considerations. That's probably the first thing to be mindful of as you look at those balances.

嗯，我們很高興——謝謝。我們對事情的進展感到滿意。我的意思是，我想說，目前我們確實依靠我們的可自由使用的流動資金，即價值 5000 萬美元的 RCF 容量。因此，如果不考慮其他因素，9,000 萬美元就不等於 9,000 萬美元現金。當你查看這些餘額時，這可能是首先要注意的事情。

We don't take anything for granted in our debt renegotiations and the world is perhaps a slightly more volatile place now than it has been in the last couple of years. And so we're going to proceed with those debt renegotiations in good time, well ahead of maturity dates, as we usually do. I agree our track record on that is good, and we don't see any particular obstacles there. But nonetheless, that is a more immediate priority.

在債務重新談判中，我們不會想當然地認為任何事情，而且現在的世界可能比過去幾年更加動盪。因此，我們將及時進行這些債務重新談判，就像我們通常會做的那樣，在到期日之前。我同意我們在這方面的記錄很好，而且我們沒有看到任何特別的障礙。但無論如何，這是一個更為緊迫的優先事項。

And then, into the medium-term, we are still looking to fill spaces in our charter coverage next year. If you saw on slide 14, I think, the coverage average is 75% fixed for next year. But clearly, it drops away over the course of the year. And that's something that from our chartering team we're particularly concerned to fill up.

然後，進入中期，我們仍然希望明年填補包機覆蓋範圍的空白。如果您看到投影片 14，我認為明年的平均覆蓋率將固定為 75%。但顯然，這一數字在一年內有所下降。這是我們租船團隊特別關注的事情。

So there's a number of priorities there already. But the -- in terms of use of capital, which I think was your basic question there, and the Board continues to think it's in the long-term interest of the unitholders to -- both to consider accretive acquisitions and the long-term sustainable distribution, and they have both of those things in mind as they look at decisions that they make.

因此，那裡已經有許多優先事項。但是 - 就資本使用而言，我認為這是你的基本問題，董事會繼續認為，既要考慮增值收購，又要考慮長期可持續分配，這符合單位持有人的長期利益，他們在做出決定時會考慮到這兩點。

Okay. Fair enough. On the charter coverage, obviously, you mentioned 75% covered in the next year. If you're looking at the amount of FPSO or production activity coming online either in the North Sea or in Latin America, do you -- are you comfortable that your available vessels will fit into that demand profile?

好的。很公平。關於包機覆蓋率，顯然您提到明年將覆蓋 75%。如果您正在關注北海或拉丁美洲上線的 FPSO 或生產活動的數量，您是否確信您可用的船隻能夠滿足這一需求？

Yes, we don't have any signals that they won't be, and they all have a specification that fits.

是的，我們沒有任何訊號表明它們不會，而且它們都有適合的規格。

Fratt, Alliance Global Partners.

弗拉特（Fratt），聯盟全球合作夥伴。

Derek, can you address the open windows for 2026 for the Fortaleza? And is it the Recife, or Recife? Are we potentially facing the same situation we had with the Dan Sabia and the other smaller shuttle tanker that was on bareboat charter to Transpetro? Can you just address sort of the specs of those vessels and how you're looking at rechartering at this point in time?

德里克，您能談談 2026 年福塔萊薩的開放窗口嗎？它是累西腓還是累西腓？我們是否有可能面臨與 Dan Sabia 號以及另一艘以光船租賃方式租給 Transpetro 的小型穿梭油輪相同的情況？您能否簡單介紹一下這些船隻的規格以及您目前如何考慮重新租船？

Sure. Yes, Fortaleza and Recife -- and you're looking at page 13, I think, aren't you, where they -- those charters expire outside the middle of next year. I think the main difference is -- between those and the two [Dans] is size. I mean the Fortaleza and Recife approximately double the capacity that Cisne and Sabia have. So we're far less concerned about the ability to continue deploying them than we were with Cisne and Sabia.

當然。是的，福塔萊薩和累西腓——我想您正在看第 13 頁，對吧——這些憲章將在明年年中之後到期。我認為它們和那兩個 [Dans] 之間的主要區別在於尺寸。我的意思是福塔萊薩和累西腓的容量大約是西斯內和薩比亞的兩倍。因此，與西斯內 (Cisne) 和薩比亞 (Sabia) 相比，我們對繼續部署它們的能力的擔憂要小得多。

That's helpful. But there isn't any option or when -- are you currently trying to line up time charters for those? Or is it too early to work on those?

這很有幫助。但是沒有任何選擇或何時——您目前是否正在嘗試為這些安排定期租船合約？或者說現在開始這些工作還太早？

We work on all open periods all the time.

我們一直在所有開放時段開展工作。

Okay. Any interest in those? Or can you give us a flavor for the -- you said you were confident. So what kind of confidence interval should I use?

好的。對這些有興趣嗎？或者您能否為我們介紹一下—您說您有信心。那我應該使用什麼樣的信賴區間呢？

Well, that's a market conditions observation. I mean we don't comment on individual negotiations until we've got something that's signed and announceable.

嗯，這是對市場狀況的觀察。我的意思是，我們不會對個別談判發表評論，直到我們簽署並宣布某些協議為止。

Okay. Can you just address the shift in -- with Shell on the Vigdis or Vigdis. Why did they decide to flip over to bareboat chartering the shuttle tanker? And can you just give us the dynamics of that decision? And then also, is there an impact to the net cash flow that will be generated from that shuttle tanker?

好的。您能否與 Shell 討論 Vigdis 或 Vigdis 的轉變？他們為什麼決定轉為光船租賃穿梭油輪？您能否向我們介紹一下這項決定的具體內容？那麼，這對穿梭油輪產生的淨現金流有影響嗎？

Yes. I mean the first -- I'll answer your last point first. The bareboat terms are commercially comparable to the terms that would have applied under the previous time charter. So from a financial point of view, we are obviously content with that switch. It's also been extended as well. So the -- we've got fixed coverage for that vessel for longer as part of that negotiation process, which obviously is welcome too.

是的。我的意思是第一個——我先回答你的最後一點。光船租賃條款在商業上與先前的定期租船合約中的條款具有可比性。因此從財務角度來看，我們顯然對這種轉變感到滿意。它也得到了擴展。因此，作為談判過程的一部分，我們為該船提供了更長的固定保險，這顯然也是受歡迎的。

In terms of Shell's intentions, there are benefits of an oil major operating their own fleet rather than putting them out on management contracts and -- that's what I expect Shell, we're looking at. I mean they've had that -- an option to make that switch in place since the original time charters were put in place. So that option they've had -- they've contemplated that for some time.

就殼牌的意圖而言，石油巨頭經營自己的船隊比將其外包給管理合約更有好處——這就是我所期望的殼牌正在考慮的事情。我的意思是，自從最初的定期租船合約制定以來，他們就有了這種轉換的選擇。所以他們已經有了這個選擇——他們已經考慮了一段時間了。

It does lower your operating risk on that shuttle tanker, correct? And then, can you highlight whether any other time charters have the same option to shift to bareboat?

這確實降低了你們在穿梭油輪上的營運風險，對嗎？然後，您能否強調其他定期租船是否也有同樣的轉為光船租賃的選擇？

Yes, I don't think any come to mind at the moment. And if that's incorrect, we'll get back to you. But none come to mind at the moment.

是的，我認為目前我還想不出任何答案。如果不正確，我們會回覆您。但目前我還沒想到。

Yes. It's interesting too because -- I'm not sure if you saw the recent award of -- I think it was nine shuttle tankers where Petrobras or Transpetro intends to bareboat charter the vessels, which seems -- I'm just trying to figure out why the shift to potentially bareboating instead of just straight time chartering?

是的。這也很有趣，因為——我不確定您是否看到了最近的獎項——我認為是九艘穿梭油輪，巴西國家石油公司或巴西國家運輸石油公司打算以光船租賃的方式租用這些船隻，這似乎——我只是想弄清楚為什麼要轉向潛在的光船租賃，而不是直接的定期租賃？

Yes, that's probably a question for the -- for that vessel owner.

是的，這可能是船主的一個問題。

Okay. And then -- we always play a game of cat and mouse with the time charter rates and the renewals and extensions, and it's always interesting, and you never give sort of specific guidance. But can you just highlight the large jump sequentially in time charter revenue? You seem to be all of a sudden hitting a new level.

好的。然後——我們總是就定期租船費率、續約和延期玩貓捉老鼠的遊戲，這總是很有趣，而且你從來沒有給出具體的指導。但是您能否強調一下定期租船收入的持續大幅成長？你似乎突然達到了一個新的水平。

And can you talk about the forward-looking time charter book? Will -- is $84 million in time charter revenue a reasonable expectation going forward? Or is there -- was there something in the fourth quarter, maybe bonuses or other things that would have pushed that number up, that won't recur in the first half of 2025?

您能談談前瞻性的定期租船合約嗎？威爾——8400 萬美元的定期租船收入是否是未來的合理預期？或者——第四季度是否存在某些因素，例如獎金或其他因素，會推高這個數字，而這種現像在 2025 年上半年不會再次出現？

Yes. I appreciate the question and the reason for it, and we have the same competitive issue that we don't think it makes sense to expand on day rates too much. There weren't any bonus type elements in that number. So one-offs, for example, the insurance payment, you can see that was received and accounted for separately. So it's not as if that's included.

是的。我很感謝這個問題以及提出這個問題的原因，我們也面臨著同樣的競爭問題，我們認為過度提高日費率是沒有意義的。該數字中沒有任何獎勵類型元素。因此，對於一次性付款，例如保險金，您可以看到它是單獨收到並記帳的。所以這並不包括在其中。

The biggest difference is that we had some new operations starting in fourth quarter. So if you go back to, I think it's slide 5, and those are developments that we discussed on the last call actually. So they happened already by that stage. We've got --

最大的不同是我們從第四季開始了一些新的業務。所以如果你回顧一下，我認為是第 5 張投影片，這些其實是我們在上次電話會議上討論的進展。所以它們在那個階段就已經發生了。我們有--

Yes, the Ingrid, the Hilda, the Torill. Yes.

是的，英格麗、希爾達、托里爾。是的。

Yes. And so the Ingrid and Torill are the new operational starts and the others were news about future contracts, but they sort of don't count in that -- on that point. In terms of what will happen to that line, that 84 line in the future, well, that comes back to what are the new operations -- well, question, are there new operations that come through in Q1, Q2 and so on, which would impact that? And the answer to that, yes. So we've got particularly the swap out of the Sabia and swap in of the Live, which obviously was closed on the 3rd of March, and therefore, will apply to a small extent to Q1 and then in full in Q2.

是的。因此，Ingrid 和 Torill 是新的營運開始，其他的則是有關未來合約的消息，但就這一點而言，它們不算數。至於那條生產線，那條 84 號生產線未來會發生什麼，嗯，這又回到了新的營運問題上——嗯，問題是，在第一季、第二季等等，是否有新的營運會對此產生影響？答案是肯定的。因此，我們特別進行了 Sabia 的換出和 Live 的換入，這顯然已於 3 月 3 日結束，因此，將在 Q1 中小範圍適用，然後在 Q2 中全面適用。

And as you're aware, we've got the Hilda due to go on hire by the end of this month. And so, minimal impact from that in Q1, but the Q2 figures should reflect a full quarter of that Hilda commercial contract as well. So it's down to -- I'd say the more notable changes won't be particularly down to rate, which I understand is what you're looking for as well, but simply the fact of charter starting.

如您所知，我們將於本月底開始租用 Hilda。因此，這對第一季的影響很小，但第二季的數據也應該反映出希爾達商業合約的整個季度。所以，這取決於——我想說，更顯著的變化不會特別取決於費率，我知道這也是你所尋找的，而只是租船開始的事實。

But we have hit a new level. And as you mentioned, that new level was driven by pretty much the Ingrid and the Hilda early in the quarter and then the Torill later in the quarter.

但我們已經達到了一個新的水平。正如您所提到的，這一新水平主要是由本季度初的 Ingrid 和 Hilda 推動的，然後是本季度後期的 Torill 推動的。

Yes.

是的。

Okay. And then can you share with us the potential impact to backlog of the Live acquisition? Because that potentially -- I assume that's not in the stated backlog of $870 million. Can you give me a ballpark on how that will change the backlog, the contracted backlog?

好的。然後能否與我們分享一下收購 Live 對積壓訂單的潛在影響？因為這可能——我認為這不包含在所述的 8.7 億美元積壓訂單中。您能否大致告訴我這將如何改變積壓訂單和合約積壓訂單的情況？

Yes. I mean we can't give specific numbers on that. But what you would want to look at is when was it that, that rate was set because -- the market really is around when you contract a rate rather than when the rate is being earned once the vessel's on hire. And of course, for a vessel that's on her first charter after delivery, that rate was set at the point when the newbuild order was made for her.

是的。我的意思是我們無法給出具體的數字。但是您要看的是，這個費率是什麼時候設定的，因為——市場實際上是在您簽訂合約時存在的，而不是在船舶租用後賺取費率時存在的。當然，對於交付後首次租賃的船舶，該費率是在為其下達新船訂單時確定的。

So if you back date from the delivery date by a reasonable period to allow for construction, you're looking at market levels that were contracted around then. I can't guide you as to what those were specifically, but that will give you an idea. So the fact that the vessels newly arrived in March of '25 doesn't make it a March '25 sort of rate.

因此，如果您將交貨日期往前推一段合理的時間以允許施工，那麼您看到的就是當時簽約的市場水平。我無法告訴您具體是什麼，但這會給您一個想法。因此，2025 年 3 月新船抵達並不意味著其運費水準與 2025 年 3 月相同。

Understood. But it will have a -- it will add, what, 5.5, 6 years of contract backlog or contracted revenue to that contracted backlog number? So in the second quarter --

明白了。但它會有一個——它會在該合約積壓數量上增加 5.5 年或 6 年的合約積壓或合約收入嗎？因此在第二季度--

Yes. It's under 5, November and --

是的。不到 5 點，11 月和--

Okay. Can we talk about OpEx? There was a big drop in OpEx in the fourth quarter versus the third quarter. You highlighted the impact of what -- was it the -- I think the return of the -- one of the Dans, right? Can you just talk about sort of the run rate for OpEx in the first half of 2025?

好的。我們可以討論一下營運支出 (OpEx) 嗎？與第三季相比，第四季的營運支出大幅下降。您強調了什麼的影響——是——我想是——丹斯一家的回歸，對嗎？能談談 2025 年上半年營運支出的運行率嗎？

Yes. Well, you should see a similar impact of the other Dan coming out of the fleet. And in fact, a very close equivalent because the sale of each of those vessels was just two months into the quarter -- into the half year. And -- so you should find that the further impact of -- on OpEx of the Sabia being sold should be fairly similar.

是的。好吧，你應該會看到另一個丹從艦隊中出來時產生的類似影響。事實上，這是一個非常接近的等值，因為每艘船的銷售都只是在該季度的兩個月內 - 也就是半年內。因此，您應該發現，出售 Sabia 對營運支出的進一步影響應該相當相似。

Can you quantify the impact of the Dan Sabia in the third quarter? Because I don't recall that you actually talked about that on the December call?

你能量化丹薩比亞在第三季的影響嗎？因為我不記得你在 12 月的電話會議上真正談過這個問題？

If you look at a fairly reasonable OpEx rate assumption and then look at the times when she was on contract versus not, that would give you a good guide.

如果您查看一個相當合理的營運支出率假設，然後查看她簽訂合約和不簽訂合約的時間，這將為您提供一個很好的指導。

Okay. And just to summarize, so the first quarter will be impacted from a cost standpoint, but then the second quarter of 2025 shouldn't see a similar impact?

好的。總結一下，第一季從成本角度來看會受到影響，但 2025 年第二季應該不會受到類似的影響？

Not for those reasons, no, because the -- we won't have had any vessels off-hire that we'd be paid for.

不是因為這些原因，不是因為──我們不會有任何船隻停止出租，而我們會得到報酬。

Okay. And is there any outstanding off-hire receivable any at this point in time? Or is that all cleared up and you have nothing in negotiations as far as off-hire reimbursement or anything like that, Derek?

好的。目前是否有任何未償還的停租應收款？或者說，一切都已經解決了，你們在停租補償或類似事宜方面沒有任何談判餘地，德里克？

No, nothing significant. The biggest one was the -- for the Torill claim, which we've discussed on a number of quarters, I think, and that completed in January.

不，沒什麼重大的。最大的一個是——關於 Torill 索賠，我想我們已經討論了好幾個季度，並且已經在一月份完成了。

(Operator Instructions)

（操作員指示）

Mario Epelbaum, First New York.

馬裡奧·埃佩爾鮑姆，第一紐約。

I guess my first question is to see if I'm thinking about this right. If I take a quarter like this and -- a full year of a quarter like this, you would probably have like cash flow before debt amortization of about $160 million a year. And if you have $90 million a year of amortization, you're talking about almost $70 million of cash flow after amortizations per year. Am I wrong in my analysis?

我想我的第一個問題是看看我是否正確地思考了這個問題。如果我以這樣的一個季度和全年的一個季度為例，那麼在債務攤銷之前，你可能會有大約每年 1.6 億美元的現金流。如果每年的攤銷額為 9,000 萬美元，那麼每年攤銷後的現金流量將接近 7,000 萬美元。我的分析有錯嗎？

If you included interest in the first line you gave us, did you do that?

如果您在給我們的第一行中包含了興趣，您這樣做了嗎？

Yes. Yes, of course, I did. I did. Yes. I subtracted the interest and the insurance from this quarter, and you get like a $40 million of cash flow. You had a $63 million of EBITDA, something like that, take $6 million and then the $16 million of interest, and that's where you land. So this is more than $2 per share of cash flow after amortizations now. And so it's quite a hefty number.

是的。是的，我當然知道。我做到了。是的。我從本季中減去利息和保險，你會得到 4000 萬美元的現金流。你的 EBITDA 是 6300 萬美元，差不多這個數，拿出 600 萬美元，再加上 1600 萬美元的利息，這就是你的最終結果。因此，攤銷後每股現金流現在超過 2 美元。所以這是一個相當大的數字。

Now I understand that you want to be secure with -- you want it to be recurring in order to pay the dividend or not, but there's a lot of recurring cash flow that is already there. So do you think you have to have 100% charter coverage in order to increase the distribution to match it a little bit to the $2 change per year that -- and this is before the increases that you just described that are likely to come.

現在我明白你想要的是安全的——無論是否支付股息，你都希望它是經常性的，但已經有很多經常性現金流了。那麼，您是否認為必須有 100% 的包機覆蓋率才能增加分配，使其與每年 2 美元的變化稍微匹配 - 這是在您剛才描述的可能出現的增長之前。

So I'm -- just a question of how -- I mean, could we see maybe a little bit more dividend because there's a big difference between paying all the cash flow and some of the cash flow? If you could give us a little bit more color on how to think -- how you're thinking about it, I would appreciate it.

所以我——只是一個問題——我的意思是，我們是否可以看到更多的股息，因為支付全部現金流和支付部分現金流之間存在很大差異？如果您能給我們多講講您的想法，我將非常感激。

Yes. Thank you for the question. Well, the Board's view is that the long-term interest of unitholders are served both through accretive investment and the long-term sustainable distribution. And those -- we think those things come together. The partnership starts with four vessels 12 years ago and is now at 18 vessels through that combination. So we expect that balance to continue in the minds of the Board as they look forward.

是的。謝謝你的提問。董事會的觀點是，透過增值投資和長期可持續分配，可以滿足單位持有人的長期利益。我們認為這些事情是結合在一起的。12 年前，雙方開始合作，最初只有 4 艘船，現在已發展到 18 艘船。因此，我們期望董事會在展望未來時能夠繼續保持這種平衡。

You annualized some figures. Obviously, that -- we've had one quarter that you've used for that basis and that time needs to pass and the new charters that are starting need to feed through to the results, I think, to get to the position that you were describing. So that in itself is some way off.

您將一些數字進行了年化。顯然，我們已經使用了一個季度作為基礎，這段時間需要過去，而且正在開始的新章程需要反饋到結果中，我認為，才能達到您所描述的情況。所以這本身還有一段距離。

And the last point you say, would there be some sort of threshold passed if we had 100% charter coverage? Well, the thing is that there's a continuing -- there's a rolling need to renew charters. And so a high 90s percentage for a foreseeable period is not going to last simply with the passage of time. So clearly, a good level of coverage is always going to be sought and welcome.

您說的最後一點是，如果我們實現 100% 的包機覆蓋率，是否會突破某種門檻？嗯，事實是，我們需要持續不斷地更新特許狀。因此，在可預見的一段時間內，90% 的高比例不會隨著時間的推移而持續下去。因此，顯然，良好的覆蓋率總是會受到追捧和歡迎。

But there's a lot of optionality in the charter outlook, as you can see on slides, I think, 13 and 14, especially 14, you can see the fixed periods dropping away during the course of next year. So that's why there's a continuing rolling commercial focus on filling up the charter schedule.

但租船前景中有很多可選性，正如您在幻燈片中看到的，我認為，在 13 和 14 張幻燈片中，尤其是 14 張幻燈片中，您可以看到明年固定期限將會減少。這就是為什麼我們持續關注商業活動以填補包機航班時刻表。

I agree with that. But there is some sense of a connection between your decision to pay more dividends than the charters. And as you just said, you will always have some charters rolling off. So that would mean that you perhaps would never want to pay a dividend using that logic. I'm not suggesting that, that's your point of view, but I'm just sort of extrapolating that logic As unitholders --

我同意這一點。但是，您決定支付比特許權更多的股息之間存在某種聯繫。正如您剛才所說，您總是會有一些租船合約到期。所以這意味著你可能永遠不想用這種邏輯支付股息。我並不是暗示，這是你的觀點，但我只是在推論這個邏輯，作為單位持有者--

Yes, I appreciate that. Apologies, go ahead, sorry.

是的，我很感激。抱歉，請繼續，抱歉。

No, no. That was it. I guess let me move on. I understand what you're saying. I wanted to sort of think that as a unitholder, there's quite a bit of room now to pay dividends. You could pay maybe -- you could have a policy where you pay 40% or 50% of the cash after amortizations, and that might be the beginning of getting remunerated.

不，不。就是這樣。我想讓我繼續前進。我明白你的意思。我想，作為單位持有人，現在有相當大的空間來支付股息。您也許可以支付——您可以製定一項政策，在攤銷後支付 40% 或 50% 的現金，這可能是獲得報酬的開始。

So let me ask another question in terms of, when you -- I imagine that there's four vessels now that you may purchase in the -- that are now actually out there on the water. Two of them are in Brazil and two of them are in the North Sea. Would you buy some in the North Sea given that the long-term outlook for that market is smaller and the growth of it is not so -- not as secure as in Brazil?

因此，讓我再問一個問題，當您——我想現在您可以購買四艘船——它們現在實際上都在水上。其中兩處位於巴西，兩處位於北海。鑑於北海市場的長期前景較小，且成長不如巴西那麼安全，您會在北海購買一些嗎？

Yes, that's a question that the -- our Conflicts Committee would be looking at definitely when we're looking at dropdown. So we have -- some listeners may not be aware, we have a committee of the independent members of our Board who look at any transaction that is contemplated with our sponsor. So it's called the Conflicts Committee, and they take independent financial and legal advice when any potential transaction comes along. And that's exactly the type of question that they will be considering. Is any given vessel and the associated commercial exposure of that vessel the right thing to look at? It's not simply the terms of the transaction.

是的，當我們查看下拉式選單時，我們的衝突委員會肯定會考慮這個問題。所以我們有——一些聽眾可能不知道，我們有一個由董事會獨立成員組成的委員會，負責審查與我們的贊助商考慮的任何交易。因此它被稱為衝突委員會，當任何潛在交易出現時，他們會尋求獨立的財務和法律建議。這正是他們將要考慮的問題類型。任何給定的船隻以及該船隻相關的商業風險都是值得關注的嗎？這不僅是交易條款的問題。

Okay. And then the final question is like, I understand that the dropdowns with the [Cisne] was -- makes a lot of sense. But now if you do dropdowns like we're doing with cash, how would you look at the difference between the cash deployed to buying back shares versus a dropdown? I would think the cash to the shares is a lot higher return on investment right now than doing an additional dropdown. Would that be something that you would consider when you make a decision?

好的。然後最後一個問題是，我理解帶有 [Cisne] 的下拉式選單 - 非常有意義。但是現在，如果您像我們用現金一樣進行下拉，您會如何看待用於回購股票和下拉的現金之間的差異？我認為，現在股票的現金投資報酬率比進行額外的下拉要高得多。當您做決定時，您會考慮這一點嗎？

Well, the Board is looking at the long-term interest of unitholders. And so they look at the two together, not necessarily regarding them in some way competing with each other. So yes, those two factors are always considered. But the -- on the distribution side, particularly the sustainability of it is very much in the Board's minds.

嗯，董事會正在考慮單位持有人的長期利益。因此，他們將兩者放在一起看待，而不一定認為它們在某種程度上相互競爭。所以是的，這兩個因素總是會被考慮的。但在分銷方面，董事會非常重視其永續性。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

I apologize. Yes, you probably didn't think I had another question, Derek, but I do. Can you look at first quarter utilization? And how has utilization been this quarter? And can you highlight any drydocking activity that you know about for the -- either the first quarter or the rest of the year?

我很抱歉。是的，德瑞克，你可能沒想到我還有其他問題，但我確實有。您能看看第一季的使用率嗎？本季的利用率如何？您能否重點介紹一下您所了解的第一季或今年剩餘時間的乾船塢活動？

Sure. We -- I don't have any specific disclosure to give you on utilization during the first quarter, but we haven't had any issues that we'd like to disclose to you. Let's put it in those terms. The drydocks -- I appreciate the chart is a bit small, but on page 13, we've highlighted when in the year the drydocks are appearing and also which drydock it is in case you want to make different assumptions about the drydocks that happen at different stages in the vessel's life. So you can see those figures there. We are looking at four vessels during the course of this year.

當然。我們—對於第一季的使用率，我沒有具體的揭露，但我們沒有任何想要向您揭露的問題。讓我們用這些術語來表達。乾船塢－我知道圖表有點小，但在第 13 頁，我們強調了乾船塢出現在年份中的哪個時間，以及是哪個乾船塢，以便您想對船舶生命週期不同階段發生的干船塢做出不同的假設。所以你可以看到那裡的那些數字。今年我們將考察四艘船。

Got you. The Windsor, the Raquel, the Tove and the Tuva, correct?

明白了。溫莎、拉奎爾、托芙和圖瓦，對嗎？

Yes. I think Tuva might be slightly later into '26.

是的。我認為圖瓦可能要晚一點進入 26 年。

Into '26?

進入 '26？

Yes.

是的。

(Operator Instructions)

（操作員指示）

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

I wanted to start by asking about your debt repayment schedule pro forma for the recent swap of the Dan Sabia for the Live Knutsen? Could you talk about how much the facility on the Live Knutsen adds to the scheduled debt repayment for 2025?

我想先詢問一下，最近將 Dan Sabia 換成 Live Knutsen 後，您的債務償還計劃是怎樣的？您能否談談 Live Knutsen 上的貸款對 2025 年預定的債務償還增加了多少？

Yes. We will be disclosing more details of the debt facility on that vessel when we file our 20-F. And as we've not expanded on that detail in this disclosure, I think it's probably best if you wait for that. But it's -- you'll find it highly recognizable by comparison with other debt facilities.

是的。當我們提交 20-F 表格時，我們將揭露有關該船債務融資的更多細節。由於我們尚未在本次披露中詳細說明，因此我認為您最好等待。但與其他債務工具相比，你會發現它具有很高的辨識度。

Makes sense. And this one is more market related. Over the past couple of years, the North Sea had lagged behind the Brazilian market. Does the Penguins and Johan Castberg start-up have the potential to, let's call it, close the gap?

有道理。而這一點與市場更加相關。過去幾年，北海市場一直落後巴西市場。企鵝隊和 Johan Castberg 的新創公司是否有潛力縮小差距？

Well, they are -- we're not necessarily seeing the comparison in that way. I mean they're clearly extremely welcome and long-awaited production starts in the North Sea, and they are -- the key difference to pick-up in the North Sea market, that's been anticipated for some time. But the -- aside from that, I mean, clearly, we welcome strengthening in both markets, but it's quite hard to make a comparison as if one is catching up with the other and so on.

嗯，他們是——我們不一定以那種方式看待比較。我的意思是，他們顯然非常歡迎北海期待已久的生產開始，他們是北海市場回升的關鍵區別，人們已經期待了一段時間。但除此之外，我的意思是，顯然，我們歡迎兩個市場的走強，但很難進行比較，就好像一個市場正在趕上另一個市場等等。

I can confirm we have no more questions in the queue. So I would now like to hand it back to Derek for some final closing comments.

我可以確認我們沒有其他問題。所以現在我想把話題交還給德里克，請他發表一些最後的總結評論。

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

再次感謝 Brika 和大家參加 2024 年第四季 KNOT Offshore Partners 的收益電話會議，我期待在第一季業績公佈後再次與大家交談。

Thank you all for attending today's earnings call. I can confirm today's call has now concluded. You may now disconnect, and thank you all for your participation.

感謝大家參加今天的收益電話會議。我可以確認今天的電話會議已經結束。現在您可以斷開連線了，感謝大家的參與。