Knot Offshore Partners LP (KNOP) 2025 Q2 法說會逐字稿

Good morning, and thank you all for attending the KNOT Offshore Partners second-quarter 2025 earnings call. My name is Brita, and I will be your moderator for today. (Operator Instructions)

早安，感謝各位參加 KNOT Offshore Partners 2025 年第二季財報電話會議。我叫布里塔，我將擔任今天的主持人。（操作說明）

I would now like to pass this conference over to your host, our CEO, Derek Lowe. Thank you. You may proceed, Derek.

現在我謹將本次會議交給主持人，我們的執行長德里克·洛。謝謝。你可以繼續了，德里克。

Thank you, Brita. 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 second quarter of 2025. Our website is knotoffshorepartners.com, and you can find the earnings release there along with this presentation.

謝謝你，布里塔。女士們、先生們，早安。我叫德里克‧洛，是 KNOT Offshore Partners 的執行長兼財務長。歡迎參加合夥企業2025年第二季財報電話會議。我們的網站是 knotoffshorepartners.com，您可以在那裡找到收益報告以及這份簡報。

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 張投影片中，您將找到有關在今天的簡報中包含前瞻性陳述的指導。這些決策都是出於善意，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，而這些假設和估計本身就存在很大的不確定性和偶然性，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 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聲明中明示或暗示的結果有重大差異。合夥企業沒有義務或責任更新截至本次演示之日所作的此類前瞻性陳述。如需了解更多信息，請查閱我們向美國證券交易委員會提交的文件，特別是關於我們年度和季度業績的文件。今天的演示還包括一些非美國通用會計準則指標，我們的獲利報告中包含了這些指標與最直接可比較的通用會計準則指標的調節表。

On slide 3, we have the Q2 financial and operational headlines. Revenues were $87.1 million, operating income $22.2 million, and net income $6.8 million. Adjusted EBITDA was $51.6 million. And as of June 30, 2025, we had $104 million in available liquidity, made up of $66.3 million in cash and cash equivalents, plus $38.5 million in undrawn capacity on our credit facilities. That available liquidity was $4 million higher than at March 31. We operated with full utilization, taking into account the start of two drydockings, which amounts to 96.8% utilization overall. Following the end of Q2, we declared a cash distribution of USD0.026 per common unit, which was paid in August.

第 3 張投影片是第二季財務和營運的主要數據。營收為 8,710 萬美元，營業收入為 2,220 萬美元，淨收入為 680 萬美元。調整後 EBITDA 為 5,160 萬美元。截至 2025 年 6 月 30 日，我們有 1.04 億美元的可用流動資金，其中包括 6,630 萬美元的現金及現金等價物，以及 3,850 萬美元的未提取信貸額度。可用流動資金比 3 月 31 日增加了 400 萬美元。考慮到兩次乾船塢維修的開始，我們的產能利用率達到了96.8%。第二季結束後，我們宣布每普通股單位派發現金分紅 0.026 美元，分紅已於 8 月支付。

On to slide 4 for developments during Q2. Through a combination of new chartering, charterers exercising options, and good maneuvering by our chartering team, we made good progress in extending our charter coverage and maximizing the value of charters we already have. The Brasil Knutsen is scheduled to go on charter to Equinor next month. With that in mind, we've been able to extend the redelivery timing from Petrorio to minimize any downtime between charters. Repsol Sinopec exercised their option to extend the Raquel Knutsen through June 2028. And Windsor Knutsen commenced operations with ExxonMobil on June 4, following completion of scheduled drydocking.

接下來請看第 4 張投影片，了解第二季的發展。透過新租船、租船人行使選擇權以及我們租船團隊的出色運作，我們在擴大租船覆蓋範圍和最大限度地提高現有租船的價值方面取得了良好進展。巴西克努森號計畫下個月租給挪威國家石油公司（Equinor）。考慮到這一點，我們已經能夠延長從 Petrorio 的歸還時間，以最大限度地減少包機之間的任何停機時間。雷普索爾中石化行使了其選擇權，將拉奎爾·克努森號油輪的建造期限延長至 2028 年 6 月。溫莎·克努森號在完成預定的乾船塢維修後，於 6 月 4 日開始與埃克森美孚合作營運。

On slide 5, we have developments subsequent to quarter-end, some of which you will likely have seen in our early July update. On September 16, 2025, we refinanced Tove Knutsen with a sale and leaseback that netted $32 million in cash. We also purchased the Daqing Knutsen from our sponsor with a $95 million combination of cash and debt. The cash components of that was approximately $25 million, so that was $7 million less than the net proceeds released from the Tove Knutsen refinancing. The Daqing Knutsen is on time charter with PetroChina in Brazil through until July 2027, with KNOT guaranteeing the day rate until 2032 on the same basis as if PetroChina had exercised its option through to that time.

在第 5 張幻燈片中，我們列出了季度末之後的發展情況，其中一些您可能已經在 7 月初的更新中看到了。2025 年 9 月 16 日，我們透過售後回租的方式對 Tove Knutsen 進行了再融資，淨賺 3,200 萬美元現金。我們也用現金和債務共 9,500 萬美元從贊助商手中收購了大慶克努森號。其中現金部分約 2,500 萬美元，比 Tove Knutsen 再融資釋放的淨收益少了 700 萬美元。大慶克努森號目前與巴西的中國石油簽訂了定期租船合同，租期至 2027 年 7 月。 KNOT 公司保證日租金至 2032 年，條件與中國石油行使選擇權至該年相同。

We were also pleased to have reached a point in the recovery for KNOP and the wider shuttle tanker market, where we deemed it prudent to increase our discretionary allocation of capital to include unit buybacks on the premise that the units traded a significant discount to what we believe to be any reasonable valuation for the partnership and its prospects. We have been active under our $10 million authorization, repurchasing 226,000 common units at an aggregate cost of $1.64 million, which is an average price of $7.24 per common unit.

我們也很高興地看到 KNOP 和更廣泛的穿梭油輪市場已經復甦到了一個階段，我們認為謹慎的做法是增加我們的酌情資本分配，包括回購股份，前提是這些股份的交易價格相對於我們認為對合夥企業及其前景的任何合理估值都存在顯著折讓。我們已積極利用 1,000 萬美元的授權，回購了 226,000 份普通股，總成本為 164 萬美元，平均每份普通股的價格為 7.24 美元。

On slide 6, we provide an overview of the Daqing Knutsen purchase. I have covered most of the highlights here already, but the strategic and commercial implications of such a drop-down transaction includes an increased pipeline of long-term contracts, fleet growth, reduced average fleet age, and continued development of our fleet in the most in-demand shuttle tanker asset class. This is a high-quality vessel and contract for us to welcome into the partnership. And when taken in conjunction with the sale and leaseback of the Tove Knutsen, we are very pleased to have been able to achieve growth without any draw on the cash in hand, but instead to have obtained additional liquidity from the debt portfolio.

在第 6 張投影片中，我們概述了大慶克努森的收購情況。我已經在這裡涵蓋了大部分重點，但這種下放交易的戰略和商業意義包括增加長期合約儲備、船隊增長、降低船隊平均年齡，以及在需求量最大的穿梭油輪資產類別中繼續發展我們的船隊。這是一艘高品質的船舶，我們非常歡迎這份高品質的合約加入我們的合作夥伴關係。結合托芙·克努森酒店的售後回租，我們非常高興能夠在不動用任何現金的情況下實現增長，而是從債務組合中獲得額外的流動性。

Turning to slide 7 for a high-level summary of developments. The shuttle tanker market is tightening in both Brazil and, at long last, to a degree in the North Sea as well, in either case driven by FPSO startups and ramp-ups. Certain of these projects were a long time coming, and it has been encouraging to see them up and running, driving shuttle tanker demand growth. We have extended our backlog as of June 30, 2025, to $895 million of fixed contracts averaging 2.6 years and rather more if all options are exercised.

請翻到第 7 張投影片，了解進度的摘要。巴西的穿梭油輪市場正在收緊，北海的穿梭油輪市場也終於在一定程度上出現了收緊，這兩種情況都是由 FPSO 的啟動和產能提升所驅動的。這些項目有些醞釀已久，令人鼓舞的是，它們已經投入運營，推動了穿梭油輪需求的成長。截至 2025 年 6 月 30 日，我們的積壓訂單已達 8.95 億美元，均為固定合同，平均期限為 2.6 年，如果所有期權都得到行使，則期限還會更長。

At June 30, our fleet of 18 vessels has an average age of 10.1 years. With the addition of our 19th vessel just a couple of days thereafter, the average age reduced to 9.7 years. We are continuing to repay debt at $95 million or more per year, which we think is prudent with a depreciating asset base. Debt paydown also produces flexibility and optionality to take on leverage elsewhere to enable an accretive allocation of capital, as with the recent sale leaseback and drop-down, which was accompanied by the initiation of the $10 million buyback program.

截至 6 月 30 日，我們 18 艘船的平均船齡為 10.1 年。隨著第 19 艘船的加入，僅僅幾天後，平均船齡就降至 9.7 年。我們每年繼續償還 9,500 萬美元或更多的債務，我們認為在資產不斷貶值的情況下，這是審慎的做法。償還債務還能帶來靈活性和選擇權，以便在其他地方利用槓桿，從而實現資本的增值配置，例如最近的售後回租和資產置換，同時還啟動了 1000 萬美元的回購計劃。

We appreciate that ours is a business where the timelines and contract durations are long. And thus, the financial impact of chartering typically arrives quite some time later, materially behind an upturn in sentiment or spot market activity. That being said, it's clear that after a lengthy period defined by the COVID era cutbacks at energy majors, we're increasingly building positive momentum and taking actions on multiple fronts for the benefit of unitholders now and well into the future.

我們明白，我們這個行業的周期和合約期限都很長。因此，包機業務的財務影響通常在一段時間後才會顯現，遠遠落後於市場情緒或現貨市場活動的回升。儘管如此，很明顯，在經歷了新冠疫情時期能源巨頭大幅減產的漫長時期之後，我們正在不斷積累積極的勢頭，並在多個方面採取行動，以造福現在和未來的單位持有人。

Over slides 9 to 12, we provide the financials for Q2, for which the headlines are: revenues of $87.1 million, operating income $22.2 million, net income $6.8 million, adjusted EBITDA $51.6 million, and availability at quarter-end of $104.8 million, made up of $66.3 million in cash and cash equivalents, plus $38.5 million in undrawn capacity on our credit facilities. That's $4 million higher available liquidity than at the end of Q1.

在第 9 至 12 張投影片中，我們提供了第二季的財務數據，主要數據如下：收入 8,710 萬美元，營業收入 2,220 萬美元，淨收入 680 萬美元，調整後 EBITDA 5,160 萬美元，季末可用資金 1.048 億美元，其中包括 6,630 萬美元的信用額度。這比第一季末增加了 400 萬美元的可用流動資金。

On slide 13 is our debt maturity profile, which has been updated to reflect the Tove Knutsen sale leaseback, the NTT revolver refinancing, and the July 2 Daqing acquisition. Notably, the average margin on our debt was 2.23% over SOFR. And while nothing can be taken for granted, the positive momentum for both KNOP and the wider sector mean that we feel quite confident about these maturities in the years ahead, particularly after seamlessly addressing similar maturities in recent years, with materially less rosy market conditions. Moreover, we may have select opportunities to raise liquidity as we did with the Tove Knutsen, though any such action will be contingent on conditions at the time.

第 13 頁是我們的債務到期情況，已更新以反映 Tove Knutsen 的售後回租、NTT 的循環信貸再融資以及 7 月 2 日對大慶的收購。值得注意的是，我們的債務平均利差為 SOFR 加 2.23%。雖然任何事情都不能想當然，但 KNOP 和整個行業的積極勢頭意味著我們對未來幾年的到期債務相當有信心，尤其是在近年來市場環境遠不如現在樂觀的情況下，我們成功地解決了類似的到期債務問題。此外，我們可能會有像對待托芙·克努森大廈那樣籌集流動性的特定機會，但任何此類行動都將取決於當時的條件。

Moving on to slide 15 and our charter portfolio. I've covered most of the updates here, but I believe it's a useful resource for investors looking to track the primary movements where change can occur in a highly stable portfolio of cash flows, that is when charters turn over and when there are drydocks that will cause off-hire and occurrence of CapEx costs. Based on current charter rates, we believe charterers' options are likely to be taken up, given the strength of the charter market. As such, upcoming points of particular relevance are the Fortaleza and Recife, which operate in Brazil and are coming open in early and mid-2026, respectively.

接下來請看第 15 張投影片，了解我們的包機組合。我已經涵蓋了這裡的大部分更新，但我相信對於希望追蹤高度穩定的現金流組合中可能發生變化的主要動向的投資者來說，這是一個有用的資源，例如租約變更時以及導致停租和產生資本支出成本的干船塢維修時。根據目前的租船費率，鑑於租船市場的強勁勢頭，我們認為租船人的選擇權很可能會被行使。因此，接下來特別值得關注的是位於巴西的福塔萊薩和累西腓，它們分別將於 2026 年初和年中開業。

On slide 16, you can see our strong coverage through the coming quarters, some charterers' options that market conditions suggest have a good likelihood of being exercised, and a small amount of open time. In all, we have 89% of vessel time in 2026 covered by fixed contracts.

在第 16 張投影片中，您可以看到我們未來幾季的強勁覆蓋範圍，一些租船人的選擇權，市場狀況表明很有可能被行使，以及少量的開放時間。總的來說，我們2026年船舶航行時間的89%都已透過固定合約覆蓋。

On slide 17, you can see the drop-down inventory held at the sponsor. As we have said, we believe that growth on attractive terms that benefit the Partnership is a central plank of our strategy, alongside sustainable payments to unitholders. We operate a fleet of depreciating assets, where replenishment with younger vessels over time and on the right terms is an imperative for business, not to mention the basis for returns to unitholders.

在第 17 張投影片中，您可以看到贊助商持有的下拉庫存。正如我們所說，我們相信，以有利於合夥企業的優惠條件實現成長，以及向單位持有人提供可持續的收益，是我們策略的核心支柱。我們經營著一支不斷貶值的資產船隊，隨著時間的推移，以合適的條件用較新的船舶進行補充，對於業務而言至關重要，更不用說這是為單位持有人帶來回報的基礎了。

On slides 18 to 20, we include again some commentary from Petrobras, who continue their strong offshore production growth, particularly in the shuttle tanker-serviced fields, and doing so rapidly ahead of schedule and through the deployment of assets with a decades-long use profile. From the shuttle tanker owners' perspective, there is a lot to like about what Petrobras is saying and, importantly, in what they are putting into action. Crucially, it is this trackable and measurable activity, including numerous additional FPSOs, that have already been funded that are expected to come online in years ahead that gives us comfort that the shuttle tanker demand should readily absorb the current order book. Further, we believe that the current order book still trends towards medium-term shortage of shuttle tankers when set against the forthcoming production.

在第 18 至 20 張幻燈片中，我們再次收錄了巴西石油公司的一些評論，該公司繼續保持強勁的海上生產增長，尤其是在穿梭油輪服務的油田，並且通過部署可長期使用的資產，以比計劃更快的速度實現這一目標。從穿梭油輪船東的角度來看，巴西石油公司所說的話有很多值得稱道之處，更重要的是，他們正在採取的行動也令人讚賞。至關重要的是，正是這些可追蹤、可衡量的活動，包括許多已經獲得資金支持、預計將在未來幾年內投入運營的額外 FPSO，讓我們有理由相信穿梭油輪的需求應該能夠迅速消化當前的訂單。此外，我們認為，與即將進行的產量相比，目前的訂單量仍然預示著穿梭油輪在中期內將出現短缺。

To summarize on slide 21, we have strong utilization and financial results for the quarter, while securing additional charter cover and paying a quarterly distribution. We subsequently purchased a vessel with seven years of charter cover. We refinanced a vessel to release liquidity in excess of the cash we paid for the acquisition. We refinanced the first of our two $25 million revolvers, and we initiated our $10 million unit buyback program.

總結請參閱第 21 頁投影片，本季我們取得了強勁的利用率和財務業績，同時獲得了額外的包機保障並支付了季度分紅。隨後我們購買了一艘擁有七年租船保險的船隻。我們對一艘船進行了再融資，以釋放超出我們為收購支付的現金的流動資金。我們對兩筆 2500 萬美元循環貸款中的第一筆進行了再融資，並啟動了 1000 萬美元的股份回購計劃。

And looking at our near-term priorities on slide 22, we're focused, as ever, on safe operation and maintaining high scheduled operational utilization. We aim to continue growth in earnings visibility and liquidity through vessel chartering out into the medium term. And we aim to deploy incremental capital opportunistically towards a combination of accretive growth and returns of capital to unitholders.

從第 22 頁投影片中可以看出，我們的近期重點是安全營運和維持較高的計畫營運利用率。我們的目標是透過船舶租賃，在中期內繼續提高盈利可見度和流動性。我們的目標是抓住機遇，將新增資本投入到既能實現增值成長又能為單位持有人帶來資本回報的項目中。

With that, I will hand the call back to Brita for any questions. Thank you.

好了，接下來我會把電話轉回給布里塔，她會回答任何問題。謝謝。

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

（操作員說明）Liam Burke，B. Riley Securities。

Thank you. Derek, how are you today?

謝謝。德瑞克，你今天過得怎麼樣？

Good. Thanks, Liam. How are you?

好的。謝謝你，利亞姆。你好嗎？

I'm just fine. Thank you. On the Daqing Knutsen, I know you've got customary closing events prior to taking delivery, but could you give us a sense as to when you'd expect to take delivery on that vessel?

我很好。謝謝。我知道在大慶克努森號上，你們在提貨前會有一些慣例的交接手續，但您能否大概告訴我們您預計何時提貨？

On the Daqing Knutsen, we took delivery on the day we announced it, so July 2.

關於大慶克努森號，我們在宣布交付的當天，也就是7月2日，就收到了貨。

Oh, okay, because it says a customary closing. Okay, great. Second question I had was on the drop-downs. There are four additional vessels. You made the closing of the Daqing in a very shareholder-friendly manner. Do you anticipate being able to continue to do that?

哦，好的，因為它說的是慣例結尾。好的，太好了。我的第二個問題是關於下拉式選單的。還有四艘其他船隻。你以非常有利於股東的方式完成了大慶的關閉。你預計能夠繼續這樣做嗎？

I mean, we think it's unitholder-friendly whenever we do these transactions on accretive terms. Were you alluding to the funding for the equity components in the transaction?

我的意思是，我們認為，只要我們以增值條款進行這些交易，對單位持有人來說就是有利的。您指的是交易中股權部分的融資情況嗎？

Well, that and the fact there's four currently available in addition to the new builds. What I was getting at is, I mean, you were able to add one more vessel quite easily in a very shareholder-friendly manner. I guess, more or less, do you have a sense of timing based on your financing flexibility and your desire to grow the fleet?

嗯，還有一點就是，除了新版本之外，目前還有四個版本可用。我的意思是，你們能夠以非常有利於股東的方式輕鬆地增加一艘船。我想，您大致上是根據您的融資彈性和擴大車隊規模的願望來把握時機的吧？

Sure. Well, we don't have a particular sense of timing. We respond to vessels that are offered to us when that happens and on the basis of the terms that are offered and can be negotiated. But we don't have a particular timing in mind.

當然。嗯，我們對時間並沒有特別的感覺。當有船隻向我們提供租賃服務時，我們會根據所提供的、可以協商的條款做出回應。但我們還沒有具體的時間安排。

I mean, part of that is obviously our financial capacity to fund any cash component that's required in a transaction. You can also see our debt schedule, what is coming up at different times and the opportunities they can present for potential releveraging or release of some sort. So the Tove sale and leaseback would be a good example of how release can happen.

我的意思是，其中一部分顯然是我們有能力為交易中所需的任何現金部分提供資金。您還可以查看我們的債務時間表，以了解不同時期即將發生的債務以及它們可能帶來的重新槓桿化或某種形式的債務釋放機會。因此，Tove 的售後回租就是一個很好的例子，說明如何實現資產釋放。

Great. Thank you, Derek.

偉大的。謝謝你，德里克。

Thanks, Liam.

謝謝你，利亞姆。

(Operator Instructions) Climent Molins, Value Investor's.

（操作說明）克萊門特‧莫林斯，《價值投資者》。

Hi. Thank you for taking my questions. I want to ask about the older Windsor Knutsen, the Fortaleza, and the Recife. Could you talk a bit about how contracting discussions with potential customers compare relative to your more modern tonnage? And is there maybe any appetite to dispose of these vessels over the coming years?

你好。謝謝您回答我的問題。我想問一下關於老款溫莎·克努森、福塔萊薩和累西腓的情況。您能否談談與潛在客戶進行合約洽談與您使用更現代化噸位船舶相比有何不同？未來幾年內，是否有人會考慮處置這些船隻？

Well, our business model relates to operating vessels rather than trading them. And I do appreciate we have engaged in vessel swaps in the past, but that was actually so that we could gear up our ownership, if anything, rather than dispose.

我們的商業模式是營運船舶，而不是交易船舶。我確實知道我們過去曾進行過船舶互換，但那實際上是為了增加我們的所有權，而不是為了處置。

When we have active contracting discussions with our clients all the time about our vessels, I don't think I can expand on how those are going with, in any individual case, for commercial reasons. But we certainly are actively discussing those vessels with our clients.

由於我們一直與客戶就船舶事宜進行積極的合約洽談，出於商業原因，我認為我無法透露任何具體案例的進展情況。但我們確實正在積極與客戶討論這些船隻事宜。

Makes sense. And you've been clear that your near-term priority is to continue expanding the fleet. But could you talk a bit on how you plan to mix that with potential distribution increases in the medium term?

有道理。您已經明確表示，您近期的首要任務是繼續擴大機隊規模。但您能否談談您計劃如何在中期內將這些措施與潛在的分銷成長結合起來？

Sure. Fleet growth through acquisition is partly relating to growth. And the most important element of growth there is in the charter schedule. It's only through that that we can generate income in the medium to longer term. It also helps with rejuvenating the fleet, which contributes to that as well.

當然。透過收購實現的船隊成長與經濟成長部分相關。而成長最重要的因素在於章程安排。只有透過這種方式，我們才能在中長期內獲得收入。它還有助於艦隊的更新換代，這也有助於實現這一目標。

Returns to unitholders and deployments of capital to drop-downs, we think both of those at the same time are good deployments of capital. And we don't see them as necessarily competing with each other. I mean, they both use capital. But if you look at the orders of magnitude that are involved, the buyback program, for example, is planned to use rather less than even a single vessel if you look at just a year's worth of the buyback program. So we think they're both necessary in the interest of unitholders in the medium to longer term.

我們認為，對單位持有人的回報和對下沉式投資的資本配置，這兩者都是良好的資本配置方式。我們並不認為它們之間有競爭關係。我的意思是，它們都需要資金。但如果你看看其中涉及的數量級，例如，回購計劃計劃使用的船舶數量甚至不到一艘，如果你只看一年的回購計劃的話。因此，我們認為從中長期來看，這兩項措施對於基金單位持有人的利益都是必要的。

And just to give you an example on fleet rejuvenation, which we think is particularly important, with 18 vessels as of the end of June and then obviously 19 shortly after that, the vessel age -- average age in early July was down to, I think, 9.7 years. Well, that is the age that we had earlier in the year. And just simply the passage of time with the fleet, the size that we have, means that acquisitions are required to keep the fleet rejuvenated and to keep that average age down.

舉個例子來說說船隊更新，我們認為這非常重要。截至 6 月底，我們有 18 艘船，之後不久就有了 19 艘，船齡——7 月初的平均船齡下降到了 9.7 年。嗯，這是我們今年早些時候統計的年齡。隨著時間的推移，我們船隊的規模也越來越大，這意味著我們需要不斷購買新船來保持船隊的活力，並降低平均船齡。

That's helpful. That's everything from me. Thank you for taking my questions.

那很有幫助。這就是我全部要說的了。謝謝您回答我的問題。

Thank you. Thanks.

謝謝。謝謝。

(Operator Instructions) I can confirm that does conclude the question-and-answer session today. And I would like to hand it back to Derek for some final closing comments.

（操作員說明）我可以確認，今天的問答環節到此結束。最後，我想把麥克風交給德瑞克，讓他做一些總結性發言。

Well, thank you again for joining this earnings call for KNOT Offshore Partners' second quarter in 2025. And I look forward to speaking with you again following the third-quarter results.

再次感謝各位參加 KNOT Offshore Partners 2025 年第二季財報電話會議。我期待在第三季業績公佈後再次與您交流。

Thank you all for joining the KNOT Offshore Partners second-quarter 2025 earnings call. I can confirm today's call has now concluded. Thank you all for your participation, and you may now disconnect. Please enjoy the rest of your day.

感謝各位參加 KNOT Offshore Partners 2025 年第二季財報電話會議。我可以確認今天的電話會議已經結束。感謝各位的參與，現在可以斷開連結了。祝您今天餘下的時間愉快。