Knot Offshore Partners LP (KNOP) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the KOP fourth-quarter 2025 earnings call. After today's prepared remarks, we will host a question-and-answer session with an opportunity for equity research analysts to ask questions. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 KOP 2025 年第四季財報電話會議。在今天的預先準備發言結束後，我們將進行問答環節，並提供股票研究分析師提問的機會。(接線員指示)

I will now hand the conference over to Derek Lowe. Please go ahead, sir.

我現在把會議交給 Derek Lowe。先生，請開始。

Thank you Tyler, and good morning ladies and gentlemen. My name is Derek Lowe and I'm the chief Executive and Chief Financial Officer of Knott Offshore Partners. Welcome to the Partnership's earnings call for the fourth quarter of 2025.

謝謝你，Tyler，各位女士、先生早安。我叫 Derek Lowe，是 Knott Offshore Partners 的執行長兼財務長。歡迎各位參加本合夥企業 2025 年第四季的財報電話會議。

Our website is KnosoffshorePartners.com and you can find the earnings released there along with this presentation.

我們的網站是 KnosoffshorePartners.com，您可以在那裡找到財報新聞稿以及本簡報。

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.

在第 2 頁投影片，您會看到關於本次簡報中納入前瞻性陳述的指引。這些陳述係基於善意作出，反映管理層目前的觀點，包含已知與未知風險，並以若干假設與估計為基礎；而這些假設與估計本質上受到重大不確定性與或有事項影響，其中許多超出我們的控制範圍。

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 those 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者存在重大差異；且本合夥企業不負有、亦不承擔更新本簡報日期所作任何前瞻性陳述之義務。如需進一步資訊，請參閱我們向 SEC 提交的文件，特別是與年度及季度業績相關者。今天的簡報亦包含若干非美國 GAAP 衡量指標；我們的財報新聞稿中提供了其與最直接可比 GAAP 指標之調節表。

We begin on slide 3 with a comment on the unsolicited and non-binding offer from our sponsor Knot to buy the publicly owned common units for $10 per common unit which we received during the fourth quarter. As announced in a press release on March 19, the mutual decision was made by the independent KNOT Conflicts Committee and the sponsor to conclude those discussions with no transaction recommended. All information provided by KNOT's Conflicts Committee about that process was included within the March 19 press release, and I'll not be able to comment any further during today's call.

我們從第 3 頁投影片開始，先談談我們在第四季收到、由我們的贊助方 Knot 提出的主動且不具約束力之要約：以每個普通單位 10 美元收購公開持有的普通單位。如 3 月 19 日新聞稿所宣布，獨立的 KNOT 利益衝突委員會與贊助方共同決定結束相關討論，且未建議進行任何交易。KNOT 利益衝突委員會就該流程所提供的所有資訊均已包含於 3 月 19 日新聞稿中，因此我在今天的電話會議中將無法再作進一步評論。

On slide 4, we have the Q4 financial and operational headlines, certain of which reflect the impact of the non-cash impairment related to the Synnove Knutsen. Revenues were $96.5 million. Operating income was $8.4 million on a fully reported basis, or $28.6 million when excluding the impact of the impairment on Synnove.

在第 4 頁投影片，我們列出第四季的財務與營運重點，其中部分反映了與 Synnove Knutsen 相關的非現金減損影響。營收為 9,650 萬美元。按完整報表口徑，營業利益為 840 萬美元；若排除 Synnove 的減損影響，則為 2,860 萬美元。

Similarly, net income on a fully reported basis was a loss of $6.2 million whereas it was net income of $14 million when we exclude the impact of the impairment. Adjusted EBITDA $59.3 million.

同樣地，按完整報表口徑，淨利為虧損 620 萬美元；若排除減損影響，則淨利為 1,400 萬美元。調整後 EBITDA 為 5,930 萬美元。

And as of December 30, 2025, we had $137 million in available liquidity made up of $89 million in cash and cash equivalents, plus $48 million in undrawn capacity on our credit facilities, and that was $11.8 million higher than September 30. We operated with 99.5% utilization, taking into account the scheduled dry docking of Synnove Knutsen, which amounts to 96.4% utilization overall. Following the end of Q4, we declared a cash distribution of $0.026 per common unit, which was paid in February.

截至 2025 年 12 月 30 日，我們可用流動性為 1.37 億美元，由 8,900 萬美元的現金及約當現金，加上信貸額度中 4,800 萬美元的未動用額度所構成，較 9 月 30 日增加 1,180 萬美元。考量 Synnove Knutsen 的例行進塢維修，我們的營運使用率為 99.5%，折算整體使用率為 96.4%。第四季結束後，我們宣告每個普通單位現金分配 0.026 美元，並已於 2 月支付。

On slide 5, we have the developments during Q4. Early in the quarter we entered into a $71.1 million senior secured term loan facility to refinance Synnove Knutsen. On November 4, the big dis Knuts and transitioned from a time charter contract to a bare boat charter with the same customer shell, extending until at least 2030.

在第 5 頁投影片，我們說明第四季期間的進展。本季初，我們簽訂一筆 7,110 萬美元的優先有擔保定期貸款融資，用以為 Synnove Knutsen 進行再融資。11 月 4 日，big dis Knuts 由期租合約轉為與同一客戶 Shell 的光船租賃，並延長至至少 2030 年。

We completed our second of two RCF refinancings rolled over on similar terms. Our next refinancings are in the late third and early fourth quarter of this year. And on November 20, we agreed a time charter for Fortaleza Knutsen with KNOT to commence during the second quarter of 2026 and lasting between one and three years. Given the vessel's smaller size relative to the Suez Max that has become standard in the Brazilian offshore segment, the vessel is expected to transition to the much more diversified North Sea.

我們完成兩筆循環信貸（RCF）再融資中的第二筆，並以類似條件展期。我們下一輪再融資將在今年第三季末與第四季初進行。另於 11 月 20 日，我們與 KNOT 就 Fortaleza Knutsen 達成一份期租合約，預計於 2026 年第二季開始，租期介於 1 至 3 年。鑑於該船舶相較於已成為巴西離岸市場標準的蘇伊士極限型（Suezmax）船型更小，預期該船將轉往更為多元化的北海市場。

Then on slide 6, the principal development in the first quarter has been the termination of discussions around the offer from KNOT which I described earlier. Turning to slide 7 for a high-level summary of our positive momentum coming into the spring of 2026 with a tightening market and expanding backlog. And the balance sheet continuing to strengthen.

接著在第 6 頁投影片，第一季的主要進展是終止我先前所述、關於 KNOT 要約的討論。再看第 7 頁投影片，概述我們在 2026 年春季前的正向動能：市場趨緊、合約存量（backlog）擴大，以及資產負債表持續強化。

In both Brazil and the North Sea, we continue to see tightening markets driven by FPSO startups, ramp ups, expansions, new discoveries, and in a number of cases, technology-driven increases in production beyond nameplate capacity.

在巴西與北海兩地，我們持續看到市場趨緊，主要由 FPSO 投產啟動、產能爬坡、擴建、新發現，以及在若干案例中由技術驅動、使產量提升至超越名目產能所帶動。

In each instance, these increased volumes are the outcome of lengthy, often CapEx intensive projects such that they are not typically sudden, unanticipated step changes in shuttle tanker demand that catch the market off guard. Nevertheless, the increase in shuttle tanker service volumes across both markets has been both sustained and sufficient to tighten the supply demand balance.

在每一種情況下，這些增加的產量都源自於長期、且往往資本支出（CapEx）密集的專案，因此通常不會是突然而未預期的穿梭油輪需求跳升，讓市場措手不及。儘管如此，兩個市場的穿梭油輪服務量增加既持續且幅度足夠，從而使供需平衡趨於緊俏。

Petrobras will continue to deploy its long committed pipeline of FPSOs and to expand production capacity across its existing fleet. We've sustained our backlog as of December 30, 2025 with a $929 million of fixed contracts averaging 2.6 years and rather more if all the options are exercised.

Petrobras 將持續部署其長期承諾的 FPSO 投放計畫，並擴增其既有船隊的產能。截至 2025 年 12 月 30 日，我們維持合約存量為 9.29 億美元的固定合約，平均剩餘年限為 2.6 年；若所有選擇權均被行使，年限將更長。

At year end our fleet of 19 vessels had an average age of 10.2 years. We are continuing to repay debt at $90 million or more per year, which we think is prudent with a depreciating asset base. Having reliably addressed our refinancing needs typically on very consistent terms, we now look to a $220 million and $0.05 ship facility in September 2026 and a $65 million single ship facility in October 2026 secured by Lever Knutsen.

截至年末，我們 19 艘船舶的船隊平均船齡為 10.2 年。我們持續以每年 9,000 萬美元或以上的速度償還債務；在資產基礎逐步折舊的情況下，我們認為此舉審慎。由於我們一向能以相當一致的條件可靠地滿足再融資需求，接下來我們將面對 2026 年 9 月到期的 2.2 億美元與 0.05 船舶融資，以及 2026 年 10 月到期、以 Lever Knutsen 作為擔保的 6,500 萬美元單船融資。

Over slides 9 to 12, we provide the financials for Q4, the highlights of which we have covered already. On slide 13 is our debt maturity profile on which you can see we have material repayment obligations later this year. While no guarantees can be made, we have historically benefited from our access to a wide pool of lenders, attractive bank finance, and several key lender relationships with major players.

在第 9 到第 12 張投影片中，我們提供了第四季的財務數據，其重點我們先前已經說明過。第 13 張投影片是我們的債務到期結構，您可以看到我們在今年稍晚有相當可觀的償還義務。雖然無法做出任何保證，但我們歷來受惠於可接觸到廣泛的放款人群體、具吸引力的銀行融資，以及與多家主要機構建立的關鍵放款人關係。

Moreover, we've been encouraged by our refinancing experiences in recent years and the strong signal they provide regarding lenders' continued appetite. Notably, the average margin on our floating rate deck during the fourth quarter was 2.2% over sofa.

此外，近年來我們的再融資經驗令人鼓舞，也強烈顯示放款人持續的承作意願。值得注意的是，第四季我們浮動利率債務組合的平均利差為較 SOFA 高 2.2%。

Moving on to slide 15 of our charter portfolio, I've covered most of the updates here, but I believe this is a very useful resource for investors looking to track the primary movements where a change can occur in a highly stable portfolio of cash flows, that is when charters turn over and when there are dry docks that will cause a fire and incurrence of cap costs. Based on current charter rates, we believe charterers options are likely to be taken up given the strength of the charter market.

接著看我們租約組合的第 15 張投影片，我已涵蓋了此處大部分更新，但我認為這對希望追蹤主要變動的投資人而言是非常有用的資源；在一個現金流高度穩定的投資組合中，可能發生變化的主要時點是租約到期/換約，以及進塢檢修（dry dock）將造成停租並產生資本性支出（capex）。基於目前的租船費率，我們認為在租船市場強勁的情況下，承租人的選擇權很可能會被行使。

On slide 16, you can see our strong coverage through the coming quarters. Some charter options that market conditions suggest have a good likelihood of being exercised and a small amount of open time. In all, we have 93% of vessel time in 2026 covered by fixed contracts and 69% in 2027. If all relevant options are exercised, this rises to 98% in 2026 and 88% in 2027.

在第 16 張投影片中，您可以看到我們在未來幾個季度的強勁覆蓋度。有些租約選擇權依市場狀況判斷很可能會被行使，另有少量的空檔期（open time）。整體而言，我們在 2026 年有 93% 的船舶時間已由固定合約覆蓋，2027 年為 69%。若所有相關選擇權皆被行使，則 2026 年將提高至 98%，2027 年提高至 88%。

On slide 17 you can see the drop down inventory held at the sponsor. Drop downs have been the route to growth in the fleet throughout the life of the partnership and other means of replenishing and replenishing and rejuvenating the fleets given the depreciation in our assets.

在第 17 張投影片中，您可以看到由贊助方持有的下放（drop down）資產庫存。在合夥企業的整個存續期間，下放一直是船隊成長的途徑，也是補充並更新、活化船隊的其他方式之一，考量到我們資產的折舊。

I would underscore both that our board has consistently acknowledge the importance of drop downs for the partnership and also that any consummated drop down would first have to be approved by the independent conflicts Committee.

我想強調兩點：其一，我們董事會一向認同下放對合夥企業的重要性；其二，任何完成的下放交易，首先都必須獲得獨立利益衝突委員會（independent conflicts committee）的核准。

On slides 18 to 20, we include again some commentary from petrographs with relevant highlights from a five year plan they have released for 2026 through to 2030, as well as a useful overview of their significant 2025 progress from their recently reported full year 2025 results.

在第 18 到第 20 張投影片中，我們再次納入 Petrobras 的一些評論，包含其發布的 2026 至 2030 年五年計畫中的相關重點，以及他們近期公布的 2025 全年業績所顯示之 2025 年重大進展的實用概覽。

We believe that these materials from Petrobras provide a useful insight into the Brazilian offshore market. We'd encourage you to review the extensive materials that Petrobras regularly publishes. In short, though, from the shuttle tanker owner's perspective, Petrobras continues to deploy significant CapEx into a long-term FPSO pipeline in shuttle tanker serviced areas.

我們認為 Petrobras 的這些資料能為巴西離岸市場提供有用的洞見。我們也鼓勵各位查閱 Petrobras 定期發布的大量資料。簡而言之，從穿梭油輪船東的角度來看，Petrobras 持續投入大量資本支出（CapEx），用於在穿梭油輪服務區域內的長期 FPSO 專案管線。

To find new ways to increase volumes from existing fleet and overall to continue expanding its aggregate production on time or in a number of instances ahead of schedule. As with the development we're seeing in the North Sea, this gives us comfort that shuttle tanker demand should readily absorb the current order book. Further, we believe that the current order book still trends towards a medium-term shortage of shuttle tankers when set against the forthcoming production.

以尋找新的方式提升既有船隊的運量，並整體上持續擴大其總產量，按期甚至在若干情況下提前達成。就如同我們在北海所看到的開發進展，這讓我們更有信心：穿梭油輪需求應能輕易吸收目前的在手訂單（order book）。此外，我們認為相較於即將到來的產量成長，目前的在手訂單仍顯示中期穿梭油輪可能供不應求的趨勢。

To summarize on slide 21, during Q4 we had strong utilization and financial results. We refinanced the Synnøve Knutsen facility and the second RCF. We secured additional charter cover and paid a quarterly distribution. And in Q1 we've seen the termination of the discussions around the offer from KNOT.

在第 21 張投影片中總結，第四季我們的使用率與財務表現強勁。我們為 Synnøve Knutsen 融資案以及第二筆循環信貸（RCF）完成再融資。我們取得了更多租約覆蓋並支付了季度分派。而在第一季，我們也看到與 KNOT 提案相關的討論已終止。

With that, I'll hand the call back to Tyler for any questions.

接下來我把電話交回給 Tyler 來回答問題。

Thank you. We will now begin the question-and-answer session, which is open to equity research analysts.(Operator Instructions)

謝謝。我們現在開始問答環節，開放給股票研究分析師提問。（接線員指示）

Frederick Dubois, Fernley Securities.

Frederick Dubois，Fernley Securities。

Hey guys, can't hear me well. Hello, can you hear me?

嗨各位，你們可能聽不太清楚我。哈囉，你們聽得到嗎？

And Frederick, I can't hear you that well.

Frederick，我也聽不太清楚你。

Yeah, it is better.

嗯，現在比較好了。

Just do two tries, yeah.

再試兩次就好，對。

Okay, I forgot to speak a bit loud. So yeah, congratulations, a good quarter, solid cash flow, you're doing the right things. Market, as you say, is very firm, since last time around, I have noted that the Newton in the holding on the holding level issued a bond have in connection with that bond issue, has there been a value valuation of KNOT.

好的，我忘了講大聲一點。所以，恭喜，這一季表現不錯，現金流穩健，你們做的事情都很正確。市場如你們所說非常強勁。自上次以來，我注意到控股層級的 Newton 發行了一筆債券；就該次債券發行而言，是否有對 KNOT 進行估值？

To repeat for anyone who didn't hear that clearly, Frederick, I think you're referring to the TSSI bond, which is, I think two corporate levels above KNOP. I think, anyone interested in the circumstances around that bond would need to look at the offering materials, and the disclosure related to it. I'm not directly aware of evaluation exercises on KNOP, at least as far as the partnership was directly involved, but the offering materials will will contain the disclosure related to that transaction.

為了讓沒聽清楚的人再重述一次，Frederick，我想你指的是 TSSI 的債券，那應該是在 KNOP 之上兩個公司層級。我想，任何對該債券相關情況有興趣的人，都需要查看其發行文件與相關揭露。就合夥企業直接參與的範圍而言，我並不直接知道是否有針對 KNOP 的估值作業，但發行文件會包含與該交易相關的揭露。

Okay, got it. Thank you. And and I also note that you would use the useful life of your vessels from 23 to 20 years. Could you shed some light on the rationale on that? I thought it was a bit surprised me a bit.

好的，了解。謝謝。另外我也注意到，你們把船舶的耐用年限（useful life）從 23 年改為 20 年。可以說明一下這麼做的理由嗎？我有點意外。

Yeah, so useful life is a measure of how long a vessel is expected to stay in the hands of a current owner. It's not directly a measure of the economic life of the vessel per se. So in some instances we see shuttle tankers being deployed commercially beyond 20 years, but quite often it's outside the sector, so it's conventional floating storage or FPSO.

好的，所謂耐用年限，是衡量一艘船預期會在現任船東手上持有多久。它本身並不直接等同於船舶的經濟壽命。因此在某些情況下，我們確實看到穿梭油輪在商業上使用超過 20 年，但往往是在該領域之外，例如作為傳統浮式儲油（floating storage）或 FPSO。

What we are seeing is that the typical scenario is clients will wish to see vessels that are that are under 20 years and will seek those out before seeking to contract those that are older and so it's a judgment around that overall situation, particularly operation in shuttle tanker form that led us to take that view that 20 years was a better judgment on that than 23.

我們觀察到的典型情況是，客戶會希望使用船齡在 20 年以下的船舶，並會在尋求承租較老船舶之前先優先挑選這些船。因此，基於對整體情況的判斷，特別是以穿梭油輪形式營運的情境，讓我們認為以 20 年作為耐用年限的判斷，比 23 年更為合適。

Okay, thank you. And limited visibility just for my own modeling, how, what do you price a new buildings use max up currently on a set you.

好的，謝謝。就我自己的模型而言，能見度有限的情況下，你們目前對新造船的最高價格大概怎麼估？

I think that's too commercially sensitive for us to disclose at the moment. We don't discuss our own new build contract pricing.

我認為這在目前對我們而言屬於過於商業敏感的資訊，無法披露。我們不會討論我們自身新造船合約的定價。

No, not necessarily yours, but generically, how much would it cost to build that shuttle tank for instance.

不，不一定是你們自己的，但就一般而言，例如建造那艘穿梭油輪大概要多少成本？

Well, given that our sponsors quite active in the new build space, I think generically and commercially specifically, pretty much the same thing, so I don't have any comments on it, I'm afraid.

嗯，鑑於我們的贊助方在新造船領域相當活躍，我想一般而言以及就商業層面來看，基本上是同一回事，所以恐怕我沒有任何評論。

Okay, so around $140 million would be fair from my end.

好的，那從我這邊看，大約1.4億美元算是合理。

As I say, I don't have any direct comment on that, I'm afraid.

如我所說，恐怕我對此沒有任何直接評論。

Okay, yeah. Just a final one, sorry, as a bit of saturated on the question side, but last one. Back in 2023 when you cut the dividend, you, I can quote you that you said that until you have reestablished a greater degree of forward visibility and on earnings and on liquidity, the quarterly distribution is reduced but will be increased once this is in place and hearing what you are saying now on the Outlook for chatel tankers, your balance is rock solid and you're generating a significant cash flow over the quarter. What will it take for the dividend to come back when seems like everything is in place for it to happen.

好的，嗯。最後一個問題，抱歉，我這邊問題有點多，但這是最後一個。回到2023年你們削減股利時，我可以引用你當時說過的話：在你們重新建立對獲利與流動性更高程度的前瞻能見度之前，季度配息會降低，但一旦具備這些條件就會提高。而聽你現在對穿梭油輪展望的說法，你們的資產負債表非常穩健，而且本季產生了可觀的現金流。那麼，要達到什麼條件股利才會恢復？看起來一切似乎都已具備。

Yeah, thank you. So I mean, capital allocation is very much in the minds of directors on a continual basis, and whether it's distributions, buybacks or investment in the fleets, or dropdowns. That's something that they're assessing on a continual basis and will continue to do so. We don't have a direct formula that says. There's a given time for one or other of those aspects to be to be selected, but it does remain under active review by the directors.

是的，謝謝。所以，我的意思是，資本配置一直是董事們持續關注的重點，不論是配息、庫藏回購、投資船隊，或是下放（dropdowns）。這些都是他們持續評估的事項，並且會繼續如此。我們沒有一個直接的公式說，在某個特定時間就會選擇其中某一項，但董事們確實仍在積極檢視。

Yeah, so you would you say that your view on dividend distributions is changed from 2022 to today, or is it the same the way you look at it?

好的，那你會說你們對股利配發的看法，從2022年到今天有改變嗎？還是你們看待它的方式一樣？

Well, we're clearly pleased with a stronger financial position now than back then. That's certainly the case, but the choice of how and where and when to allocate capital is something, as I say, that the directors keep under continual review.

嗯，我們顯然對目前比當時更強健的財務狀況感到滿意。這點確實如此，但如我所說，如何、在哪裡以及何時配置資本，董事們會持續檢視。

Okay, I understand. I appreciate your comment, sir. Final question, you tried to do the annual general meeting last year without success. Are you going to schedule it again for this year, or how should we think about that?

好的，我明白。感謝你的回覆，先生。最後一個問題，你們去年嘗試召開年度股東大會但未成功。今年會再安排一次嗎？或我們應該怎麼看待這件事？

Well, we do obviously have a standing obligation to seek to hold a meeting each year, and we intend to satisfy that obligation during 2026 as well.

嗯，我們當然有一項既定義務，必須努力每年召開一次會議，而我們也打算在2026年履行這項義務。

Thank you. That's it for me.

謝謝。我這邊就到這裡。

Liam Burke, B.Riley Securities.

Liam Burke，B. Riley Securities。

Hi Derek, how are you today?

嗨，Derek，你今天好嗎？

Hi Liam, good thanks, and you?

嗨，Liam，還不錯，謝謝，你呢？

I'm fine, thank you. Whatever happened to two questions per customer? Anyway, you've got a, your sponsor has a quite a list of drop-downs which create nice opportunity considering you've got a very healthy end market there. Could you give us a sense on how you're prioritizing or any kind of timing or, how you're thinking about adding vessels to the fleet?

我很好，謝謝。到底怎麼了，不是每位提問者只能問兩個問題嗎？不管怎樣，你們的贊助方有一長串可下放的資產（drop-downs），在你們終端市場非常健康的情況下，這帶來很好的機會。你能否談談你們如何排定優先順序、或任何時間點上的規劃，或你們如何思考把船舶加入船隊？

Well that's, that alludes to the capital allocation topic that we discussed just now, so directors are well aware of a range of potential deployments of capital, whether it's distributions, buybacks or dropdowns, and they will keep that continually in mind, noting the financial position of the partnership and also the outlook from a chartering point of view as well. So there's no direct formula as to which of those will be chosen, which combination, and when, and so on.

嗯，這就回到我們剛才討論的資本配置議題，所以董事們非常清楚資本可能有多種用途，不論是配息、庫藏回購或下放（dropdowns），他們會持續把這些放在心上，同時也會考量合夥企業的財務狀況，以及從租船角度的展望。因此，並沒有一個直接的公式來決定會選哪一項、選哪種組合、以及何時進行等等。

Okay, that's fair, but I mean we're looking at your liquidity position strengthening. Your operating cash flow is up 13.5% this year. You've had a long history of successfully refinancing balloon payments, and those balloon payments are coming down as we saw in one of the slides. So I mean how would we end dropdowns in this market look to be very good considering we're looking at the at the long-term contracts. Is there any priority to the dropdowns or vis a vis dividends or accelerated debt repayment?

好的，這樣說也合理，但我的意思是，我們看到你們的流動性狀況在改善。你們今年的營運現金流增加了13.5%。你們過去長期以來都能成功再融資到期的大額尾款（balloon payments），而且從其中一張投影片也看到這些尾款在下降。所以我的意思是，在這個市場環境下，進行下放看起來會非常好，尤其我們看到的是長期合約。下放在優先順序上，是否會高於股利或加速償債？

No, there's no working priority as between those different places that the capital could be allocated. Okay. The directors look at all of them, at the same time.

不，在這些不同的資本配置方向之間，並沒有既定的優先順序。好的。董事們會同時評估所有選項。

Great. Okay, thank you, Derek.

很好。好的，謝謝你，Derek。

Great, thanks.

好的，謝謝。

Okay, and there are no further questions at this time, so I will turn it back to Derek for closing remarks.

好的，目前沒有進一步的問題，因此我把時間交回給Derek做結語。

Thank you Tyler, and thank you all again for joining this earnings call for the Knot Offshore Partners fourth quarter 2025. I look forward to speaking with you again following the first quarter results.

謝謝你，Tyler，也再次感謝各位參加Knot Offshore Partners 2025年第四季的財報電話會議。我期待在第一季結果公布後再次與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以斷線。