Knot Offshore Partners LP (KNOP) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the KNOP first-quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 KNOP 2026 年第一季財報電話會議。(接線員指示)

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

我現在把會議交給 Derek Lowe。請開始。

Thank you, Jade, and good morning, ladies and gentlemen. My name is Derek Lowe. 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 2026. Our website is knotoffshorepartners.com and you can find the earnings release there along with this presentation.

謝謝你，Jade，各位女士、先生，早安。我叫 Derek Lowe。我是 Knot Offshore Partners 的執行長兼財務長。歡迎參加本合夥企業 2026 年第一季的財報電話會議。我們的網站是 knotoffshorepartners.com，您可以在那裡找到財報新聞稿以及本次簡報。

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. 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 statements made as of the date of this presentation.

在第 2 張投影片，您會看到關於今日簡報中納入前瞻性陳述的指引。這些陳述係本於善意作出，反映管理層目前的觀點，包含已知與未知風險，並基於本質上存在重大不確定性與或有事項的假設與估計，其中許多超出我們的控制範圍。實際結果可能與前瞻性陳述中明示或暗示者有重大差異，且本合夥企業不具有亦不承擔更新本簡報日期所作任何此類陳述之義務。

For further information, please consult our SEC filings, especially in relation to our annual and quarterly results.

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。

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.

今日簡報亦包含若干非美國 GAAP 指標，而我們的財報新聞稿包含將其與最直接可比的 GAAP 指標進行調節（reconciliation）。

We begin on slide 4 with the Q1 financial and operational headlines. Revenues were $92 million, operating income was $14.7 million. Net income was $2.6 million. Adjusted EBITDA was $56.5 million. And as of March 31, 2026, we had $140.7 million in available liquidity, made up of $92.7 million in cash and cash equivalents plus $48 million in undrawn capacity. This available liquidity was $3.7 million higher than at December 31.

我們從第 4 張投影片開始，說明第一季財務與營運重點。營收為 9,200 萬美元，營業利益為 1,470 萬美元。淨利為 260 萬美元。調整後 EBITDA 為 5,650 萬美元。截至 2026 年 3 月 31 日，我們可用流動性為 1.407 億美元，由 9,270 萬美元的現金及約當現金，加上 4,800 萬美元未動用額度所組成。此可用流動性較 12 月 31 日增加 370 萬美元。

We operated the 97.2% utilization taking into account scheduled dry docking, which amounts to 92% utilization overall following the dry dockings of Tuva Knutsen and Bodil Knutsen. Following the end of the quarter, we declared a cash distribution of $0.05 per common unit, which was paid in May under the 1099 structure and which represented an increase from the previous level. We are pleased to have initiated the process of increasing the distribution after an extended period of low payouts during which we restored our charter coverage, improved our liquidity position, and address multiple refinancings and dry dockings.

在考量已排程的進塢維修（dry docking）後，我們的營運使用率為 97.2%，而在 Tuva Knutsen 與 Bodil Knutsen 進塢後，整體使用率為 92%。季度結束後，我們宣告每單位普通單位現金配息 0.05 美元，並於 5 月以 1099 架構支付，較先前水準有所提高。我們很高興在長期低配息之後啟動提高配息的流程；在此期間，我們恢復了租約覆蓋、改善了流動性部位，並處理了多項再融資與進塢維修。

On slide 5, we have developments during the quarter. Prospectively, from January 1, 2026, we changed the useful life estimates of our vessels from 23 years to 20 years reflecting longer-term market trends. This will increase future depreciation quarter by quarter, but that is not a cash item. This step also does not prevent vessels from operating beyond 20 years.

在第 5 張投影片，我們說明本季期間的進展。展望而言，自 2026 年 1 月 1 日起，我們將船舶的估計耐用年限由 23 年調整為 20 年，以反映長期市場趨勢。這將使未來折舊費用逐季增加，但這不是現金項目。此舉亦不會阻止船舶在 20 年之後繼續營運。

And on slide 6, we have commercial developments. We exercised our option to continue the time charter of Hilda Knutsen with Shell through March 2027 and subsequently agreed a new time charter with Eni commencing in Q3 2027 for three years fixed plus options up to a further three years.

在第 6 張投影片，我們說明商業面進展。我們行使選擇權，將 Hilda Knutsen 與 Shell 的定期租船（time charter）延長至 2027 年 3 月，並隨後與 Eni 達成新的定期租船合約，自 2027 年第三季開始，固定三年，另有最多再延長三年的選擇權。

TotalEnergies exercised their option to extend the charter of Anna Knutsen for one year until May 2027. And we agreed to time charter for Recife Knutsen with Transpetro to commence in Q3 2026 for a fixed period of two years.

TotalEnergies 行使其選擇權，將 Anna Knutsen 的租約延長一年至 2027 年 5 月。我們亦與 Transpetro 就 Recife Knutsen 達成定期租船合約，預計自 2026 年第三季開始，固定期間為兩年。

Turning to slide 7 for a high-level summary of our operating momentum. In both Brazil and the North Sea, we continue to see tightening markets driven by FPSO start-ups, ramp-ups, expansions and new developments. This increase in shuttle tanker service volumes across both markets has been sustained and sufficient to tighten the supply-demand balance.

接著看第 7 張投影片，為我們營運動能的高層次摘要。在巴西與北海兩地，我們持續看到市場趨緊，主要由 FPSO 投產、爬坡增產、擴建與新開發案所帶動。兩個市場的穿梭油輪服務量增加已持續一段時間，且足以使供需平衡趨於緊俏。

We have sustained a strong backlog with $858 million of fixed contracts, averaging 2.4 years. And rather more if all options are exercised. At quarter end, our fleet of 19 vessels had an average age of 10.5 years, and we're continuing to repay debt at around $90 million per year, which we consider prudent with the depreciating asset base.

我們維持強勁的在手訂單（backlog），固定合約金額為 8.58 億美元，平均年限 2.4 年。若所有選擇權皆被行使，年限將更長。截至季末，我們 19 艘船隊的平均船齡為 10.5 年；我們也持續以每年約 9,000 萬美元的速度償還債務，考量資產基礎折舊，我們認為此作法審慎。

And having addressed prior refinancing activity, we now look ahead to a $220 million facility in September 2026 and the $65 million facility in October.

在完成先前的再融資活動後，我們接下來將關注 2026 年 9 月到期的 2.2 億美元融資，以及 10 月到期的 6,500 萬美元融資。

Over slides 9 to 12, we provide the financials for Q1, the highlights which we have covered already.

在第 9 至第 12 張投影片，我們提供第一季財務數據，重點我們已先前說明。

On slide 13 is our debt maturity profile. While no guarantees can be made, we have historically benefited from access to a wide pool of lenders and attractive bank finance, and we've been encouraged by our refinancing experience in recent years, including during significant weaker shuttle tanker markets than the current one. Notably, the average margin on our floating rate debt during the first quarter was 2.22% over SOFR.

第 13 張投影片為我們的債務到期結構。雖然無法作出任何保證，但歷來我們受益於廣泛的放款人來源與具吸引力的銀行融資；近年來的再融資經驗也令我們備受鼓舞，包括在穿梭油輪市場顯著弱於目前的期間。值得注意的是，第一季我們浮動利率債務的平均利差為較 SOFR 加 2.22%。

Moving on to slide 15 and our charter portfolio. I believe this remains a very useful resource for investors looking to track the primary movements where change can occur in a highly stable portfolio of cash flows. Based on current charter rates, we believe charter options are likely to be exercised given the strength of the charter market.

接著看第 15 張投影片與我們的租約組合。我認為這仍是投資人非常有用的資源，可用於追蹤在高度穩定的現金流組合中，可能發生變動的主要項目。基於目前租船費率，我們認為在租船市場強勁的情況下，租約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 we believe are good likelihood of being exercised and a small amount of open time.

在第 16 張投影片，您可以看到我們在未來幾季的強勁覆蓋。其中包含一些我們認為很可能會被行使的租約選擇權，以及少量的空檔期（open time）。

On slide 17, you can see the drop-down inventory held at the sponsor. Dropdowns have been the route to growth in the fleets throughout the life of the partnership and remain the means of replenishing and rejuvenating the fleet.

在第 17 張投影片，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，並仍是補充與汰舊換新船隊的方式。

As mentioned in the earnings release, we anticipate pursuing these acquisitions over the next four to five years to the extent that relevant terms are attractive and are approved by our Conflicts Committee. At the same time, we believe that the combination of accretive dropdowns and improving charter market should support multiple gradual distribution increases over the coming quarters and years in addition to materially extending our long-term cash generation runway as certain of our vessels begin to age out in the years ahead.

如同在財報新聞稿中所提及，我們預期在未來四到五年內推進這些收購，前提是相關條款具吸引力，且獲得我們利益衝突委員會（Conflicts Committee）核准。同時，我們相信具增益性的下放交易與改善中的租船市場相結合，應可在未來幾季與幾年支持多次逐步提高配息，並在部分船舶於未來數年逐步老化退出之際，實質延長我們長期現金創造的跑道。

On slide 18 to 20, we include market commentary, particularly from Petrobras, which continues to highlight a strong and expanding offshore production outlook and continued FPSO deployment. We would encourage you to review this as well as the [copyrighted] materials of Petrobras publishers as the largest player in the Brazilian market where we primarily operate.

在第 18 至 20 頁投影片中，我們納入了市場評論，特別是來自巴西國家石油公司（Petrobras）的觀點；該公司持續強調離岸產量前景強勁且正在擴大，並將持續部署 FPSO（浮式生產儲卸油裝置）。我們也鼓勵各位一併查閱這些內容，以及 Petrobras 發布方的[受版權保護]資料；作為我們主要營運所在之巴西市場的最大參與者，其資料具參考價值。

To summarize on slide 21. During the first quarter, we had strong utilization and solid financial results. We secured additional charter coverage across key vessels. We maintained a constructive backlog and market outlook, and we paid a quarterly distribution of $0.05 per unit.

在第 21 頁投影片做個總結。第一季期間，我們的船舶利用率強勁，財務表現穩健。我們在關鍵船舶上取得了額外的租約覆蓋。我們維持了具建設性的在手訂單（backlog）與市場展望，並支付每單位 0.05 美元的季度分配金。

Looking ahead to the coming quarters and years, we believe the successful execution of accretive drop-down transactions combined with rechartering of vessels into a strong market environment should create the conditions for multiple gradual increases to our sustainable distribution.

展望未來幾季與未來數年，我們相信，成功執行具增益性的下放（drop-down）交易，並在強勁的市場環境中為船舶重新簽訂租約，應可創造條件，使我們可對可持續分配金進行多次、逐步的調升。

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

接下來，我把電話交回給 Jade 來回答問題。

(Operator Instructions) Fredrik Dybwad, Fearnley.

（接線員指示）Fredrik Dybwad，Fearnley。

Congratulations with the results. So you have a pretty robust cash position, even more robust liquidity position. I'm happy to hear that you are talking about modestly increasing the dividends or distributions going forward in addition to being able to take the potential drop-downs as well. But how should we think about when you say modest gradual increase in the dividend in what -- in terms of magnitude, how should we think about this?

恭喜本次業績。你們的現金部位相當充裕，流動性部位更為強健。很高興聽到你們提到，未來除了能夠進行潛在的下放（drop-down）之外，也在談逐步小幅提高股利或分配金。但當你們說股利將「小幅、逐步」增加時，我們應該如何理解其幅度？

Well, that's something that gets decided on by the Board each time they make a dividend or distribution declaration, and that can only follow the end of each respective quarter. So we don't have specific guidance on numbers that may be coming and the Board will make their decision following the end of first quarter for the -- sorry, the end of second quarter for the next distribution.

這項決定每次都是由董事會在宣告股利或分配金時作出，而該宣告只能在各自季度結束後進行。因此，我們目前無法就可能的數字提供具體指引；董事會將在第二季結束後，針對下一次分配金作出決定。

Yes. But if you can provide some color about if you look at your backlog and cash -- or cash generation going forward, you can sustain the dividend much higher than $0.05 per unit. Should we think about -- when you say modest increases you would think about an increase similar to the one you did this time? Or should it be more? That's just for -- in terms of how we should think about it as investors.

了解。但如果你能提供一些補充說明：從你們的在手訂單與現金——或未來的現金創造能力來看，你們可承受的分配金顯然可以高於每單位 0.05 美元。因此當你們說「小幅增加」時，我們是否應該理解為——增幅會類似於你們這次所做的調整？還是會更多？這只是想讓我們作為投資人更好地理解。

I appreciate the question, but until we have a distribution decision from the directors over the -- after the end of the second quarter, we don't have a number to provide you with.

感謝你的提問，但在董事於第二季結束後作出分配金決議之前，我們沒有可提供的數字。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Derek, I had a macro question for you. There's more oil obviously being sourced out of the non-Gulf area due to the conflict in the Mid East. Now eventually, the Strait of Hormuz will be reopened. But do you anticipate even post Strait of Hormuz opening -- a higher-than-normal increase in offshore oil production development? Or does it change your markets for the better?

Derek，我有一個總體（宏觀）問題想請教你。由於中東衝突，顯然有更多石油來源轉向非波斯灣地區。未來荷姆茲海峽終將重新開放。但你是否預期，即便在荷姆茲海峽重新開放之後，離岸石油產量開發仍會出現高於正常水準的增長？或者這是否會讓你們的市場變得更有利？

Well, I don't particularly have a view over the medium to longer term. I can understand people being quite cautious in the nearer term as developments come along because the news flow varies from one day to the next. And I'm sure people will be seeking to interpret that as best they can and even remain cautious once the Straits are open again.

嗯，我對中期到長期並沒有特別的看法。我能理解在較近的期間，隨著事態發展，人們會相當謹慎，因為新聞流每天都在變化。我也確信大家會盡其所能去解讀，甚至在海峽重新開放後仍會保持謹慎。

But I don't really have a view on whether it would change what will otherwise happen in the medium to long term because there could be other factors relating to that as well.

但我並不確定這是否會改變中長期原本會發生的事情，因為也可能還有其他相關因素。

Okay. Fair enough. And on the supply side, I mean, just in the vein where you reduced the useful life of the assets. Could you give me a sense as to where we are in terms of the order book and the aging of the shuttle tanker fleet globally?

好的。合理。那在供給端方面，我是沿著你們縮短資產使用年限的脈絡來問。你能否說明一下，目前全球穿梭油輪（shuttle tanker）船隊的新船訂單量（order book）以及船隊老化的情況大概到哪個程度？

Well, you can see the aging of our vessels. And I guess the 20-F is the best place to look at that to get that listed out. I don't particularly have a comment on the aging of other ship owners fleets. But clearly, with the ramp-up, particularly in Brazil, the new build inventory is clearly in excess of what's going to retire from the market. It's intended to serve new volumes that are coming online.

嗯，你可以看到我們船舶的船齡情況。我想 20-F 文件是查看並列示這些資訊的最佳來源。至於其他船東船隊的老化情況，我沒有特別的評論。但很明顯，隨著產量爬升，特別是在巴西，新造船的供給量顯然高於將從市場退役的數量。這些新造船主要是為了服務即將上線的新產量。

Okay. But there is an aging of the fleet on the other end of it, that could further tighten supply?

好的。但另一方面船隊確實在老化，這可能會進一步收緊供給，對嗎？

That's right. Yes.

沒錯。是的。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Derek, I apologize. I logged in a little late and you may have addressed this in your prepared remarks. But could you just talk about the sequential decline in revenues and was that totally associated with the downtime you experienced? Or were there some time charter rollovers that impacted revenues?

Derek，不好意思。我登入得有點晚，你可能在事先準備的發言中已經提過。但你能否談談營收的季比下滑，是否完全與你們經歷的停工（downtime）有關？或者是否有一些定期租船（time charter）續約/到期更替（rollover）也影響了營收？

Yes. Thanks, Poe, and no problem we didn't address that at the time earlier on. Yes, it will relate to the dry dock schedule. And also simply the terms of the contracts that are outstanding between different period.

是的。謝謝你，Poe，沒問題，我們先前的確沒有在當時提到這點。是的，這會與進塢維修（dry dock）的排程有關。另外也只是因為不同期間之間，現有合約條款的差異所致。

At this time, there are no further questions. I will now turn the call back to Derek for closing remarks.

目前沒有進一步的問題。我現在把電話交回給 Derek 作結語。

Thanks, Jade, and thank you all again for joining this earnings call for Knot Offshore Partners' first quarter of 2026. We look forward to speaking with you again following the second-quarter results. Thank you.

謝謝你，Jade，也再次感謝各位參加 Knot Offshore Partners 2026 年第一季的法說會。我們期待在第二季業績公布後再次與各位交流。謝謝。

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

今天的電話會議到此結束。感謝各位出席。各位現在可以掛線。