KNOT Offshore Partners LP (NYSE: KNOP) rose following Q1 results.
For the three months ended March 31, 2018, KNOT generated highest ever quarterly total revenues of $68.0 million, operating income of $31.9 million and net income of $30.7 million. It also generated highest ever quarterly
Adjusted EBITDA of $53.4 million, and also generated its highest ever quarterly distributable cash flow of $27.9 million.
Fleet operated with 99.6% utilization for scheduled operations and 99.5% utilization taking into account the scheduled drydocking of the Brasil Knutsen, which was offhire for the last two days in the first quarter of 2018.
The increase in revenues was mainly due to increased earnings from the Brasil Knutsen, as she was included in the results of operations from December 15, 2017, one month of earnings from the Anna Knutsen, as she was included in the results of operations from March 1, 2018 and a full quarter of earnings from the Carmen Knutsen, which incurred offhire in the fourth quarter due to scheduled drydocking and subsequent propeller repairs.
KNOT Offshore Partners owns operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners owns and operates a fleet of 16 offshore shuttle tankers with an average age of 4.7 years.
KNOT shares registered at $21.00 near noon ET Wednesday, up 15 cents from Tuesday’s close
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