KNOT Offshore Partners LP reported its financial results for the first quarter ended March 31, 2025, with total revenues of $84.0 million, operating income of $23.4 million, and net income of $7.6 million. Adjusted EBITDA for the quarter stood at $52.2 million, reflecting consistent operational performance.
The partnership's available liquidity increased to $100.8 million as of March 31, 2025, comprising $67.3 million in cash and cash equivalents and $33.5 million in undrawn credit facilities. The fleet maintained a high utilization rate of 99.5%, or 96.9% when accounting for scheduled drydocking.
Significant contract extensions were announced, with Petrorio exercising options for the Brasil Knutsen for two 30-day periods from May 1, 2025, followed by a new two-year time charter with Equinor starting in Q3 2025, including two one-year extension options. Additionally, Shell extended the fixed duration of the Vigdis Knutsen charter from 2027 to 2030, adding a two-year option, and switched to a bareboat charter during or after July 2025.
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