KNOP KNOT Offshore Partners (KNOP) Q1 FY26 earnings call
KNOT Offshore Partners delivered solid Q1 FY26 results, marked by an increase in cash distribution and robust operational utilization. The company is benefiting from tightening shuttle tanker markets in Brazil and the North Sea, driven by increased offshore production. Management is focused on future accretive drop-downs and rechartering vessels to support further gradual distribution increases.
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KNOP operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Utilization rate Taking into account scheduled dry docking | 97.2%We operated the 97.2% utilization taking into account scheduled dry docking, which amounts to 92% utilization overall following the dry dockings of Synnove Knutsen.Source: earnings call transcript | 96.8%We operated with 96.8% utilization, taking into account scheduled dry docking, which amounts to 92.4% utilization overall following the dry docking of Fortaleza.Source: earnings call transcript | -0.4 pt |
| Utilization rate Overall | 92%We operated the 97.2% utilization taking into account scheduled dry docking, which amounts to 92% utilization overall following the dry dockings of Synnove Knutsen.Source: earnings call transcript | 92.4%We operated with 96.8% utilization, taking into account scheduled dry docking, which amounts to 92.4% utilization overall following the dry docking of Fortaleza.Source: earnings call transcript | +0.4 pt |
| Backlog | $858MWe have sustained a strong backlog with $858 million of fixed contracts, averaging 2.4 years.Source: earnings call transcript | $881.2MWe have expanded our strong backlog with $881.2 million of fixed contracts at quarter end, which average 2.5 years in duration, and chartered options averaging further four years.Source: earnings call transcript | +2.7% |
| Fleet | 19At 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.Source: earnings call transcript | 19At quarter end, our fleet of 19 vessels had an average age of 10.7 years.Source: earnings call transcript | 0% |
| Average fleet age | 10.5 yearsAt 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.Source: earnings call transcript | 10.7 yearsAt quarter end, our fleet of 19 vessels had an average age of 10.7 years.Source: earnings call transcript | +1.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.