KNOP KNOT Offshore Partners (KNOP) Q2 FY26 earnings call
KNOT Offshore Partners delivered solid Q2 FY26 results, highlighted by the strategic acquisition of the Heda Knudsen, which strengthens its long-term contract pipeline and rejuvenates the fleet. The company also increased its quarterly cash distribution, reflecting confidence in its reliable cash flow and improved balance sheet. Management emphasized a tightening shuttle tanker market in Brazil and the North Sea, driven by robust FPSO activity and sustained production growth.
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KNOP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call 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.