KNOT Offshore Companions LP has reported revenues of $91.3 million for the fourth quarter of 2024, up from the earlier quarter’s $76.3 million on increased constitution revenues and insurance coverage proceeds.
The corporate mentioned that the income development, coupled with decreased vessel working bills as a result of absence of one-off prices from the Dan Sabia redelivery, lifted its working earnings to $34.7 million from $17.2 million for the third quarter. It noticed elevated constitution exercise and recorded no scheduled drydocking, which had impacted the Torill Knutsen and Ingrid Knutsen in the identical interval of the earlier yr, the corporate mentioned.
Web earnings landed at $23.3 million for the fourth quarter of 2024, in comparison with a $3.8 million web loss for the prior quarter. A $28.6 million year-over-year enhance in web earnings was attributed to the elevated working earnings and a major discount in finance bills.
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“We’re happy to report one other sturdy efficiency in This autumn 2024, marked by secure operation at 98.3 % fleet utilization from scheduled operations, constant income and working earnings era, and materials progress in securing further constitution protection for our fleet”, Derek Lowe, Chief Government Officer and Chief Monetary Officer, mentioned.
“Ranging from the date of the Dwell Knutsen Acquisition and together with these contracts signed since December 31, 2024, we’ve now secured over 94 % of constitution protection for the rest of 2025 and roughly 75 % for 2026. Having executed a number of new contracts and extensions over the past yr, we’ve established good momentum in a strengthening market and stay centered on strengthening and increasing our fleetwide constitution protection”, Lowe mentioned.
Wanting ahead KNOT mentioned the Brazilian shuttle tanker market stays sturdy, fueled by upcoming manufacturing development, a constrained newbuild market, and the low-cost viability of initiatives. In the meantime, the North Sea market, beforehand dampened by COVID-19 delays, is exhibiting indicators of restoration with the approaching launch of the Johan Castberg area and the current begin of the Penguins FPSO, it famous. KNOT anticipates a optimistic medium and long-term outlook for the shuttle tanker sector, based mostly on clear provide and demand tendencies and dedicated business investments.
To contact the creator, electronic mail andreson.n.paul@gmail.com
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