KNOT Offshore Companions LP has reported a web revenue of $7.6 million for the primary quarter of 2025, slipping from the $23.3 million for This autumn 2024. The corporate mentioned in its quarterly report that revenues stood at $84 million, down from $91.3 million for the earlier quarter, and earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) landed at $52.2 million, versus $63.1 million for This autumn 2024.
Commenting on the Q1 outcomes, Derek Lowe, Chief Government Officer and Chief Monetary Officer, famous that fleet utilization was above 99 % throughout the quarter.
“As of the date of this launch and together with contractual updates since March 31, 2025, we’ve got now secured roughly 96 % of constitution protection for the ultimate three quarters of 2025, and roughly 75 % for 2026”, Lowe mentioned.
- Advertisement -
He famous that the outlook for the Brazilian offshore oil market is enhancing with sturdy demand and growing constitution charges. “Pushed by Petrobras’ continued excessive manufacturing ranges and FPSO start-ups within the pre-salt fields that rely on shuttle tankers, we consider the world’s greatest shuttle tanker market is tightening materially”, Lowe mentioned.
“Our secondary geography, within the North Sea, has taken longer to rebalance, however we welcome the information of the brand new FPSO manufacturing begins for each the UK North Sea-based Penguins and Barents Sea-based Johan Castberg”.
KNOT Offshore believes that offshore oil manufacturing development in shuttle tanker-serviced fields in Brazil and the North Sea will outpace shuttle tanker provide development within the coming years, pushed by the growth of Brazilian deepwater manufacturing capability as extra shuttle tankers attain retirement age. The corporate has deployed 14 of its shuttle tankers within the Brazilian market.
KNOT Offshore additionally expressed optimism in regards to the shuttle tanker market’s medium and long-term prospects attributable to clear provide and demand dynamics, together with devoted investments from business gamers.
Within the close to time period, the partnership mentioned it sees alternatives to make use of its money circulate for dropdown transactions as these might enhance capital worth and contractual backlog, resulting in larger money circulate over time.
To contact the creator, electronic mail andreson.n.paul@gmail.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Converse Up about our business, share information, join with friends and business insiders and interact in knowledgeable neighborhood that can empower your profession in vitality.
