The Aberdeen based and New York-listed KNOT Offshore Partners LP (KNOP) has announced that its wholly owned subsidiary KNOT Shuttle Tankers AS, has agreed to acquire Knutsen Canadian Chartering AS, the company that owns the shuttle tanker, Hedda Knutsen, from Knutsen NYK Offshore Tankers AS.
The purchase price is $113.0 million, less $89.4 million of outstanding indebtedness, plus $0.8 million of capitalized fees related to the credit facility secured by the Hedda Knutsen.
The initial cost of the acquisition will therefore be approximately $24.4 million and is subject to customary post-closing adjustments for working capital.
The Hedda Knutsen is a 154,000-deadweight ton DP2 Suezmax class shuttle tanker, which was built by COSCO Shipping Heavy Industry and delivered in 2024.
The shuttle tanker is operating in Brazil on a time charter with Petrobras, for which the current fixed period expires in November 2034, and for which the charterer holds an option for a further 5 years.
The acquisition was approved by KNOP’s Board of Directors and independent Conflicts Committee, who were supported by an outside independent financial advisor and outside legal counsel.
