KNOT Offshore Partners LP Announces Extension of Charter of Torill Knutsen and Change to Board – Business Wire

ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (the Partnership or KNOT Offshore Partners)

Torill Knutsen

The Partnership announced today that Eni Trading and Shipping S.p.A. (Eni) exercised two of its one-year options to extend the time charter of the Torill Knutsen until November 2022. In connection with the early exercise by Eni of its options, the Partnership has granted Eni a further option to extend the time charter by one additional one-year period. Eni now has the option to extend the time charter by two one-year periods until November 2024.

Gary Chapman, CEO, said This early declaration and agreement with Eni further strengthens the Partnerships contracted revenue streams and validates our belief that our vessels remain an essential part of our customers supply chains, even in these volatile times. While other vessel charters will naturally come up for renewal in the coming years, we believe that our strategy, our industry-leading position and forecast demand and supply for shuttle tankers leave us very well-placed, as demonstrated by this announcement today.

Change to the Board

The Partnership also announced that its general partner has appointed Mr. Junya Omoto to replace Mr. Takuji Banno on the Partnerships Board of Directors, effective April 1, 2020.

Mr. Omoto has served as the General Manager, Offshore Business Group, for Nippon Yusen Kabushiki Kaisha (NYK) since April 1, 2020 and from 2016 was previously Deputy General Manager of NYKs Offshore Business Group. Mr. Omoto joined NYK in 1993 and until 2006 he served in the Container and Logistics divisions in Japan and Hong Kong. In 2007, Mr. Omoto joined the Petroleum group and from 2010 he acted as Manager of the LNG Group. Mr. Omoto graduated from the University of Tokyo, Faculty of Law.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership. KNOT Offshore Partners LPs common units trade on the New York Stock Exchange under the symbol KNOP.

Forward-Looking Statements

This press release contains certain forward-looking statements concerning future events and KNOT Offshore Partners operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words believe, anticipate, expect, estimate, project, will be, will continue, will likely result, plan, intend or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond KNOT Offshore Partners control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include statements with respect to, among other things:

All forward-looking statements included in this release are made only as of the date of this release. New factors emerge from time to time, and it is not possible for KNOT Offshore Partners to predict all of these factors. Further, KNOT Offshore Partners cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. KNOT Offshore Partners does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOT Offshore Partners expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

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KNOT Offshore Partners LP Announces Extension of Charter of Torill Knutsen and Change to Board - Business Wire