KNOT Offshore Partners LP KNOP

Company Overview

KNOT Offshore Partners LP (NYSE: KNOP) is a master limited partnership focused on owning, operating, and acquiring shuttle tankers under long-term charters primarily serving the offshore oil production industry. The company operates within the maritime transportation and offshore energy logistics sectors, with its vessels transporting crude oil from offshore production fields to onshore terminals and refineries in regions where pipeline infrastructure is limited or unavailable. KNOP’s primary revenue driver is its fleet of dynamically positioned shuttle tankers operating under multi-year fixed-rate contracts with major energy companies, which helps provide relatively stable cash flows compared with spot-market shipping exposure.

The partnership was formed in 2013 by Knutsen NYK Offshore Tankers AS, a joint venture between Norway-based Knutsen OAS Shipping and Japanese shipping company NYK Line. Since its initial public offering, KNOP has expanded through vessel dropdown acquisitions from its sponsor and selective fleet growth tied to long-term charter demand. The company has positioned itself as a specialized operator in the shuttle tanker niche, benefiting from technical expertise, operational scale in harsh-environment offshore regions, and longstanding relationships with major oil producers operating in the North Sea and Brazil.