US-listed KNOT acquires DP2 Suezmax shuttle tanker for $113 million

en.Wedoany.com Reported - On August 26, KNOT Shuttle Tankers AS, a wholly owned subsidiary of KNOT Offshore Partners, agreed to acquire Knutsen Canadian Chartering AS from Knutsen NYK Offshore Tankers AS, which holds the shuttle tanker Hedda Knutsen. The purchase price for the transaction is $113 million, and after deducting the vessel's outstanding debt of $89.4 million and accounting for related financing costs of $0.8 million, the initial acquisition cost is approximately $24.4 million, with the final amount subject to adjustment based on working capital at closing.

The Hedda Knutsen is a 154,000 DWT DP2 dynamically positioned Suezmax shuttle tanker, built by COSCO Shipping Heavy Industry and delivered in 2024. The vessel is currently operating in Brazil under a time charter contract with Petrobras, with a fixed charter period extending to November 2034, and the charterer holds an option to extend for an additional five years.

The transaction has been approved by the Board of Directors of KNOT Offshore Partners and its independent conflicts committee. Previously, in June of this year, Knutsen NYK offered KNOT Offshore Partners the opportunity to acquire three shuttle tankers—Frida Knutsen, Sindre Knutsen, and Hedda Knutsen—after which the independent conflicts committee decided not to proceed with negotiations for the first two vessels and to continue discussions solely regarding the Hedda Knutsen.

In the same announcement, KNOT Offshore Partners also completed a $225 million senior secured credit facility to refinance the existing $225.8 million term loans for five vessels: Tordis Knutsen, Vigdis Knutsen, Lena Knutsen, Anna Knutsen, and Brasil Knutsen. The new financing, with DNB Bank ASA acting as agent, was closed on August 25.