KNOT Offshore Partners LP Business Summary

KNOT Offshore Partners LP (KNOP) operates as a master limited partnership specializing in the ownership and operation of a modern fleet of shuttle tankers, which serve as critical "floating pipelines" for offshore oil production. The company generates revenue primarily through long-term fixed-rate time charters and bareboat charters with national oil companies and global energy majors in the North Sea and Brazil. Its business model is centered on the shuttle tanker segment, utilizing vessels equipped with sophisticated dynamic positioning (DP2) systems to transport crude oil from offshore installations to onshore terminals. As of early 2026, KNOP maintains a significant contract backlog and high fleet utilization, positioning itself as a dominant player in its niche. Direct competitors include Flex LNG (FLNG), Global Ship Lease (GSL), and Navigator Holdings (NVGS); however, KNOP distinguishes itself by focusing exclusively on the specialized shuttle tanker market rather than general crude or LNG transport. Leadership is spearheaded by Derek Lowe, who has served as both Chief Executive Officer and Chief Financial Officer since September 2023, bringing extensive capital markets and offshore services experience from his previous roles at Telford Offshore, Pareto Securities, and UBS. The partnership is chaired by Trygve Seglem, a pioneer in shuttle tanker development and owner of TS Shipping Invest AS (TSSI), which co-owns the partnership's sponsor, Knutsen NYK Offshore Tankers AS (KNOT), alongside Nippon Yusen Kabushiki Kaisha (NYK). The Board of Directors includes industry veterans such as Richard Beyer, who also serves as COO of NYK Group Europe, and Masami Okubo, who joined the board in April 2025. Notable institutional investors include Invesco Ltd., 683 Capital Management, and JPMorgan Chase & Co., reflecting the company's established position within the marine energy infrastructure sector.