KNOT Offshore Partners has announced that John Costain is stepping down as CEO and CFO of the partnership.
Costain, who took over in 2015 from Arild Vik, is resigning to pursue other interests. He will remain available to the partnership until May 2019 in order for a suitable replacement to be found.
Trygve Seglem, chairman of the board, commented: “On the behalf of our board, I would like to thank John for his significant contribution and dedication to KNOP. We are very pleased with the development of the partnership during his tenure and we wish him the very best in pursuing other business opportunities.”
KNOT Offshore Partners is sponsored by Knutsen NYK, which is jointly owned by TS Shipping Invest and Nippon Yusen Kaisha (NYK), and owns a fleet of six shuttle tankers.