KNOT Offshore Partners takes over another shuttle tanker

KNOT Offshore Partners has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Raquel Knutsen for an aggregate purchase price of $116.5m less $103.5 million of outstanding indebtedness ($29m of which was repaid at closing). The purchase price will be settled by way of seller’s credit in the amount of approximately $13m. In connection with the acquisition, the sponsor, Knutsen NYK will provide a $12m loan to KNOT Shuttle Tankers.

The Raquel Knutsen is an 152,000 dwt shuttle tanker, built by Cosco Nantong in China and delivered in March 2015. The vessel is operating in the Brazil under a ten-year time charter with Repsol Sinopec Brasil, which will expire in the expire second quarter of 2025. The charterer has options to extend the charter for up to one three-year period and one two-year period.

Including the Raquel Knutsen, the partnership now has a fleet of eleven vessels with an average age of 4.7 years and a fixed average employment of 5.1 years.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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