<p>KNOT Offshore Partners LP ((KNOP)) 举行了第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>KNOT Offshore Partners LP 最近的财报电话会议描绘了强劲的财务健康状况，但也伴随着一些战略不确定性。公司报告了强劲的财务表现和高利用率，同时成功进行了再融资。然而，关于回购计划的执行有限以及 KNOT 的非自愿收购要约的不确定性引发了担忧。此外，公司还面临着预期的干船坞作业带来的运营挑战。</p>
<h2>强劲的财务表现</h2>
<p>KNOT Offshore Partners LP 报告了第三季度令人印象深刻的财务结果，收入达到 9690 万美元。营业收入为 3060 万美元，净收入为 1510 万美元。调整后的 EBITDA 记录为 6160 万美元。公司还报告了可用流动性增加，截至季度末可用流动性上升至 1.252 亿美元，自 6 月 30 日以来增加了 2040 万美元。</p>
<h2>高利用率</h2>
<p>公司实现了惊人的 99.9% 的利用率，考虑到计划的干船坞作业，整体利用率为 96.5%。这一高效水平凸显了公司的运营效率和最大化船队潜力的能力。</p>
<h2>成功的再融资和资本管理</h2>
<p>KNOT Offshore Partners LP 成功完成了两项重要的再融资举措。这包括一项 2500 万美元的循环信贷额度和 Tove Knutsen 的售后回租协议，净筹集资金为 3200 万美元。第四季度的进一步再融资努力为 Synnøve Knutsen 确保了 7100 万美元的贷款，展示了强大的资本管理能力。</p>
<h2>扩展的合同积压</h2>
<p>公司与壳牌和挪威国家石油等主要企业达成了合同延期，形成了 9.63 亿美元的固定合同积压。这一积压提供了稳定的收入来源，反映了公司强大的市场地位。</p>
<h2>积极的市场趋势</h2>
<p>KNOT Offshore Partners LP 正在受益于巴西和北海的驳船市场条件收紧。这一趋势是由浮式生产储油卸油装置（FPSO）单元的启动和增产推动的，预计将支持公司服务的需求。</p>
<h2>回购计划执行有限</h2>
<p>尽管授权了 1000 万美元的回购计划，但公司在购买了不到 385,000 股普通单位、花费超过 300 万美元后结束了该计划。这一有限的执行引发了对公司战略优先事项和资本配置的质疑。</p>
<h2>关于非自愿要约的不确定性</h2>
<p>KNOT 提出的以每单位 10 美元收购公众持有的普通单位的非自愿和非约束性要约目前正在评估中。该提案引入了不确定性，因为利益相关者在等待进一步的发展。</p>
<h2>即将到来的干船坞作业</h2>
<p>展望未来，KNOT Offshore Partners LP 预计 2026 年将是繁忙的一年，可能会有四到五次干船坞作业。这些活动可能会影响利用率并产生额外的资本支出，给公司带来运营挑战。</p>
<h2>前瞻性指导</h2>
<p>在财报电话会议中，KNOT Offshore Partners LP 提供了前瞻性指导，强调了关键指标和战略发展。公司报告了强劲的收入流和良好的流动性状况，拥有 1.252 亿美元的可用流动性。船队的高利用率和战略举措，如收购 Daqing Knutsen 和获得新合同，得到了强调。该合伙企业的积压延伸至 9.63 亿美元的固定合同，预计 2026 年和 2027 年将有稳固的船舶覆盖。</p>
<p>总之，KNOT Offshore Partners LP 的财报电话会议反映了强劲的财务表现和战略定位，尽管存在一些不确定性和运营挑战。公司的强劲财务指标、高利用率和成功的再融资努力凸显了其稳固的市场地位。然而，回购计划的有限执行和 KNOT 的非自愿要约引入了利益相关者将密切关注的不确定性因素。</p>

KNOP

<p>KNOT Offshore Partners LP 报告了强劲的第三季度财务业绩，收入为 9690 万美元，净收入为 1510 万美元。公司实现了高利用率，并完成了再融资举措，获得了 7100 万美元的贷款。尽管有 9.63 亿美元的合同 backlog，但由于回购执行有限和 KNOT 的非自愿收购要约，战略不确定性有所增加。2026 年即将进行的干船坞作业可能会带来运营挑战。财报电话会议强调了强健的财务健康状况和战略定位，但利益相关者正在密切关注不确定性</p>

<p>KNOT Offshore Partners LP ((KNOP)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>KNOT Offshore Partners LP ((KNOP)) 举行了第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>TipRanks 网络星期一促销</h3>
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</div><p>KNOT Offshore Partners LP’s recent earnings call painted a picture of robust financial health, tempered by some strategic uncertainties. The company reported strong financial performance and high utilization rates, alongside successful refinancing efforts. However, concerns were raised regarding the limited execution of the buyback program and the uncertainties surrounding an unsolicited offer from KNOT. Additionally, the company faces operational challenges with anticipated dry dockings.</p>
<div class="lb-trans"><p>KNOT Offshore Partners LP 最近的财报电话会议描绘了强劲的财务健康状况，但也伴随着一些战略不确定性。公司报告了强劲的财务表现和高利用率，同时成功进行了再融资。然而，关于回购计划的执行有限以及 KNOT 的非自愿收购要约的不确定性引发了担忧。此外，公司还面临着预期的干船坞作业带来的运营挑战。</p>
</div><h2>Strong Financial Performance</h2>
<div class="lb-trans"><h2>强劲的财务表现</h2>
</div><p>KNOT Offshore Partners LP reported impressive financial results for the third quarter, with revenues reaching $96.9 million. The operating income was $30.6 million, and net income stood at $15.1 million. The adjusted EBITDA was recorded at $61.6 million. The company also reported an increase in available liquidity, which rose to $125.2 million by the end of the quarter, marking a $20.4 million increase since June 30.</p>
<div class="lb-trans"><p>KNOT Offshore Partners LP 报告了第三季度令人印象深刻的财务结果，收入达到 9690 万美元。营业收入为 3060 万美元，净收入为 1510 万美元。调整后的 EBITDA 记录为 6160 万美元。公司还报告了可用流动性增加，截至季度末可用流动性上升至 1.252 亿美元，自 6 月 30 日以来增加了 2040 万美元。</p>
</div><h2>High Utilization Rates</h2>
<div class="lb-trans"><h2>高利用率</h2>
</div><p>The company achieved a remarkable 99.9% utilization rate, accounting for scheduled drydocking activities, which translated to an overall utilization rate of 96.5%. This high level of efficiency underscores the company’s operational effectiveness and ability to maximize its fleet’s potential.</p>
<div class="lb-trans"><p>公司实现了惊人的 99.9% 的利用率，考虑到计划的干船坞作业，整体利用率为 96.5%。这一高效水平凸显了公司的运营效率和最大化船队潜力的能力。</p>
</div><h2>Successful Refinancing and Capital Management</h2>
<div class="lb-trans"><h2>成功的再融资和资本管理</h2>
</div><p>KNOT Offshore Partners LP successfully completed two significant refinancing initiatives. These included a $25 million revolving credit facility and a sale and leaseback agreement for the Tove Knutsen, raising a net $32 million. Further refinancing efforts in the fourth quarter secured a $71 million loan for the Synnøve Knutsen, demonstrating strong capital management.</p>
<div class="lb-trans"><p>KNOT Offshore Partners LP 成功完成了两项重要的再融资举措。这包括一项 2500 万美元的循环信贷额度和 Tove Knutsen 的售后回租协议，净筹集资金为 3200 万美元。第四季度的进一步再融资努力为 Synnøve Knutsen 确保了 7100 万美元的贷款，展示了强大的资本管理能力。</p>
</div><h2>Extended Contractual Backlog</h2>
<div class="lb-trans"><h2>扩展的合同积压</h2>
</div><p>The company secured contract extensions with major players like Shell and Equinor, contributing to a substantial contractual backlog of $963 million in fixed contracts. This backlog provides a stable revenue stream and reflects the company’s strong market position.</p>
<div class="lb-trans"><p>公司与壳牌和挪威国家石油等主要企业达成了合同延期，形成了 9.63 亿美元的固定合同积压。这一积压提供了稳定的收入来源，反映了公司强大的市场地位。</p>
</div><h2>Positive Market Trends</h2>
<div class="lb-trans"><h2>积极的市场趋势</h2>
</div><p>KNOT Offshore Partners LP is benefiting from tightening market conditions for shuttle tankers in Brazil and the North Sea. This trend is driven by the start-up and ramp-up of Floating Production Storage and Offloading (FPSO) units, which is expected to support demand for the company’s services.</p>
<div class="lb-trans"><p>KNOT Offshore Partners LP 正在受益于巴西和北海的驳船市场条件收紧。这一趋势是由浮式生产储油卸油装置（FPSO）单元的启动和增产推动的，预计将支持公司服务的需求。</p>
</div><h2>Limited Buyback Program Execution</h2>
<div class="lb-trans"><h2>回购计划执行有限</h2>
</div><p>Despite authorizing a $10 million buyback program, the company concluded the initiative after purchasing just under 385,000 common units for over $3 million. This limited execution has raised questions about the company’s strategic priorities and capital allocation.</p>
<div class="lb-trans"><p>尽管授权了 1000 万美元的回购计划，但公司在购买了不到 385,000 股普通单位、花费超过 300 万美元后结束了该计划。这一有限的执行引发了对公司战略优先事项和资本配置的质疑。</p>
</div><h2>Uncertainty Around Unsolicited Offer</h2>
<div class="lb-trans"><h2>关于非自愿要约的不确定性</h2>
</div><p>An unsolicited and nonbinding offer from KNOT to purchase publicly owned common units for $10 per unit is currently under evaluation. This proposal introduces an element of uncertainty, as stakeholders await further developments.</p>
<div class="lb-trans"><p>KNOT 提出的以每单位 10 美元收购公众持有的普通单位的非自愿和非约束性要约目前正在评估中。该提案引入了不确定性，因为利益相关者在等待进一步的发展。</p>
</div><h2>Upcoming Dry Dockings</h2>
<div class="lb-trans"><h2>即将到来的干船坞作业</h2>
</div><p>Looking ahead, KNOT Offshore Partners LP anticipates a busy year in 2026, with potentially four to five dry dockings. These activities may impact utilization rates and incur additional capital expenditures, posing operational challenges for the company.</p>
<div class="lb-trans"><p>展望未来，KNOT Offshore Partners LP 预计 2026 年将是繁忙的一年，可能会有四到五次干船坞作业。这些活动可能会影响利用率并产生额外的资本支出，给公司带来运营挑战。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>During the earnings call, KNOT Offshore Partners LP provided forward-looking guidance, highlighting key metrics and strategic developments. The company reported a robust revenue stream and strong liquidity position, with $125.2 million in available liquidity. The fleet’s high utilization rate and strategic moves, such as acquiring the Daqing Knutsen and securing new contracts, were emphasized. The partnership’s backlog extends to $963 million in fixed contracts, with solid vessel coverage projected for 2026 and 2027.</p>
<div class="lb-trans"><p>在财报电话会议中，KNOT Offshore Partners LP 提供了前瞻性指导，强调了关键指标和战略发展。公司报告了强劲的收入流和良好的流动性状况，拥有 1.252 亿美元的可用流动性。船队的高利用率和战略举措，如收购 Daqing Knutsen 和获得新合同，得到了强调。该合伙企业的积压延伸至 9.63 亿美元的固定合同，预计 2026 年和 2027 年将有稳固的船舶覆盖。</p>
</div><p>In conclusion, KNOT Offshore Partners LP’s earnings call reflected a strong financial performance and strategic positioning, despite some uncertainties and operational challenges. The company’s robust financial metrics, high utilization rates, and successful refinancing efforts underscore its solid market position. However, the limited execution of the buyback program and the unsolicited offer from KNOT introduce elements of uncertainty that stakeholders will be keenly monitoring.</p>
<div class="lb-trans"><p>总之，KNOT Offshore Partners LP 的财报电话会议反映了强劲的财务表现和战略定位，尽管存在一些不确定性和运营挑战。公司的强劲财务指标、高利用率和成功的再融资努力凸显了其稳固的市场地位。然而，回购计划的有限执行和 KNOT 的非自愿要约引入了利益相关者将密切关注的不确定性因素。</p>
</div>

KNOT Offshore Partners LP 在战略不确定性中公布了强劲的第三季度收益