<p>KNOT Offshore Partners LP ((KNOP)) 舉行了第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>KNOT Offshore Partners LP 最近的財報電話會議描繪了強勁的財務健康狀況，但也伴隨着一些戰略不確定性。公司報告了強勁的財務表現和高利用率，同時成功進行了再融資。然而，關於回購計劃的執行有限以及 KNOT 的非自願收購要約的不確定性引發了擔憂。此外，公司還面臨着預期的幹船塢作業帶來的運營挑戰。</p>
<h2>強勁的財務表現</h2>
<p>KNOT Offshore Partners LP 報告了第三季度令人印象深刻的財務結果，收入達到 9690 萬美元。營業收入為 3060 萬美元，淨收入為 1510 萬美元。調整後的 EBITDA 記錄為 6160 萬美元。公司還報告了可用流動性增加，截至季度末可用流動性上升至 1.252 億美元，自 6 月 30 日以來增加了 2040 萬美元。</p>
<h2>高利用率</h2>
<p>公司實現了驚人的 99.9% 的利用率，考慮到計劃的幹船塢作業，整體利用率為 96.5%。這一高效水平凸顯了公司的運營效率和最大化船隊潛力的能力。</p>
<h2>成功的再融資和資本管理</h2>
<p>KNOT Offshore Partners LP 成功完成了兩項重要的再融資舉措。這包括一項 2500 萬美元的循環信貸額度和 Tove Knutsen 的售後回租協議，淨籌集資金為 3200 萬美元。第四季度的進一步再融資努力為 Synnøve Knutsen 確保了 7100 萬美元的貸款，展示了強大的資本管理能力。</p>
<h2>擴展的合同積壓</h2>
<p>公司與殼牌和挪威國家石油等主要企業達成了合同延期，形成了 9.63 億美元的固定合同積壓。這一積壓提供了穩定的收入來源，反映了公司強大的市場地位。</p>
<h2>積極的市場趨勢</h2>
<p>KNOT Offshore Partners LP 正在受益於巴西和北海的駁船市場條件收緊。這一趨勢是由浮式生產儲油卸油裝置（FPSO）單元的啓動和增產推動的，預計將支持公司服務的需求。</p>
<h2>回購計劃執行有限</h2>
<p>儘管授權了 1000 萬美元的回購計劃，但公司在購買了不到 385,000 股普通單位、花費超過 300 萬美元后結束了該計劃。這一有限的執行引發了對公司戰略優先事項和資本配置的質疑。</p>
<h2>關於非自願要約的不確定性</h2>
<p>KNOT 提出的以每單位 10 美元收購公眾持有的普通單位的非自願和非約束性要約目前正在評估中。該提案引入了不確定性，因為利益相關者在等待進一步的發展。</p>
<h2>即將到來的幹船塢作業</h2>
<p>展望未來，KNOT Offshore Partners LP 預計 2026 年將是繁忙的一年，可能會有四到五次幹船塢作業。這些活動可能會影響利用率併產生額外的資本支出，給公司帶來運營挑戰。</p>
<h2>前瞻性指導</h2>
<p>在財報電話會議中，KNOT Offshore Partners LP 提供了前瞻性指導，強調了關鍵指標和戰略發展。公司報告了強勁的收入流和良好的流動性狀況，擁有 1.252 億美元的可用流動性。船隊的高利用率和戰略舉措，如收購 Daqing Knutsen 和獲得新合同，得到了強調。該合夥企業的積壓延伸至 9.63 億美元的固定合同，預計 2026 年和 2027 年將有穩固的船舶覆蓋。</p>
<p>總之，KNOT Offshore Partners LP 的財報電話會議反映了強勁的財務表現和戰略定位，儘管存在一些不確定性和運營挑戰。公司的強勁財務指標、高利用率和成功的再融資努力凸顯了其穩固的市場地位。然而，回購計劃的有限執行和 KNOT 的非自願要約引入了利益相關者將密切關注的不確定性因素。</p>

KNOP

<p>KNOT Offshore Partners LP 報告了強勁的第三季度財務業績，收入為 9690 萬美元，淨收入為 1510 萬美元。公司實現了高利用率，並完成了再融資舉措，獲得了 7100 萬美元的貸款。儘管有 9.63 億美元的合同 backlog，但由於回購執行有限和 KNOT 的非自願收購要約，戰略不確定性有所增加。2026 年即將進行的幹船塢作業可能會帶來運營挑戰。財報電話會議強調了強健的財務健康狀況和戰略定位，但利益相關者正在密切關注不確定性</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)) 舉行了第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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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 最近的財報電話會議描繪了強勁的財務健康狀況，但也伴隨着一些戰略不確定性。公司報告了強勁的財務表現和高利用率，同時成功進行了再融資。然而，關於回購計劃的執行有限以及 KNOT 的非自願收購要約的不確定性引發了擔憂。此外，公司還面臨着預期的幹船塢作業帶來的運營挑戰。</p>
</div><h2>Strong Financial Performance</h2>
<div class="lb-trans"><h2>強勁的財務表現</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 報告了第三季度令人印象深刻的財務結果，收入達到 9690 萬美元。營業收入為 3060 萬美元，淨收入為 1510 萬美元。調整後的 EBITDA 記錄為 6160 萬美元。公司還報告了可用流動性增加，截至季度末可用流動性上升至 1.252 億美元，自 6 月 30 日以來增加了 2040 萬美元。</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>公司實現了驚人的 99.9% 的利用率，考慮到計劃的幹船塢作業，整體利用率為 96.5%。這一高效水平凸顯了公司的運營效率和最大化船隊潛力的能力。</p>
</div><h2>Successful Refinancing and Capital Management</h2>
<div class="lb-trans"><h2>成功的再融資和資本管理</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 成功完成了兩項重要的再融資舉措。這包括一項 2500 萬美元的循環信貸額度和 Tove Knutsen 的售後回租協議，淨籌集資金為 3200 萬美元。第四季度的進一步再融資努力為 Synnøve Knutsen 確保了 7100 萬美元的貸款，展示了強大的資本管理能力。</p>
</div><h2>Extended Contractual Backlog</h2>
<div class="lb-trans"><h2>擴展的合同積壓</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>公司與殼牌和挪威國家石油等主要企業達成了合同延期，形成了 9.63 億美元的固定合同積壓。這一積壓提供了穩定的收入來源，反映了公司強大的市場地位。</p>
</div><h2>Positive Market Trends</h2>
<div class="lb-trans"><h2>積極的市場趨勢</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 正在受益於巴西和北海的駁船市場條件收緊。這一趨勢是由浮式生產儲油卸油裝置（FPSO）單元的啓動和增產推動的，預計將支持公司服務的需求。</p>
</div><h2>Limited Buyback Program Execution</h2>
<div class="lb-trans"><h2>回購計劃執行有限</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>儘管授權了 1000 萬美元的回購計劃，但公司在購買了不到 385,000 股普通單位、花費超過 300 萬美元后結束了該計劃。這一有限的執行引發了對公司戰略優先事項和資本配置的質疑。</p>
</div><h2>Uncertainty Around Unsolicited Offer</h2>
<div class="lb-trans"><h2>關於非自願要約的不確定性</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 提出的以每單位 10 美元收購公眾持有的普通單位的非自願和非約束性要約目前正在評估中。該提案引入了不確定性，因為利益相關者在等待進一步的發展。</p>
</div><h2>Upcoming Dry Dockings</h2>
<div class="lb-trans"><h2>即將到來的幹船塢作業</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>展望未來，KNOT Offshore Partners LP 預計 2026 年將是繁忙的一年，可能會有四到五次幹船塢作業。這些活動可能會影響利用率併產生額外的資本支出，給公司帶來運營挑戰。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>在財報電話會議中，KNOT Offshore Partners LP 提供了前瞻性指導，強調了關鍵指標和戰略發展。公司報告了強勁的收入流和良好的流動性狀況，擁有 1.252 億美元的可用流動性。船隊的高利用率和戰略舉措，如收購 Daqing Knutsen 和獲得新合同，得到了強調。該合夥企業的積壓延伸至 9.63 億美元的固定合同，預計 2026 年和 2027 年將有穩固的船舶覆蓋。</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>總之，KNOT Offshore Partners LP 的財報電話會議反映了強勁的財務表現和戰略定位，儘管存在一些不確定性和運營挑戰。公司的強勁財務指標、高利用率和成功的再融資努力凸顯了其穩固的市場地位。然而，回購計劃的有限執行和 KNOT 的非自願要約引入了利益相關者將密切關注的不確定性因素。</p>
</div>

KNOT Offshore Partners LP 在戰略不確定性中公佈了強勁的第三季度收益