KNOT Offshore Partners LP Files 20-F Annual Report

Ticker: KNOP · Form: 20-F · Filed: Apr 11, 2024 · CIK: 1564180

Knot Offshore Partners LP 20-F Filing Summary
FieldDetail
CompanyKnot Offshore Partners LP (KNOP)
Form Type20-F
Filed DateApr 11, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.026
Sentimentneutral

Sentiment: neutral

Topics: KNOT Offshore Partners, KNOP, 20-F, Annual Report, Shipping

TL;DR

<b>KNOT Offshore Partners LP has submitted its 20-F annual report detailing its 2023 financial and operational performance.</b>

AI Summary

KNOT Offshore Partners LP (KNOP) filed a Foreign Annual Report (20-F) with the SEC on April 11, 2024. KNOT Offshore Partners LP filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data and operational details for the fiscal year 2023 are presented. The report includes information on time charter and bareboat revenues, as well as voyage revenues. Subsequent events, such as a loan facility, are also detailed.

Why It Matters

For investors and stakeholders tracking KNOT Offshore Partners LP, this filing contains several important signals. This filing provides investors with a comprehensive overview of KNOT Offshore Partners LP's financial health and operational activities for the fiscal year 2023, enabling informed investment decisions. The 20-F report is a crucial document for international companies listed on U.S. exchanges, offering transparency into their business and financial condition.

Risk Assessment

Risk Level: medium — KNOT Offshore Partners LP shows moderate risk based on this filing. The company's financial performance and operational risks are detailed within the 20-F filing, requiring careful review of specific disclosures regarding revenue streams, debt, and market conditions.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess the company's performance and future outlook.

Revenue Breakdown

SegmentRevenueGrowth
KnotManagement
VoyageRevenue
TimeCharterRevenues
TimeCharterAndBareboatRevenues

Key Numbers

Key Players & Entities

FAQ

When did KNOT Offshore Partners LP file this 20-F?

KNOT Offshore Partners LP filed this Foreign Annual Report (20-F) with the SEC on April 11, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by KNOT Offshore Partners LP (KNOP).

Where can I read the original 20-F filing from KNOT Offshore Partners LP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by KNOT Offshore Partners LP.

What are the key takeaways from KNOT Offshore Partners LP's 20-F?

KNOT Offshore Partners LP filed this 20-F on April 11, 2024. Key takeaways: KNOT Offshore Partners LP filed its 20-F annual report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. Key financial data and operational details for the fiscal year 2023 are presented..

Is KNOT Offshore Partners LP a risky investment based on this filing?

Based on this 20-F, KNOT Offshore Partners LP presents a moderate-risk profile. The company's financial performance and operational risks are detailed within the 20-F filing, requiring careful review of specific disclosures regarding revenue streams, debt, and market conditions.

What should investors do after reading KNOT Offshore Partners LP's 20-F?

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess the company's performance and future outlook. The overall sentiment from this filing is neutral.

Key Dates

Filing Stats: 4,472 words · 18 min read · ~15 pages · Grade level 13.3 · Accepted 2024-04-11 16:16:05

Key Financial Figures

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 3 Part I 6 Item 1. Identity of Directors, Senior Management and Advisers 6 Item 2. Offer Statistics and Expected Timetable 6 Item 3. Key Information 6 A. Reserved 6 B. Capitalization and Indebtedness 6 C. Reasons for the Offer and Use of Proceeds 6 D.

Risk Factors

Risk Factors 7 Item 4. Information on the Partnership 41 A. History and Development of the Partnership 41 B. Business Overview 43 C. Organizational Structure 64 D. Property, Plants and Equipment 65 Item 4A. Unresolved Staff Comments 65 Item 5. Operating and Financial Review and Prospects 65 A. Operating Results 75 B. Liquidity and Capital Resources 78 C. Research and Development, Patents and Licenses, Etc. 86 D. Trend Information 86 E. Critical Accounting Estimates 86 Item 6. Directors, Senior Management and Employees 89 A. Directors and Senior Management 89 B. Compensation 91 C. Board Practices 92 D. Employees 93 E. Unit Ownership 94 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 94 Item 7. Major Unitholders and Related Party Transactions 94 A. Major Unitholders 94 B. Related Party Transactions 96 C. Interests of Experts and Counsel 104 Item 8. Financial Information 104 A. Consolidated Statements and Other Financial Information 104 B. Significant Changes 106 Item 9. The Offer and Listing 106 A. Offer and Listing Details 106 B. Plan of Distribution 106 C. Markets 106 D. Selling Shareholders 106 E.

Dilution

Dilution 107 F. Expenses of the Issue 107 Item 10. Additional Information 107 A. Share Capital 107 B. Memorandum and Articles of Association 107 C. Material Contracts 107 D. Exchange Controls 109 E. Taxation 109 F. Dividends and Paying Agents 116 G. 116 1 Table of Contents H. Documents on Display 117 I. Subsidiary Information 117 J. Annual Report to Security Holders 117 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 117 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 118 Part II 118 Item 13. Defaults, Dividend Arrearages and Delinquencies 118 Item 14. Material Modifications to the Rights of Securities Holders and Use of Proceeds 118 Item 15.

Controls and Procedures

Controls and Procedures 119 Item 16A. Audit Committee Financial Expert 120 Item 16B. Code of Ethics 120 Item 16C. Principal Accountant Fees and Services 120 Item 16D. Exemptions from the Listing Standards for Audit Committees 121 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 121 Item 16F. Change in Registrants' Certifying Accountant 121 Item 16G. Corporate Governance 121 Item 16H. Mine Safety Disclosure 122 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 Item 16J. Insider trading policies 122 Item 16K. Cybersecurity 122 Part III 125 Item 17.

Financial Statements

Financial Statements 125 Item 18.

Financial Statements

Financial Statements 125 Item 19. Exhibits 126 Signature 129 Index to Financial Statements of KNOT Offshore Partners LP F-1 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 20-F for the year ended December 31, 2023 (this "Annual Report") contains certain forward-looking statements concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto, including our financial forecast. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. Such statements include, in particular, statements about our plans, strategies, business prospects, changes and trends in our business, and the markets in which we operate as described in this Annual Report. In some cases, you can identify the forward-looking statements by the use of words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue" or the negative of these terms or other comparable terminology. These forward-looking statements reflect management's current views only as of the date of this Annual Report and are not intended to give any assurance as to future results. As a result, unitholders are cautioned not to rely on any forward-looking statements. Forward-looking statements appear in a number of places in this Annual Report and include statements with respect to, among other things: market trends in the shuttle tanker or general tanker industries, including hire rates, factors affecting supply and demand, and opportunities for the profitable operations of shuttle tankers and conventional tankers; market trends in the production of oil in the North Sea, Brazil and elsewhere; the ability of Knutsen NYK Offshore Tankers AS ("KNOT") and KNOT Offshore Partners LP ("KNOT Offshore Partners") to build shuttle tankers and the timing of the delivery and acceptance of any such vessels by their respective charterers; KNOT Offshore Partners' ability to purchase vessels from KNOT in the future;

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. Reserved B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. 6 Table of Contents D. Risk Factors The risk factors summarized and detailed below could materially and adversely affect our business, our financial condition, our operating results and the trading price of our common units. These material risks include, but are not limited to, those relating to: We may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses to enable us to continue to pay distributions on our common units. The reduction in our quarterly cash distribution to $0.026 per common unit may impact our ability to raise capital. Our cash distribution policy may adversely affect our ability to grow and to meet our financial needs. We must make substantial capital expenditures to maintain the operating capacity of our fleet, which may result in less cash available to unitholders. The required drydocking of our vessels could be more expensive and time consuming than we anticipate. We may be unable to re-charter our vessels upon termination or expiration of their existing charters. If capital expenditures are financed through cash from operations, our ability to make cash distributions may be diminished, or our financial leverage could increase. If capital expenditures or debt repayments are financed by issuing securities, our unitholders may be diluted. Our debt levels may limit our flexibility in obtaining additional financing, refinancing our credit facilities upon maturity, pursuing other business opportunities or paying distributions. Our financing agreements contain operating and financial restrictions. Restrictions in our debt agreements may prevent us or our subsidiaries from paying distributions. We may fail to consummate or integrate acquisitions in a timely and cost-effective manner. Our charters are subject to early ter

View Full Filing

View this 20-F filing on SEC EDGAR

View on Read The Filing