KNOT Shuttle Tankers to Buy Tordis Knutsen

Illustration; Knutsen OAS Shipping

KNOT Shuttle Tankers AS, a subsidiary of KNOT Offshore Partners, has entered into a share purchase agreement to acquire KNOT 24, the company that owns the 2016-built Suezmax shuttle tanker Tordis Knutsen, from Knutsen NYK.

The purchase price is USD 147 million, less USD 137.7 million of outstanding indebtedness related to the 157,400 dwt vessel.

Under the deal agreed on February 14, the acquisition is expected to be finalized within 30 days, subject to customary closing conditions.

With this sale, KNOT 24 will repay around USD 42.8 million of the indebtedness, leaving an aggregate of USD 94.9 million of debt outstanding under the secured credit facility related to the vessel.

The company said that the Tordis Facility is repayable in quarterly installments with a final balloon payment of USD 30.5 million due at maturity in October 2021.

Delivered in November 2016, Tordis Knutsen is operating in Brazil under a five-year time charter with a subsidiary of Royal Dutch Shell plc, which will expire in the first quarter of 2022. The charterer has options to extend the charter for two five-year periods.

The agreement was unveiled as part of KNOT Offshore Partners’ earnings release for the period ended December 31, 2016.

The company said that its net income for the full year of 2016 increased to USD 61.1 million, from USD 40.4 million seen in the previous year, while its total revenues reached USD 173.6 million, up from USD 155 million.

Additionally, the partnership expects to receive options to acquire three more vessels owned by Knutsen NYK, which are currently under construction in South Korea and China.

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Key industry players will gather at this event to discuss and debate issues, network to make new business contacts and re-establish relationships with existing clients.

Why should you attend?

  • Generate fresh leads and meet new contacts in a time and cost-efficient way.
  • Showcase your expertise and share your insights to impress your clients.
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SNS2017 – 2 March

Day two of the conference is dedicated to ScottishPower Renewables Supply Chain Event for the East Anglia ONE Wind Farm Project.

ScottishPower Renewables is in the process of finalising its major contracts for the East Anglia One project, and is delighted to announce that these contractors will be attending the ScottishPower Renewables Supply Chain Event at the Norfolk Showground Arena on 2 March 2017.

Occupying the second day of EEEGR’s SNS2017 Conference and Exhibition, the ScottishPower Renewables Supply Chain Event will allow their contractors to engage with businesses and stakeholders in the East of England and further afield as quickly as possible to outline the skills they require and the business opportunities to be created by the project.

Information will be provided on the current status of the project by ScottishPower Renewables Managing Director, Jonathan Cole, and East Anglia One Project Director, Charlie Jordan. There’ll also be information on the scope of works to be carried out, explanations of how to get involved and the opportunity to meet representatives from Seaway Heavy Lifting, Navantia, Lamprell, Harland & Wolff, Roadbridge, Van Oord, Prysmian, VBMS, Nexans, DeepOcean, Peel Ports Great Yarmouth, Siemens and ABPorts.

Up to seven additional suppliers will also be attending, to be confirmed shortly. Opportunities will range from civil and electrical contractors, vessel and ports support, to technicians and logistics.

ScottishPower Renewables is starting construction this year, with the first turbines to be installed by 2019 and the project fully operational during 2020.

Full-access pass holders will be able to take full advantage of the presentations whilst there are also free exhibition-only passes which will give holders the opportunity to network with representatives from these suppliers at their stands. Delegates MUST register prior to the event to be allowed admission. Upgrades of exhibition-only passes may be permissible on payment of the appropriate fee.

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