KNOT Offshore Partners Wraps Up Raquel Knutsen Deal

Image Courtesy: Cosco Shipyard Group

Scotland-headquartered KNOT Offshore Partners LP has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Raquel Knutsen.

KNOT Offshore Partners bought the interest for an aggregate purchase price of USD 116.5 million less USD 103.5 million of outstanding indebtedness, USD 29 million of which was repaid at closing, subject to post-closing adjustments.

The purchase price will be settled by way of seller’s credit in the amount of approximately USD 13 million.

In connection with the acquisition, the sponsor, Knutsen NYK will provide to KNOT Shuttle Tankers AS a loan in the amount of approximately USD 12 million.

The Raquel Knutsen is an 152,000-deadweight ton shuttle tanker, built by Cosco Nantong in China and delivered in March 2015.

The vessel is operating in Brazil under a ten-year time charter with Repsol Sinopec Brasil, B.V., which will expire in the 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, KNOT Offshore Partners now has a fleet of eleven vessels with an average age of 4.7 years and a fixed average employment of 5.1 years.

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