New York-listed KNOT reported net incomeof $6.4m for the three months to 30 September, versus a gain of $0.2m in thesame leg of 2012, as revenue rose to $20.5m from $17.9m year-on-year.
The Aberdeen-based operator of five offshoreshuttle tankers generated distributable cash flow of $9.3m while adjustedearnings before taxes, depreciation and amortization of (Ebitda) came in at$15.7m.
Going forward, KNOT’s board believes itwill be able to exploit “significant opportunities” for growth despitenear-term production delays in Brazil and the North Sea, core markets that haveseen what the company described as a “temporary” vessel surplus.
In the owner’s third-quarter earnings reportit was also quick to point out that there are still four more shuttle tankers thatit has the option to acquire from its sponsor, Knutsen NYK Offshore Tankers,within 24 months of their delivery to various charterers.
“Pursuant to the omnibus agreement, thepartnership also has the option to acquire from [its sponsor] all offshoreshuttle tankers that [its sponsor] acquires or owns that will be employed undercontracts for periods more than five years,” it added.
You can read KNOT's third-quarter earnings report in full by clicking on the link located under the Related Media section to the right of this article
