KNOT Offshore Partners (KNOP) has slashed its quarterly dividend by 95% because of concerns about the strength of the shuttle tanker market.
It announced late on Wednesday that shareholders will receive just $0.026 for the quarter compared with the previous dividend of $0.52.
“In this near-term period of heightened uncertainty for the shuttle tanker market, as we have previously set out, a top operational priority has been to secure additional charter coverage for our fleet at an acceptable rate that ensures the sustainability of our business,” said chief executive Gary Chapman.
