KNOT Offshore Partners LP (KNOP) Earnings Call Transcripts

KNOT Offshore Partners LP's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, KNOT Offshore Partners LP reported revenues of $92 million and net income of $2.6 million, reflecting a solid operational performance despite a sequential decline attributed to dry dock schedules. The company maintained a strong liquidity position with $140.7 million available, and announced a cash distribution increase to $0.05 per common unit, signaling confidence in future cash flows. Management highlighted a robust backlog of $858 million in fixed contracts, indicating sustained demand in the shuttle tanker market, particularly in Brazil and the North Sea.

Reported metrics

Guidance from management

Management indicated that future distributions could see 'multiple gradual increases' as cash generation improves, although specific numbers were not provided pending board decisions after the second quarter.

What management said

Well, that's something that gets decided on by the Board each time they make a dividend or distribution declaration, and that can only follow the end of each respective quarter. So we don't have specific guidance on numbers that may be coming and the Board will make their decision following the end of first quarter for the -- sorry, the end of second quarter for the next distribution.

I appreciate the question, but until we have a distribution decision from the directors over the -- after the end of the second quarter, we don't have a number to provide you with.

What analysts pressed on

Analysts expressed concerns regarding the sequential revenue decline and the impact of dry dock schedules on future earnings. There were questions about the sustainability of the increased distribution and how it aligns with cash generation moving forward.

Main topics on the call

• Revenue Decline Due to Dry Docking — Management noted that the sequential decline in revenues was primarily due to the dry dock schedule and the terms of outstanding contracts. Derek Lowe stated, 'Yes, it will relate to the dry dock schedule.'
• Increased Cash Distribution — The company declared a cash distribution of $0.05 per common unit, an increase from previous levels, reflecting improved liquidity and restored charter coverage. This was described as 'the process of increasing the distr...
• Strong Backlog and Market Outlook — KNOT Offshore reported a backlog of $858 million in fixed contracts with an average duration of 2.4 years, indicating strong future revenue visibility. Management emphasized, 'We maintained a constructive backlog and mar...
• Change in Useful Life Estimates — The company revised the useful life estimates of its vessels from 23 years to 20 years, which will increase future depreciation but is not a cash item. This change reflects 'longer-term market trends.'

Read the full KNOT Offshore Partners LP transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 KNOT Offshore Partners LP earnings call transcripts on record, spanning March 12, 2020 to September 4, 2026. Based on this history, KNOT Offshore Partners LP reports quarterly. The most recent call on file is dated September 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

KNOP

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

28

First call

March 12, 2020

Most recent

September 4, 2026

Reporting cadence

quarterly