KNOT Offshore Q4 revenue beats estimates on higher fleet utilization

KNOT Offshore Partners LP

25/03/2026 11:10

Overview

Shuttle tanker operator's Q4 revenue rose, beating analyst expectations

Company posted Q4 net loss after $20.3 mln non-cash impairment on Bodil Knutsen

Company completed $3 mln unit buyback program during the period

Outlook

Company has secured 98% charter coverage for H1 2026, 88% for H2 2026

Knot Offshore expects shuttle tanker market to remain favorable medium and long term

Company will increase vessel depreciation charges from Q1 2026 due to revised useful life estimates

Result Drivers

IMPAIRMENT CHARGE - Q4 operating income and net income were reduced by a $20.3 mln non-cash impairment on Bodil Knutsen

INSURANCE RECOVERIES - Lower adjusted operating income and net income versus Q4 2024 were mainly due to absence of extraordinary loss of hire insurance recoveries that benefited the prior year

HIGH FLEET UTILIZATION - Fleet operated with 99.5% utilization for scheduled operations in Q4 2025, supporting revenue stability

Company press release: ID:nBwlTng9a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Beat
$96.50 mln
$92.24 mln (3 Analysts)
Q4 Net Income
-$6.20 mln
Q4 Operating Income
$8.40 mln
Q4 Vessel Operating Expenses
$34.70 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas transportation services peer group is "buy."

Wall Street's median 12-month price target for Knot Offshore Partners LP is $12.00, about 21.3% above its March 24 closing price of $9.89

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)