SCHEDULE: KNOT Offshore Partners LP Ownership Update

Knutsen NYK Offshore Tankers AS acquired 1,250,000 Series A Preferred Units of KNOT Offshore Partners LP for $25 million.

Summary

• Knutsen NYK Offshore Tankers AS (KNOT) purchased 1,250,000 Series A Preferred Units of KNOT Offshore Partners LP from Pierfront Capital Mezzanine Fund Pte. Ltd.
• The transaction was completed on June 15, 2026, at a price of $20.00 per unit, totaling $25 million.
• KNOT funded the acquisition using cash on hand.
• The reporting persons collectively maintain a 32.5% beneficial ownership interest in the Partnership's Common Units, including conversions of preferred and Class B units.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive development, as it signals sponsor confidence in the Partnership's stability without indicating a major shift in strategic direction.

Positives

• The acquisition demonstrates continued commitment and confidence from the major sponsor, KNOT, in the Partnership's long-term value.
• The transaction was executed using existing cash reserves, indicating a stable liquidity position for the parent entity.

Negatives

• The transaction increases the concentration of ownership among existing insiders, which may limit the free float of the units.

Risks

• The Partnership's governance structure includes voting restrictions for Norwegian residents, including KNOT, regarding the election of directors.
• Ownership exceeding 4.9% by certain entities triggers voting limitations on units held in excess of that threshold.
• The Partnership is subject to market conditions and the performance of the shuttle tanker industry, which could impact the value of the units.

Future Outlook

The reporting persons intend to continue evaluating their investment in the Partnership and may acquire or dispose of additional securities based on market conditions, investment opportunities, and other factors.

Management Comments

• The reporting persons state that they acquired the units for investment purposes and to influence the management, policies, and control of the Partnership with the aim of increasing its value.

Industry Context

StockSavvy.ai notes that this transaction reflects a trend of consolidation and internal support within the maritime shuttle tanker sector, where sponsors are increasingly stepping in to provide liquidity or increase stakes in their controlled partnerships during volatile market cycles.

Comparison to Industry Standards

• The transaction is consistent with standard practices for master limited partnerships (MLPs) where sponsors maintain significant control and provide capital support to their subsidiaries.
• The $20.00 per unit price point for preferred units is a standard private negotiation metric for this asset class.

Corporate Governance

Legal Proceedings

• None reported.

Related Party Transactions

• The transaction involves KNOT, which is the parent of the Partnership's General Partner, and the Partnership's units.

Stakeholder Impact

• Shareholders may view the increased sponsor stake as a sign of stability.
• The transaction does not directly impact employees or suppliers.

Next Steps

• Continued monitoring of the Partnership's financial performance.
• Potential future adjustments to the reporting persons' holdings based on market conditions.

Key Dates

Recommendation

The filing represents a routine change in beneficial ownership by a major sponsor. While it indicates confidence, it does not fundamentally alter the Partnership's operational outlook or financial health, warranting a hold position for investors.

Keywords

KNOT Offshore Partners LP, Shuttle Tankers, Schedule 13D, Knutsen NYK Offshore Tankers AS, Maritime Shipping, Equity Investment