KNOT Offshore Partners LP (KNOP) has acquired the Suezmax DP2 shuttle tanker Hedda Knutsen for an initial cash consideration of approximately $24.4 million, subject to post-closing working capital adjustments. The purchase price reflects a total outlay of $113.0 million, offset by $89.4 million in pending debt and $0.8 million in capitalized credit line fees.
The vessel, delivered in 2024 by COSCO Shipping Heavy Industry, has a deadweight tonnage of 154,000 and operates under a time charter contract with Petrobras in Brazil. The charter agreement, currently fixed through November 2034, includes a five-year extension option held by Petrobras.
The acquisition was approved by KNOP’s board and its Independent Conflicts Committee, with support from an external financial advisor and legal counsel. The deal follows a $225 million refinancing of five vessels, including Hedda Knutsen, completed on August 7, 2026. The new senior secured credit facility, arranged with DNB Bank ASA as agent, replaced existing term loans totaling $225.8 million maturing in September 2026.
The refinancing structure includes 20 quarterly installments with a final balloon payment of $111.1 million due in June 2031. The facility carries an interest rate of SOFR plus a 1.65% margin per annum and is guaranteed by KNOP, secured by mortgages on the five vessels: Tordis Knutsen, Vigdis Knutsen, Lena Knutsen, Anna Knutsen, and Brasil Knutsen.
