This document provides an overview of KNOT Offshore Partners LP (KNOP), a publicly traded partnership that owns and operates shuttle tankers. KNOP has grown its fleet from 4 vessels at IPO to 12 vessels today through acquisitions from its sponsor. KNOP's vessels operate under long-term fixed-fee contracts with major oil companies, providing stable cash flows. There is potential for further growth through dropdown acquisitions of 3 additional vessels from the sponsor with similar long-term contracts. KNOP has delivered strong and consistent financial performance since its IPO in 2013.
This document provides a market summary and outlook for the global shipping industry in mid-2015. It discusses trends in key shipping segments including containerships, tankers, bulk carriers and offshore vessels. For containerships, demand is expected to remain high for large vessels above 12,000 TEU due to cost savings. Newbuilding contracting is forecast to reach 1.9 million TEU in 2015 with a focus on vessels over 16,000 TEU. Overall containership fleet growth is projected to be around 7% in 2015 and 5.5% in 2016.
This document provides a market summary and outlook for the global shipping industry in 2015. It discusses trends in key shipping sectors such as containerships, oil and gas tankers, and bulk carriers. Specifically for containerships, it notes that liner companies increased cooperation through new alliances in 2014 and expects further consolidation. It also predicts continued growth of ultra-large containerships over 18,000 TEU as alliances seek economies of scale. Overall container trade is forecast to grow 6.5-7% in 2015 while the container ship fleet is expected to expand 7-7.5%, which could put pressure on freight rates if not balanced with other measures.
1) Teekay LNG Partners generated $53.6 million in distributable cash flow in Q4-2012, up 22% from Q4-2011.
2) In February 2013, Teekay LNG Partners acquired a 50% interest in Exmar's LPG fleet and joint venture, consisting of 25 LPG carriers. This provides the Partnership with immediate access to Exmar's LPG operations and is expected to generate $10 million in distributable cash flow for Teekay LNG in 2013.
3) In December 2012, Teekay LNG Partners ordered two new LNG carriers from Daewoo Shipbuilding with fuel efficient engines. The vessels are scheduled for
Kazakhstan has significant oil and gas reserves, estimated at 35 billion barrels of proven recoverable oil reserves. The country relies heavily on its natural resources sector to fuel economic growth. Major challenges to production include the complex geology of the largest fields and Kazakhstan's landlocked location. The government is working to boost production and investment by focusing on technology and expanding processing facilities. Key players investing in Kazakhstan include Western majors and Chinese state-owned companies, with production currently dominated by the giant Tengiz and Karachaganak fields.
O & G Panel - Maximizing under the ground value of fossil fuelsglobalenergysummit
Lower oil prices are causing oil companies to reevaluate their strategies and operations. Production costs for most oil and gas projects remain viable below $80 per barrel, but company cash flows are under threat as capex has increased significantly. In response, companies are reducing spending and delaying projects that are less economic at lower prices, such as those in oil sands and deepwater. A sustained period of lower prices will require operators to optimize their portfolios, lower costs, manage investments and balance sheets prudently.
- Pyxis Tankers reported financial results for Q3 2017 with continued challenges in the charter market hurting profitability.
- Time charter equivalent revenues were $5.2 million for Q3 2017, with a net loss of $1.3 million. EBITDA was $0.8 million.
- Three vessels were under time charter contracts through the end of 2017, providing 40% coverage of anticipated available days remaining in the year. Cash on hand was $5.6 million with a net debt to capitalization ratio of 56.1%.
This document provides a market summary and outlook for the global shipping industry in mid-2015. It discusses trends in key shipping segments including containerships, tankers, bulk carriers and offshore vessels. For containerships, demand is expected to remain high for large vessels above 12,000 TEU due to cost savings. Newbuilding contracting is forecast to reach 1.9 million TEU in 2015 with a focus on vessels over 16,000 TEU. Overall containership fleet growth is projected to be around 7% in 2015 and 5.5% in 2016.
This document provides a market summary and outlook for the global shipping industry in 2015. It discusses trends in key shipping sectors such as containerships, oil and gas tankers, and bulk carriers. Specifically for containerships, it notes that liner companies increased cooperation through new alliances in 2014 and expects further consolidation. It also predicts continued growth of ultra-large containerships over 18,000 TEU as alliances seek economies of scale. Overall container trade is forecast to grow 6.5-7% in 2015 while the container ship fleet is expected to expand 7-7.5%, which could put pressure on freight rates if not balanced with other measures.
1) Teekay LNG Partners generated $53.6 million in distributable cash flow in Q4-2012, up 22% from Q4-2011.
2) In February 2013, Teekay LNG Partners acquired a 50% interest in Exmar's LPG fleet and joint venture, consisting of 25 LPG carriers. This provides the Partnership with immediate access to Exmar's LPG operations and is expected to generate $10 million in distributable cash flow for Teekay LNG in 2013.
3) In December 2012, Teekay LNG Partners ordered two new LNG carriers from Daewoo Shipbuilding with fuel efficient engines. The vessels are scheduled for
Kazakhstan has significant oil and gas reserves, estimated at 35 billion barrels of proven recoverable oil reserves. The country relies heavily on its natural resources sector to fuel economic growth. Major challenges to production include the complex geology of the largest fields and Kazakhstan's landlocked location. The government is working to boost production and investment by focusing on technology and expanding processing facilities. Key players investing in Kazakhstan include Western majors and Chinese state-owned companies, with production currently dominated by the giant Tengiz and Karachaganak fields.
O & G Panel - Maximizing under the ground value of fossil fuelsglobalenergysummit
Lower oil prices are causing oil companies to reevaluate their strategies and operations. Production costs for most oil and gas projects remain viable below $80 per barrel, but company cash flows are under threat as capex has increased significantly. In response, companies are reducing spending and delaying projects that are less economic at lower prices, such as those in oil sands and deepwater. A sustained period of lower prices will require operators to optimize their portfolios, lower costs, manage investments and balance sheets prudently.
- Pyxis Tankers reported financial results for Q3 2017 with continued challenges in the charter market hurting profitability.
- Time charter equivalent revenues were $5.2 million for Q3 2017, with a net loss of $1.3 million. EBITDA was $0.8 million.
- Three vessels were under time charter contracts through the end of 2017, providing 40% coverage of anticipated available days remaining in the year. Cash on hand was $5.6 million with a net debt to capitalization ratio of 56.1%.
Liquefied natural gas (LNG) projects have become increasingly reliant on project finance over corporate finance due to their large capital requirements. Project finance structures allocate risks to different entities and use security over project assets and cash flows to attract funding from sources like commercial banks, export credit agencies, and capital markets. As the LNG industry and project finance models have evolved, sponsors have been able to develop more complex projects and access over $95 billion in financing. Emerging trends may see project finance play an even greater role in developing future LNG supply.
The document discusses the growing global demand for natural gas and the emergence of the international liquefied natural gas (LNG) market. Key points:
1) Natural gas consumption in the US and worldwide is projected to increase significantly by 2025 due to its role in power generation, manufacturing, and transportation. However, domestic production may not keep up with rising demand.
2) One way to help meet rising demand is to increase imports of LNG, which allows natural gas from remote locations to be transported globally by converting it to liquid form.
3) The international LNG market first emerged in the 1960s and is now a major way that countries trade natural gas between regions. Japan is currently the largest
This document discusses the feasibility of exporting liquefied natural gas (LNG) from the United States to Japan and South Korea. It finds that the U.S. has significant natural gas resources and production, especially from shale gas basins along the Gulf Coast near proposed LNG export terminals. The cost of delivering U.S. LNG to Asian markets is estimated to be around $7.17/MMBtu, which would provide producers a net margin given current Japanese import prices that are indexed to crude oil prices and average over $9/MMBtu. Exporting U.S. LNG could benefit the U.S. economy through jobs, wages, and investment in gas production and infrastructure.
This presentation provides an overview of Pyxis Tankers Inc., a product tanker company. Pyxis has a young fleet of six tankers with an average age of 6.7 years. The company employs a mixed chartering strategy of both time charters and spot trading. The product tanker market fundamentals are favorable over the next few years as demand is expected to outpace supply. New environmental regulations may increase scrapping of older tankers. Pyxis is well positioned to capitalize on an expected rebound in charter rates.
Scandinavia Oil-Gas Magazine May 2011 paperD.K. Das
This document discusses the potential for LNG exports from the United States to Japan. It notes that Japan is the world's largest LNG importer and will likely increase imports following the Fukushima disaster. The US has large natural gas reserves and proposed LNG export terminals on the Gulf Coast that could supply Japan. An analysis of delivery costs suggests US LNG delivered to Japan could be competitive at $7.17/MMBtu compared to other suppliers. However, risks include regulatory hurdles, potential oversupply from other exporters, and environmental concerns around fracking. If these challenges can be addressed, US LNG exports have the potential to supply growing Asian demand.
PLG presents, "From Mine To Market: Overcoming Supply Chain Hurdles" at 3rd F...PLG Consulting
PLG president, Taylor Robinson spoke at the 3rd annual Frac Sand Conference, an Industrial Minerals Event, held in Minneapolis, Minnesota on September 1, 2015. PLG’s presentation, From Mine To Market: Overcoming Supply Chain Hurdles, featured the latest market intelligence on the effects of the global and U.S. energy markets on the frac sand market with updates on each link of the frac sand supply chain and the small covered hopper car market. Robinson also spoke about the latest fracking technology and its impacts on the short term outlook of the frac sand industry along with opportunities for long term growth. Robinson also moderated the three logistics sessions at the conference.
This document discusses sustainability in the business world. It provides an overview of ERM, a sustainability consulting firm, including their size, experience, and global presence. Several trends in sustainability are mentioned, such as the transition to lower carbon energy sources. Opportunities in renewable energy programs in Eastern Mediterranean regions are outlined. The concept of a "social license to operate" and managing stakeholder expectations are discussed. Financing strategies and an integrated approach to energy, efficiency, and emissions reduction are also covered. In conclusion, it is noted that the transition to new energy mixes is underway and will be influenced by megatrends and stakeholder engagement.
Broström is a global logistics company with a fleet of 86 tanker vessels operating in Europe, Asia, and the Atlantic. In 2007, Broström made several acquisitions that expanded its fleet and operations in Asia. The tanker market in 2007 was characterized by an extremely weak spot market in the fourth quarter. Preliminary financial results for 2007 met targets, with a proposed dividend of SEK 3.00 per share. The outlook for 2008 is expected to be volatile in the short term, but the long term market trends remain positive.
The global economic outlook is characterized by weak growth and great uncertainty, according to experts interviewed for the Maritime Outlook Report. Historically low interest rates and declining commodity prices indicate weakened international economic strength. Leading nations have nearly exhausted their fiscal and monetary options, and China is transitioning to slower but more sustainable growth. Geopolitically, the security landscape is becoming more challenging as civil wars rage in parts of the Middle East and North Africa. However, the Paris climate agreement offers hope for increased international cooperation. Shipping will play a role in reducing emissions through more efficient operations and new technologies. The decline in offshore activity on the Norwegian Continental Shelf poses challenges for Norway's maritime industry and economy.
This document discusses risks and forward-looking statements related to Genesis Energy's presentation. It notes that while Genesis believes its assumptions are reasonable, actual results may differ due to factors beyond its control. It also states that the presentation may include non-GAAP financial measures and refers the reader to reconciliations included at the end.
North America is experiencing increased crude oil production, primarily from Canadian oil sands and U.S. shale oil fields. This has challenged existing pipeline infrastructure, leading more producers to use rail as a flexible alternative to transport crude oil to domestic markets. While rail has benefits, the large increase in oil-by-rail shipments has raised safety concerns following several accidents, including a 2013 disaster in Quebec. Issues for Congress include evaluating proposed regulatory changes to improve rail safety for oil transport and balancing rail versus other transportation methods like pipelines or barges.
Robinson presents "State of the Proppants Market" presentationPLG Consulting
This document provides an overview and analysis of the proppants market from a presentation by Taylor Robinson of PLG Consulting. It summarizes that demand for natural sand is rising significantly due to new fracking techniques, while ceramic and resin coated volumes are flat to down. Supply of natural sand is keeping pace through new mines and adequate transloading infrastructure. It also notes that consolidation and improving logistics efficiency will be key for companies to succeed in the proppants industry in coming years as customers focus on reducing total costs.
The Bord Gáis Energy Index rose 4% in October due to higher prices for Brent crude oil, European coal, and wholesale electricity. A weaker euro contributed to higher prices for oil, coal, and gas, which are traded in dollars and pounds. Global gas supplies have expanded significantly in recent years due to new sources like shale gas, coal seam gas, and floating LNG facilities. This has led to a surplus of natural gas and lower wholesale gas prices in many markets like the UK. The oversupply situation could persist for some time as new LNG export capacity continues to come online through 2020.
This document provides an analysis of Pakistan's LNG import project and identifies potential issues and losses totaling over $13 billion. It outlines four main areas of concern: 1) fluctuations in global energy prices could result in $13.05 billion in losses compared to importing crude oil, 2) higher costs for the FSRU day rate and reduced cargo capacity could lose $5.952 billion, 3) operational and technological challenges like underutilized capacity could lead to $990 million in losses, 4) charter rates for LNG carriers being higher than market rates may lose $483.30 million. The document calls for more transparency around commercial terms as hiding costs could be justifying higher prices.
Bangladesh has a long history of indigenous shipbuilding dating back to ancient times. It was historically a center of shipbuilding in Asia between the 15th-17th centuries. While the industry declined, there are now over 200 shipbuilding yards in Bangladesh. The country sees opportunities to expand its shipbuilding industry due to growing global demand for small and medium ships that traditional shipbuilding nations are no longer focused on building. However, Bangladesh still faces challenges to become competitive in the international shipbuilding market, such as a lack of capital, technology, and skilled workforce.
This presentation provides an overview of KNOT Offshore Partners LP to investors. It discusses the company's modern fleet of 11 shuttle tankers under long-term contracts, growth potential from dropdown vessels, stable financial performance, the Raquel Knutsen dropdown acquisition, and the favorable shuttle tanker market fundamentals. The presentation also provides context on Knutsen NYK as an industry leader and the role of shuttle tankers in offshore oil production.
EY presented at the 22 World Petroleum Congress, focusing on the impact of the lower oil price on LNG megaprojects, the opportunities and challenges to adopt new practices to make megaprojects more cost effective.
- The presentation is for a company that owns and operates modern medium-range product tankers.
- It has a young fleet of 6 vessels with an average age of 6.5 years. As of September 2017, 38% of its days for the remainder of the year are covered by charters.
- The company aims to capitalize on an improving tanker market by maintaining a mix of time charters and spot voyages. It has relationships with major oil companies and a competitive cost structure.
Teekay Offshore Partners provided an earnings presentation summarizing its Q4-2016 results and outlook for Q1 2017. Key points include:
- Q4-2016 DCF was $21.6 million and full year 2016 DCF was $161.3 million.
- A new five-year North Sea shuttle tanker contract of affreightment is being finalized.
- Discussions are ongoing with Petrobras regarding returning the Arendal Spirit UMS to operation.
- Growth projects over 2017-2018 are expected to provide $200 million in additional annual cash flow.
The document provides an overview of DK Group, a company that develops fuel-saving technologies for the shipping industry. Specifically, it details DK Group's Air Cavity System (ACS) technology, which incorporates air bubbles below a ship's hull to reduce resistance and fuel consumption by 5-15%. Test results support the efficiency claims. The presentation outlines DK Group's business model, current projects, management team, and financial projections, showing a large addressable market and high projected returns. It seeks to raise additional funding to continue developing and marketing the ACS technology globally.
Liquefied natural gas (LNG) projects have become increasingly reliant on project finance over corporate finance due to their large capital requirements. Project finance structures allocate risks to different entities and use security over project assets and cash flows to attract funding from sources like commercial banks, export credit agencies, and capital markets. As the LNG industry and project finance models have evolved, sponsors have been able to develop more complex projects and access over $95 billion in financing. Emerging trends may see project finance play an even greater role in developing future LNG supply.
The document discusses the growing global demand for natural gas and the emergence of the international liquefied natural gas (LNG) market. Key points:
1) Natural gas consumption in the US and worldwide is projected to increase significantly by 2025 due to its role in power generation, manufacturing, and transportation. However, domestic production may not keep up with rising demand.
2) One way to help meet rising demand is to increase imports of LNG, which allows natural gas from remote locations to be transported globally by converting it to liquid form.
3) The international LNG market first emerged in the 1960s and is now a major way that countries trade natural gas between regions. Japan is currently the largest
This document discusses the feasibility of exporting liquefied natural gas (LNG) from the United States to Japan and South Korea. It finds that the U.S. has significant natural gas resources and production, especially from shale gas basins along the Gulf Coast near proposed LNG export terminals. The cost of delivering U.S. LNG to Asian markets is estimated to be around $7.17/MMBtu, which would provide producers a net margin given current Japanese import prices that are indexed to crude oil prices and average over $9/MMBtu. Exporting U.S. LNG could benefit the U.S. economy through jobs, wages, and investment in gas production and infrastructure.
This presentation provides an overview of Pyxis Tankers Inc., a product tanker company. Pyxis has a young fleet of six tankers with an average age of 6.7 years. The company employs a mixed chartering strategy of both time charters and spot trading. The product tanker market fundamentals are favorable over the next few years as demand is expected to outpace supply. New environmental regulations may increase scrapping of older tankers. Pyxis is well positioned to capitalize on an expected rebound in charter rates.
Scandinavia Oil-Gas Magazine May 2011 paperD.K. Das
This document discusses the potential for LNG exports from the United States to Japan. It notes that Japan is the world's largest LNG importer and will likely increase imports following the Fukushima disaster. The US has large natural gas reserves and proposed LNG export terminals on the Gulf Coast that could supply Japan. An analysis of delivery costs suggests US LNG delivered to Japan could be competitive at $7.17/MMBtu compared to other suppliers. However, risks include regulatory hurdles, potential oversupply from other exporters, and environmental concerns around fracking. If these challenges can be addressed, US LNG exports have the potential to supply growing Asian demand.
PLG presents, "From Mine To Market: Overcoming Supply Chain Hurdles" at 3rd F...PLG Consulting
PLG president, Taylor Robinson spoke at the 3rd annual Frac Sand Conference, an Industrial Minerals Event, held in Minneapolis, Minnesota on September 1, 2015. PLG’s presentation, From Mine To Market: Overcoming Supply Chain Hurdles, featured the latest market intelligence on the effects of the global and U.S. energy markets on the frac sand market with updates on each link of the frac sand supply chain and the small covered hopper car market. Robinson also spoke about the latest fracking technology and its impacts on the short term outlook of the frac sand industry along with opportunities for long term growth. Robinson also moderated the three logistics sessions at the conference.
This document discusses sustainability in the business world. It provides an overview of ERM, a sustainability consulting firm, including their size, experience, and global presence. Several trends in sustainability are mentioned, such as the transition to lower carbon energy sources. Opportunities in renewable energy programs in Eastern Mediterranean regions are outlined. The concept of a "social license to operate" and managing stakeholder expectations are discussed. Financing strategies and an integrated approach to energy, efficiency, and emissions reduction are also covered. In conclusion, it is noted that the transition to new energy mixes is underway and will be influenced by megatrends and stakeholder engagement.
Broström is a global logistics company with a fleet of 86 tanker vessels operating in Europe, Asia, and the Atlantic. In 2007, Broström made several acquisitions that expanded its fleet and operations in Asia. The tanker market in 2007 was characterized by an extremely weak spot market in the fourth quarter. Preliminary financial results for 2007 met targets, with a proposed dividend of SEK 3.00 per share. The outlook for 2008 is expected to be volatile in the short term, but the long term market trends remain positive.
The global economic outlook is characterized by weak growth and great uncertainty, according to experts interviewed for the Maritime Outlook Report. Historically low interest rates and declining commodity prices indicate weakened international economic strength. Leading nations have nearly exhausted their fiscal and monetary options, and China is transitioning to slower but more sustainable growth. Geopolitically, the security landscape is becoming more challenging as civil wars rage in parts of the Middle East and North Africa. However, the Paris climate agreement offers hope for increased international cooperation. Shipping will play a role in reducing emissions through more efficient operations and new technologies. The decline in offshore activity on the Norwegian Continental Shelf poses challenges for Norway's maritime industry and economy.
This document discusses risks and forward-looking statements related to Genesis Energy's presentation. It notes that while Genesis believes its assumptions are reasonable, actual results may differ due to factors beyond its control. It also states that the presentation may include non-GAAP financial measures and refers the reader to reconciliations included at the end.
North America is experiencing increased crude oil production, primarily from Canadian oil sands and U.S. shale oil fields. This has challenged existing pipeline infrastructure, leading more producers to use rail as a flexible alternative to transport crude oil to domestic markets. While rail has benefits, the large increase in oil-by-rail shipments has raised safety concerns following several accidents, including a 2013 disaster in Quebec. Issues for Congress include evaluating proposed regulatory changes to improve rail safety for oil transport and balancing rail versus other transportation methods like pipelines or barges.
Robinson presents "State of the Proppants Market" presentationPLG Consulting
This document provides an overview and analysis of the proppants market from a presentation by Taylor Robinson of PLG Consulting. It summarizes that demand for natural sand is rising significantly due to new fracking techniques, while ceramic and resin coated volumes are flat to down. Supply of natural sand is keeping pace through new mines and adequate transloading infrastructure. It also notes that consolidation and improving logistics efficiency will be key for companies to succeed in the proppants industry in coming years as customers focus on reducing total costs.
The Bord Gáis Energy Index rose 4% in October due to higher prices for Brent crude oil, European coal, and wholesale electricity. A weaker euro contributed to higher prices for oil, coal, and gas, which are traded in dollars and pounds. Global gas supplies have expanded significantly in recent years due to new sources like shale gas, coal seam gas, and floating LNG facilities. This has led to a surplus of natural gas and lower wholesale gas prices in many markets like the UK. The oversupply situation could persist for some time as new LNG export capacity continues to come online through 2020.
This document provides an analysis of Pakistan's LNG import project and identifies potential issues and losses totaling over $13 billion. It outlines four main areas of concern: 1) fluctuations in global energy prices could result in $13.05 billion in losses compared to importing crude oil, 2) higher costs for the FSRU day rate and reduced cargo capacity could lose $5.952 billion, 3) operational and technological challenges like underutilized capacity could lead to $990 million in losses, 4) charter rates for LNG carriers being higher than market rates may lose $483.30 million. The document calls for more transparency around commercial terms as hiding costs could be justifying higher prices.
Bangladesh has a long history of indigenous shipbuilding dating back to ancient times. It was historically a center of shipbuilding in Asia between the 15th-17th centuries. While the industry declined, there are now over 200 shipbuilding yards in Bangladesh. The country sees opportunities to expand its shipbuilding industry due to growing global demand for small and medium ships that traditional shipbuilding nations are no longer focused on building. However, Bangladesh still faces challenges to become competitive in the international shipbuilding market, such as a lack of capital, technology, and skilled workforce.
This presentation provides an overview of KNOT Offshore Partners LP to investors. It discusses the company's modern fleet of 11 shuttle tankers under long-term contracts, growth potential from dropdown vessels, stable financial performance, the Raquel Knutsen dropdown acquisition, and the favorable shuttle tanker market fundamentals. The presentation also provides context on Knutsen NYK as an industry leader and the role of shuttle tankers in offshore oil production.
EY presented at the 22 World Petroleum Congress, focusing on the impact of the lower oil price on LNG megaprojects, the opportunities and challenges to adopt new practices to make megaprojects more cost effective.
- The presentation is for a company that owns and operates modern medium-range product tankers.
- It has a young fleet of 6 vessels with an average age of 6.5 years. As of September 2017, 38% of its days for the remainder of the year are covered by charters.
- The company aims to capitalize on an improving tanker market by maintaining a mix of time charters and spot voyages. It has relationships with major oil companies and a competitive cost structure.
Teekay Offshore Partners provided an earnings presentation summarizing its Q4-2016 results and outlook for Q1 2017. Key points include:
- Q4-2016 DCF was $21.6 million and full year 2016 DCF was $161.3 million.
- A new five-year North Sea shuttle tanker contract of affreightment is being finalized.
- Discussions are ongoing with Petrobras regarding returning the Arendal Spirit UMS to operation.
- Growth projects over 2017-2018 are expected to provide $200 million in additional annual cash flow.
The document provides an overview of DK Group, a company that develops fuel-saving technologies for the shipping industry. Specifically, it details DK Group's Air Cavity System (ACS) technology, which incorporates air bubbles below a ship's hull to reduce resistance and fuel consumption by 5-15%. Test results support the efficiency claims. The presentation outlines DK Group's business model, current projects, management team, and financial projections, showing a large addressable market and high projected returns. It seeks to raise additional funding to continue developing and marketing the ACS technology globally.
DK Group secured the first order from a European shipowner for 4xVLBC of USD 100m each
The order is a significant step towards proof of concept and confirms that the shipping market is ready and willing to order new ships with the ACS technology
Project pipeline established leading to new orders
DK Group received an important classification of the ACS technology (Germanischer Lloyd)
The ACS demonstrator vessel was acquired and reconstructed
The project is supported by key industry players
Shipowners have shown willingness to compensate for development cost, reducing CAPEX per project
DK Group received significant political and industrial interest
DK Group raised first round venture capital in a private placement process
DK Group appointed a professional non-executive board of directors
About Progressive Planet Solutions Inc.
Progressive Planet is an emerging company, providing innovative circular solutions and Earth-friendly micronized minerals that naturally unlock sustainability benefits across the construction and agriculture industries. Tapping into the Earth's inherent binding powers and properties, Progressive Planet is developing and scaling a portfolio of proprietary solutions to help its customers build, grow and operate more responsibly.
Progressive Planet continues work on creating supplementary cementing materials with a focus on minimizing the carbon footprint of the SCMs it creates, utilizing waste materials where possible to create the most sustainable SCMs and sequestering carbon dioxide in SCMs to address climate change. Progressive Planet's research team has begun exploring the opportunity to utilize the legacy CO2 stream generated by APL's natural gas rotary kiln dryer in operation in Kamloops.
Progressive Planet's operations currently include:
A comminution facility in Spallumcheen, B.C., which is currently producing micronized minerals used by farmers in lieu of chemical fertilizers to promote healthy soils without the addition of chemicals;
A research lab in Calgary, Alta., focused on creating SCMs and associated technologies to sequester CO2 in concrete;
Three natural pozzolan properties in British Columbia, including its flagship Z1 natural pozzolan quarry in Cache Creek, B.C., and its two pozzolan properties under development, the Z2 natural pozzolan property near Falkland and the Heffley Creek metal and natural pozzolan property.
Pyxis Tankers Inc. is an emerging product tanker company focused on modern medium range tankers. It has a young fleet of six vessels with an average age of 6.4 years. The company aims to capitalize on improving spot rates by employing a mixed chartering strategy. It is positioned for growth opportunities through its quality fleet, reputable customer base, and experienced management team. Favorable industry fundamentals are expected to create an attractive market environment over the next few years.
This document summarizes financing trends in the global LNG infrastructure industry from 2016-2017 according to a report by Poten & Partners. It finds that liquefaction projects received the largest share of funding, though results are skewed by the large Yamal LNG project. Project finance continues to be a major source of funding. Key lenders include commercial banks, export credit agencies, and development banks. Shipping companies raise funds through corporate finance, leasing, project finance and capital markets for LNG carriers, FSRUs and FLNG vessels.
Pyxis Tankers Inc. is an emerging growth company focused on owning and operating medium range product tankers. The company owns a fleet of six modern tankers with an average age of 6.8 years. Pyxis has a mixed chartering strategy with 7% of 2018 days covered by time charters and the remainder in the spot market. The product tanker industry fundamentals are favorable over the next few years as demand is expected to outpace supply and new environmental regulations are likely to increase scrapping of older vessels.
Shell gives green light to invest in LNG CanadaShell plc
Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc and Maarten Wetselaar, Integrated Gas & New Energies Director, will host a live audio webcast on Tuesday October 2, 2018 at 14:00 BST (15:00 CEST / 09:00 EDT / 06:00 PDT) about the final investment decision (FID) on LNG Canada on October 2, 2018.
This document summarizes a newsletter from the China-Europe Commercial Collaboration Association (CECCA) that includes the following articles:
1. An analysis questioning the usefulness of long-term shipping forecasts, using a 10-year forecast from Lloyd's List Intelligence as an example.
2. An interview with Professor Proshanto K. Mukherjee on issues in Chinese Maritime Law.
3. An article on third-party funding in arbitration and its potential trends and implications for China.
4. Two articles on academic topics: blockchain and smart contracts in shipping, and utmost good faith in English and Chinese law.
5. Brief news items on dry bulk shipping, LNG
CEMATRIX is a North American manufacturer and installer of cellular concrete. It has three business verticals: infrastructure, industrial/mining, and commercial/seismic. CEMATRIX provides a greener and more sustainable alternative to traditional construction materials like EPS blocks and gravel. It has proprietary technology, strategic partnerships, and a disciplined M&A strategy to continue its expansion across North America.
UK Shipbuilding Enterprise_Storyboard Aide Memoire Notebook.pdfIan Ure
This notebook unpacks and explains all the architectural thinking that surfaced during collaborative workshop activity.
Disclaimer:
The content within this notebook was collaboratively produced prior to March 2021. Please note that some of the captured thinking has evolved, with some content being out of date.
The content within this notebook represents the thinking that surfaced during exploratory discussion carried out over a series of design workshops by the MEWG.
The MEWG is a joint cross-government, industry & academia forum established to progress the UK National Shipbuilding Strategy.
The content within this document was intended to support follow-on discussion & engagement. It should not be regarded as a commitment from any individual or party.
August Newsletter - Affinity Small Scale LNG.pdfAbrorieABE
This document provides a monthly newsletter on small scale LNG and LNG bunkering from Affinity Energy Infrastructure. It includes profiles of key personnel, a market commentary noting a quiet market due to COVID-19 but some new potential projects in Europe supported by subsidies, and updates on various small scale LNG and bunkering projects and vessels around the world. It also contains tables summarizing the global small scale LNG fleet size bands, ages, locations, and total estimated bunkering capacity.
Dublin Port is preparing a Masterplan from 2011 to 2040 through a public consultation process running from April to November 2011. The Masterplan aims to create a framework for future projects, facilitate planning applications, and reintegrate the Port with the city. Volumes are projected to grow from the current 28.9 million gross tonnes to 60 million gross tonnes by 2040. Dublin Port will need to build additional capacity in advance of demand to handle the projected volumes but not too far in advance. The priorities for Dublin Port are to provide infrastructure for private sector customers, develop commercial relationships to maintain competitive forces, generate appropriate returns on investment, manage costs, and distribute surplus cash through dividends.
The midstream energy market is facing challenges from low commodity prices and reduced upstream development. To address this, midstream companies have increasingly pursued mergers and acquisitions to gain scale and diversification. This document summarizes six major midstream deals since 2015 totaling $61 billion. The deals aimed to acquire assets with predictable cash flows, gain access to key growth regions, achieve operational synergies, and reduce risks through portfolio diversification.
Analyst presentation: Energy – 02 October 2014Atkins
The document provides an overview of Atkins' Energy business, including:
1) Energy is a large and growing market, with projected increases in population, income, and infrastructure investment driving steady demand.
2) Atkins has expertise in oil & gas, nuclear, and renewable energy engineering, serving clients through design, asset management, and other services.
3) The business has experienced revenue growth and aims to expand its global operations and services to become one of the world's leading energy engineering companies.
The document is a company presentation for Pyxis Tankers Inc. from November 2016. It provides the following key information:
- Pyxis Tankers operates a fleet of 6 tanker vessels that transport refined petroleum products. The fleet has a weighted average age of 5.7 years.
- The company aims to grow its fleet opportunistically while maintaining a competitive cost structure and solid balance sheet. It has relationships with reputable charterers and shipyards.
- In the third quarter of 2016, Pyxis saw lower time charter equivalent revenues and fleet utilization compared to the previous year due to softer market conditions, though remaining time charters mitigated the impact on revenues.
This document discusses floating liquefied natural gas (FLNG) and its potential to revolutionize the global LNG industry. FLNG involves liquefying natural gas offshore on a floating vessel rather than transporting it via pipelines to an onshore liquefaction plant. The document outlines the history of FLNG development and identifies several key drivers that are making FLNG an attractive option, such as unlocking smaller, remote or sensitive gas fields. It notes several FLNG projects under development globally. The document also discusses the potential benefits of FLNG including cost savings, faster time to market, and reduced environmental footprint compared to traditional onshore LNG plants. However, it notes FLNG still faces technical, commercial and financial challenges to overcome
Similar to Knot Offshore Partners LP (KNOP) Conference Investor Presentation (20)
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Docola has developed a healthcare communication platform that utilizes asynchronous telehealth to deliver patient education and support. Their proprietary platform currently has over 55,000 patient users and over 1,100 clinician users. Docola seeks to raise up to $500,000 through a convertible note to fund working capital, research and development, and costs associated with an upcoming IPO.
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- INNO Holdings has four initial product lines - metal studs, prefabricated housing units, modular apartment buildings, and a mobile factory system. It aims to disrupt the construction industry through standardized, sustainable construction methods.
Everything Blockchain builds platforms of trust for the modern enterprise and is on a mission to ensure every organization has access to the tools and platforms that enable them to manage, store, and protect data without the cost and complexity that holds them back today. The Company’s patented advances in engineering deliver the essential elements needed for real-world business use: speed, security, and efficiency. Everything Blockchain’s current business lines include: EB Advise, Build DB and EB Control.
ASP Isotope is an isotope enrichment company utilizing technology developed in South Africa over the past 20 years to enrich isotopes of elements or molecules with low atomic masses. Many of these elements are unsuitable for enrichment using traditional methods such as centrifuges. The Company’s initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries.
MDNA Life Sciences is a pioneer in the science of mitochondrial DNA. It’s our mission to create an extensive portfolio of proprietary tests that dramatically improve diagnosis, treatment, prognosis and monitoring. Putting an end to the unnecessary surgical procedures, pain and uncertainty that affect patients across the world.
Digital Ally, Inc. is a diversified holding company with operations in video solution technology, human and animal health protection products, healthcare revenue cycle management, ticket brokering and marketing, and event production. The Company pursues an acquisition strategy that targets organizations with positive earnings, strong growth potential, innovation, and operational synergies. To maximize long-term shareholder value, Digital Ally intends to spin-off its ticketing and entertainment business lines into a separate public company in 2023. The spin-off will create two optimized, tech-driven public companies with strong growth opportunities and operating metrics.
Lantern Pharma is an AI company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 25 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of therapies including eleven cancer indications and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2-3 years and at approximately $1.0-2.0 million per program.
Sharps Technology is a medical device and pharmaceutical packaging company specializing in the development and manufacturing of innovative drug delivery systems. The Company’s product lines focus on low waste and ultra-low waste syringe technologies that incorporate both passive and active safety features. These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from needle re-use. Sharps Technology has extensive expertise in specialized prefilled syringe systems and is on track to launch this new product line in Q4 2023. The Company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the US.
Aditxt is a biotech company developing immune monitoring and immune modulation platforms. Its AditxtScore platform can provide comprehensive immune profiles to monitor responses to pathogens, vaccines, drugs and transplants. Its Adimune platform aims to modulate the immune system to treat conditions like psoriasis, type 1 diabetes, and increase skin allograft survival. The company is working to develop, operate and commercialize these platforms. It currently generates revenue from immune monitoring tests and expects revenue from licensing deals for immune modulation programs as they advance in clinical trials towards commercialization.
1847 Holdings LLC, a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue and Principal of Lazard Freres Strategic Realty Investors. EFSH's investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises and lower-middle market businesses with limited exit options, despite the intrinsic value of their business. Given this dynamic, EFSH can consistently acquire "solid" businesses for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at considerably higher valuations than the purchase price (as successfully demonstrated with the mid-2020 IPO of 1847 Goedeker on the NYSE American) and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to EFSH's ability to pay regular and special dividends to shareholders.
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Lantern Pharma is an AI company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 25 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of therapies including eleven cancer indications and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2-3 years and at approximately $1.0-2.0 million per program.
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UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Bienestar Financiero al servicio de su jubilación anticipada
Pago de su 🏡
Estudio de sus hijos
Directamente a tu cuenta bancaria
Con Tesorería Auditoria Jurídica comercial
Administración de carteras
Apalancamiento Financiero
Desarrollo de tu marca personal
Acceso a Desarrollo de varias industrias
Cuentas bancarias
Estructuras Físicas en USA y en América Central
Avalado por Bolcomer
Puesto de Bolsa Comercial
Turismo
Y mucho más
Link de registro
https://business.myinfinity.global/maurod8/
https://therusnetwork.com/
Contacto:
https://goo.su/pzm1fja
2. 2
Notice to Recipients
This presentation is not a prospectus and is not an offer to sell, nor a solicitation of an offer to buy, securities.
Except for the historical information contained herein, the matters discussed in this presentation include forward-looking
statements that involve risks and uncertainties. These risks and uncertainties include, among other things, market
conditions and other factors that are described in KNOT Partners’ filings with the U.S Securities and Exchange
Commission, which are available on the SEC’s website at http://www.sec.gov.
Nevertheless, new factors emerge from time to time, and it is not possible for KNOT Partners to predict all of these
factors. Further, KNOT Partners cannot assess the impact of each such factor on its business or the extent to which any
factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-
looking statement. KNOT Partners expressly disclaims any intention or obligation to revise or publicly update any
forward-looking statements whether as a result of new information, future events or otherwise. The forward-looking
statements contained herein are expressly qualified by this cautionary notice to recipients.
4. 4
Where KNOP fits into the Knutsen sphere
10+1 LNG carriers
5 Product/chemical tankers
14+2 shuttle tankers
1+1 FSO
33%
12 shuttle tankers(1)
2 shuttle tanker pools
KBAL®+KVOC®+PNG®+PCO2®
NYSE ticker: KNOP
30.4% inc GP
1 LNG “bunkering” vessel
(1) Assumed closing of Tordis Knutsen March 1, 2017
5. 5
253 years of shipping experience
Sponsor is a Joint Venture between TS Shipping Invest and Tokyo-listed NYK Group
Nippon Yusen Kabushiki Kaisha (“NYK”) is a global
logistics enterprise centered on various forms of
marine transport
NYK was established in 1885
According to Clarkson’s Research, NYK is the
world’s largest shipping company
Listed on the Tokyo Stock Exchange with a market
cap of $ ≈4bn
Ownership in approx. 800 vessels and 35,000
employees
Joined as co-owner of Knutsen NYK Offshore Tankers
in 2010
Knutsen Group is a fully integrated shipping company
with operations in multiple shipping segments
including:
Knutsen NYK Offshore Tankers: shuttle tankers
and Floating Storage & Offloading (FSO)
Knutsen OAS Shipping: Liquefied Natural Gas
(LNG) carriers and product / chemical tankers
Knutsen Technology: marine shipping technology
development
Headquartered in Haugesund, Norway – origin dates
back to 1896
Controlled by KNOP Chairman Trygve Seglem
through TS Shipping Invest AS
6. 6
$1,5
$2,0
$2,7
$0,2
Knutsen Group
High Value Fleet
Fully integrated shipping business operating a fleet of high quality and technically
advanced vessels, with key customers consisting of leading energy companies on
long-term contracts
Provides full in-house management including chartering, commercial and technical
management as well as building supervision, conversion and project development
Highly experienced operator with a strong commitment to safety and to service
reliability
Long-term relationships with well-respected clients, including a number of blue-chip
oil majors
Insurance value of Knutsen managed fleet is $6.3 billion
First Class Charterers Safety Commitment
Advanced Vessels Long-term Contracts
3 4
1 2
Four Pillar Strategy
Four pillar strategy has stayed firm for more than 30 years
Other
LNG Vessels
Source: Company – insurance values as of 31 December 2016
7. 7
$0,8
$1,6
$4,5
$0,6
$1,5
$2,8
$0,00 $2,00 $4,00 $6,00 $8,00
KNOP
KNOT
LNG
Fixed Optional
Knutsen Group: Four Pillar Strategy
First Class Charterers
Advanced Vessels
3 Safety Commitment4
1 Long-term Contracts2
Knutsen managed fleet has $6.9 billion of firm backlog and
$4.9 billion of optional backlog(1) Average Number
of Years (2)
13.6
6.6
5
KNOP’s fleet of DP2 shuttle tankers has a average age of
4.7 years vs. industry average of 11.5 years (rest of fleet)
LNG carriers have an average age of 7.7 years
Newer vessels have MEGI engine configuration with full
re-liquefaction capacity
KNOT operates medium-age shuttle tankers and FSO on
TCP and COAs while new buildings on long-term charter
are dropdown candidates for KNOP
Product / chemical tanks are all classed with high ice class
and equipped with stainless steel tanks enabling them to
carry sophisticated products and chemicals
Source: Company, as of December 31, 2016 except for LTI which is 31 January 2017
1. Figures are as of December 31, 2016. Firm backlog is based on revenue on agreed hire rate for the fixed charter period and optional backlog is revenue based on hire
rate in the optional period.
2. Average years for KNOT is backlog divided by expected operating income for 2016 due to two segments shuttle tankers.
Last LTI in Knutsen Group: 11,496,672 hours ago ...and counting
8. 8
Midstream Energy is a Stable Segment
Long-lived, high quality physical assets operating in the lower-risk
segment of the energy chain
Relatively low level of commodity price exposure, particularly versus
upstream assets
Revenues derived from fee-based contracts that are largely
insensitive to commodity price fluctuations
Significant cost of investment and natural monopoly structure prevent
competitors from entering and disrupting margins
Long- term contracted transportation and processing agreements
reduces competitor risk
Midstream assets, like our shuttle tankers, are regarded as “mission-critical” or “must-
run” components of the energy market
Revenue forecast clarity from long-term fee-based contracts
Contracts usually entail inflation escalation
Attractive Cash Flow from Operations
Sector Overview
Midstream assets serve to gather, store, transport and process oil,
natural gas and natural gas liquids (NGLs) from their production source
within the upstream market to end users such as utilities, industrial
businesses and residential homes that constitute the downstream
market
Midstream assets typically have favorable characteristics:
Low risk profile versus upstream assets
High barriers to entry
Attractive cash flow from operations
Structural change, from assets being held by major oil and integrated
E&P companies as a “necessity” to being held by Master Limited
Partnerships (MLPs) and integrated infrastructure companies as a profit
center
Low Risk Profile
High Barriers to Entry
Exploration &
Production
Refineries,
Utilities, Industrial
End Users
Pipeline Truck / RailFloating transport
Gas / Crude
Processing
LNG
LNG
LNG
Gas /
Crude
Gas Liquefaction /
Regasification Gas / Crude Storage
Transport Midstream Energy Sector
9. 9
Knutsen’s Global Presence
Project
Development
and
Conversions
Ship Design Chartering
Building
Supervision
Crewing
Technical and
Commercial
Management
Finance and Treasury Accounting and Tax IT and Reporting Procurement Business Support
Technology and Product development (KBAL® + KVOC® + PNG® + PCO2®)
Knutsen is a fully integrated industrial shipping company with a worldwide footprint
10. 10
The Knutsen sphere has extensive banking relationships
Lenders of
potential drop-
down candidates
11. 11
Worldwide sourcing of attractive and flexible capital
May 2015
$353m Secured Term Loan Facility
due 2021/2022 @ L+190bps
3 Shuttle tankers for Shell
November 2016
$220m USPP IG Senior Secured
Notes due 2032 @ 4.66%
1 LNGc for GasNatural
December 2016
$50m Preferred Perpetual Convertible
Equity @ 8% with strike $24
General Corporate Purposes
December 2016
$40m Unsecured Revolving Credit
Facility due 2020
General Corporate Purposes
April 2014
$380m Secured Term Loan Facility
due 2026
2 LNG carriers for GasNatural
June 2016
$15m Secured Revolving Credit
Facility due 2019 @ L+250bps
Existing $380m loan for 5 vessels
13. 13
Company overview
IPO April 2013, fleet of four vessels
Today a fleet of twelve state advanced
shuttle tankers i.e. 200% fleet growth
All vessels secured under long term
fixed-fee revenue contracts with leading
oil majors
Visible growth potential with three drop-
down candidates from Sponsor
Annual distribution currently $2.08,
yielding 9.2% with share price $22.65
Attractive 1099 structure, not K-1
(1) Clarkson Research Spring 2016
15. 15
Name 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Windsor Knutsen
Bodil Knutsen
Fortaleza Knutsen
Recife Knutsen
Carmen Knutsen
Hilda Knutsen
Torill Knutsen
Dan Cisne
Dan Sabia
Ingrid Knutsen
Raquel Knutsen
Tordis Knutsen
Long-term Contracts Backed by Leading Energy Companies
KNOP fleet has average remaining fixed contract duration of 5.0(2) years
Additional 3.6 years on average in Charterers option
(1)
(2)
Fixed contract Option period
(1) KNOT has guaranteed the hire rate to April 2018 (five years from IPO date)
(2) Purchase Agreement executed; closing anticipated with approximately 30 days after the execution of the Purchase agreement
(3) Remaining contract life is calculated as of 31/12/2016, including the acquisition of Tordis Knutsen
16. 16
Dropdown inventory: Three potential acquisitions(1)
Fixed contract periods for the dropdown fleet are 5.0(2)years on average
Charterers also have the option to extend these charters by 12.0 years on average
(1) The acquisition by KNOP of any dropdown vessels in the future is subject to the approval of the board of directors of each of KNOP and our
sponsor. There can be no assurance that any potential dropdowns will occur.
(2) Remaining contract life is calculated as of 31/12/2016.
Fixed contract Option period Yard
Name 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Vigdis Knutsen
Anna Knutsen
Lena Knutsen
17. 17
A Critical Component of Operator Infrastructure:
Shuttle Tankers are substituting pipelines in Deep Sea oil production
Superior, more economical alternative with
lower initial investment in certain fields based
on:
– Distance from infrastructure
– Water depth
– Seabed terrain
– Field size
– Field life
Destination flexibility
Less capital expenditures
Lease and services contracts
Mobility of “pipeline”
Specially designed tankers with
sophisticated bow loading and submerged
turret loading equipment
– Dynamic Positioning (DP) systems enable the vessel to
stay on location in high seas and in harsh environments
– >50% higher investment cost than conventional tankers
Tender-based business drives newbuilds
(versus speculative ordering)
Longer-term contracts
Stricter standards and specialized crewing
Advantages vs. Pipelines Key Differences vs. Conventional Tankers
Seismic Drilling Subsea Production Storage Transport
Cost for field operator Revenue for field operator
18. 18
Very tight market for shuttle tankers
The market for shuttle tankers is very tight
Favourable supply side
24 months since last order of a shuttle tanker
Total-order book of six vessels – no speculative
All vessels secured long-term contracts
0
1
2
3
Shuttle tanker new-building schedule
Fairly old fleet with average age of ~11 years
Attrition and conversion of shuttle tankers for
FSO/FPSO means few available vessels
Tight market gives comfort on employment when
renewal is due for Windsor and Bodil (charter has
option to 2023/2024 respectively)
Mgt. expects Hilda and Torill to continue operation
on Goliat field due to their unique technical
specification, ENI has options to 2023
19. 19
Offshore vs. Onshore Production
27 000 26 000 26 000 26 000 28 000 28 000
57 000 60 000 61 000 63 000
64 000 64 000
84 000
86 000 87 000
89 000
92 000 92 000
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
2011 2012 2013 2014 2015 2016
(Kb / d)
Offshore Onshore
Source: Wall Street Commodities Research
2016 offshore production levels increased due to new projects in areas such as off the
coast of Brazil and in the Gulf of Mexico
20. 20
Stable operational performance results in stable financial performane
17,3
20,5 22,2 21,8 22,1
34,3 34,7 36,2 37
39,3
42,5 42,0 43,1 43,6 45,0
REVENUE (USD million)
ADJUSTED EBITDA(1) (USD million)
100% 99,2% 99,3% 99,4% 99,7% 98,9% 99,7% 99,9% 100% 99,6% 99,9% 99,8 % 99,9 % 100% 99,8 %
FLEET UTILIZATION (%)
7,2
9,3 9,8
8,9 8,1
14,7 15,1
16,4 16,2 16,2
18,1 17,9 18,5
20,3 20,8
12,7
15,7 16,8 16,1 16,3
25,7 26,5
28,3 28,8
32,2
33,8 33,1 34,1 35,1 36,1
DCF(1) (USD million)
Average of 99.7 % since IPO 26% CAGR
since IPO
32% CAGR
since IPO
29% CAGR
since IPO
(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of our financial statements. Please see Appendix A for definitions of Adjusted EBITDA
and distributable cash flow and a reference to reconciliation to net income, the most directly comparable GAAP financial measure.
21. 21
Solid and easy to understand balance sheet
Unaudited, USD in thousands
At December 31,
2016
At December 31,
2015
At December 31,
2016
At December 31,
2015
Current assets: Current liabilities
Cash and cash equivalents 27,664 23,573 Current portion of long-term debt 58,984 48,535
Inventories 1,176 849 Derivative liabilities 3,304 5,138
Other current assets 2,239 1,858 Contract liabilities 1,518 15,18
Other current liabilities 13,561 10,345
Total current assets 31,079 26,280 Total current liabilities 77,637 65,536
Long-term liabilities:
Long-term debt 657,662 619,187
Long-term debt related parties 25,000 —
Derivative liabilities 285 1,232
Contract liabilities 8,239 9,757
Long-term assets: Deferred tax liabilities 685 877
Net vessels and equipment 1,256,889 1,192,927 Other long-term liabilities 1,056 2,543
Derivative assets 3,154 695 Total liabilities 770,564 699,132
Accrued income 1,153 —
Total long-term assets 1,261,196 1,193,622 Total partners’ equity 521,712 520,770
Total assets 1,292,275 1,219,902 Total equity and liabilities 1,292,275 1,219,902
13,008
22. 22
Our contracts are fixed price - not fixed to price of oil
Brent Crude
Oil Price
($/bbl)
KNOP Unit
Price
$105.25
$21.00 $21.80
$55.25
KNOP EBITDA
Margin
Brent Crude Oil Price
($/bbl)
KNOP Unit Price
Source: BofA – data range 4/10/13 to 2/1/2017
23. 23
We have delivered on 2016 financial guidance
Unaudited, USD in
thousands
1Q 2016 2Q 2016 3Q 2016 4Q 2016 FY 2016
2016
Guidance
Guidance
(mid-level)
Achievement
Total revenues(1)
42 026 43 063 43 587 44 995 173 671 167-170m 168 500 103 %
Adjusted EBITDA 33 071 34 141 35 092 36 094 138 398 128-132m 130 000 106 %
DCF 17 888 18 460 20 288 20 778 77 414 75-79m 77 000 101 %
Distribution 15 095 15 027 15 027 16 379 61 528 60m 60 000 103 %
Distribution
coverage ratio(2) 1,19 1,23 1,35 1,27 1,26 ≈1,25 1,25 101 %
$40 000
$41 000
$42 000
$43 000
$44 000
$45 000
$46 000
1Q
2016
2Q
2016
3Q
2016
4Q
2016
Total revenues
$30 000
$31 000
$32 000
$33 000
$34 000
$35 000
$36 000
$37 000
1Q
2016
2Q
2016
3Q
2016
4Q
2016
Adjusted EBITDA
$15 000
$16 000
$17 000
$18 000
$19 000
$20 000
$21 000
$22 000
1Q
2016
2Q
2016
3Q
2016
4Q
2016
DCF
$12 500
$13 000
$13 500
$14 000
$14 500
$15 000
$15 500
$16 000
$16 500
$17 000
$17 500
1Q
2016
2Q
2016
3Q
2016
4Q
2016
Distribution
Source: KNOP
(1) EBITDA, Adjusted EBITDA and Distributable Cash Flow (DCF) are non-gaap financial measures, please see appendix for definitions and such measure and
a reconciliation to net income, the most directly comparable measure.
(2) Distribution coverage ratio is equal to distributable cash flow divided by distribution declared for the period presented.
(1) (1)
24. 24
Financial guidance for 2017
Unaudited, USD in
thousands
2013 201 4 2015 2016 2017 Guidance
Total revenues $73 401 $112 841 $155 024 $173 671 ≈$210m
Adjusted EBITDA(1)
$53 752 $84 639 $116 974 $138 398 $160m-165m
DCF(1)
$26 262 $46 826 $66 906 $77 414 $85-90m
Distribution $20 770 $40 480 $56 921 $61 528 $65.6-68.0m
Distribution coverage ratio(2)
1,26 1,16 1,18 1,26 ≈1,3
$50 000
$70 000
$90 000
$110 000
$130 000
$150 000
$170 000
$190 000
$210 000
Total revenues
$30 000
$50 000
$70 000
$90 000
$110 000
$130 000
$150 000
$170 000
Adjusted EBITDA
$20 000
$30 000
$40 000
$50 000
$60 000
$70 000
$80 000
$90 000
DCF
$15 000
$25 000
$35 000
$45 000
$55 000
$65 000
$75 000
Distribution
Please see Appendix for guidance on the underlying assumptions used to project the range total revenue , EBITDA, Adjusted EBITDA, distributable cash flow and
distribution coverage ratio for the year ending December 31, 2017.
25. 25
Unit price recovery – but still significant yield premium
KNOP still offers an attractive yield pick-up relative to other investments and our assets
also gives better inflation protection than 10 year government bonds
Current
distribution yield:
9.2%
Current
distribution yield:
6.7%
2016 Return
on Equity:
11.8%
2016 DCF
yield:
15%
Current
dividend yield:
2.1%
10 Year US
TIPS yield:
10 Year US
bond yield:
2.4% 0.3%
Source: Bloomberg
26. 26
Summary
Strong operational and financial
performance where we beat financial
guidance on all five measures for 2016
Attractive yield of 9.2% with annualized
distribution of $2.08 per unit
Successfully raised approx. $105m of new
equity with 2.5m common units offering
and a private placement of Series A
Convertible Preferred units
Growth is back with drop-down in both Q4-
2016 and Q1-2017, with intention of
additional drop-down in Q2-2017
With tight market and tenders back
Sponsor expects to build further drop-down
inventory
(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of our financial statements. Please see Appendix A for definitions of
Adjusted EBITDA and distributable cash flow and a reference to reconciliation to net income, the most directly comparable GAAP financial measure.
(2) Quarterly distribution annualized / unit price $21.40 per 13 February, 2017
28. 28
Non-GAAP Financial Measures
Adjusted EBITDA
Adjusted EBITDA refers to earnings before interest, other financial items, taxes, non-controlling interest, depreciation and amortization. Adjusted EBITDA is a
non-GAAP financial measure used by investors to measure our performance.
The Partnership believes that Adjusted EBITDA assists its management and investors by increasing the comparability of its performance from period to
period and against the performance of other companies in its industry that provide Adjusted EBITDA information. This increased comparability is achieved by
excluding the potentially disparate effects between periods or companies of interest, other financial items, taxes and depreciation and amortization, which
items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net
income between periods. The Partnership believes that including Adjusted EBITDA as a financial measure benefits investors in (a) selecting between
investing in the Partnership and other investment alternatives and (b) monitoring the Partnership’s ongoing financial and operational strength in assessing
whether to continue to hold common units. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income
or any other indicator of Partnership performance calculated in accordance with GAAP. The reconciliation of Adjusted EBITDA is set forth in the tables below:
(USD in thousands)
16 April-13
to 30 June-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14
Net income 3,971 6,357 7,902 6,424 2,497 12,563 5,908
Interest income (3) (16) (5) (1) (3) 0 (9)
Interest expense 2,529 2,653 2,832 2,713 3,856 4,014 4,688
Depreciation 5,340 6,304 6,785 6,780 6,782 10,201 10,559
Goodwill impairment charge - - - - - - -
Income tax (benefit) expense - (5) (111) 19 (18) (1) 15
EBITDA 11,837 15,293 17,403 15,935 13,114 26,777 21,161
Other financial items 911 371 (615) 199 3,220 (1,100) 5,333
Adjusted EBITDA 12,748 15,664 16,788 16,134 16,334 25,677 26,494
For the Quarter Ended
(USD in thousands) 31-Mar-15 30-Jun-15 30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16
Net income 7,186 6,887 8,802 17,567 10,663 11,578 19,357 19,505
Interest income (1) (2) - (5) (2) - (6) (15)
Interest expense 4,186 4,212 4,322 4,731 5,029 5,055 5,129 5,654
Depreciation 11,400 11,560 12,420 13,464 13,892 13,913 13,920 14,505
Goodwill impairment charge - 6,217 - - - - - -
Income tax (benefit) expense 3 3 - (65) 3 3 3 (24)
EBITDA 22,774 28,877 25,543 35,692 29,585 30,549 38,402 39,625
Other financial items 5,571 (42) 6,624 (1,849) 3,486 3,592 (3,311) (3,530)
Adjusted EBITDA 28,345 28,835 32,167 33,843 33,071 34,141 35,092 36,095
For the Quarter Ended
29. 29
Non-GAAP Financial Measures
Distributable Cash Flow
Distributable cash flow represents net income adjusted for depreciation and amortization, unrealized gains and losses from derivatives, unrealized foreign
exchange gains and losses, other non-cash items and estimated maintenance and replacement capital expenditures. Estimated maintenance and
replacement capital expenditures, including estimated expenditures for drydocking, represent capital expenditures required to maintain over the long-term the
operating capacity of, or the revenue generated by our capital assets. Distributable cash flow is a quantitative standard used by investors in publicly-traded
partnerships to assist in evaluating a partnership’s ability to make quarterly cash distributions. Distributable cash flow is a non-GAAP financial measure and
should not be considered as an alternative to net income or any other indicator of KNOT Offshore Partners’ performance calculated in accordance with
GAAP. The reconciliation of Distributable Cash flow is set forth in the tables below:
(USD in thousands)
16 April-13
to 30 June-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14
Net income 3,971 6,357 7,902 6,424 2,497 12,563 5,908
Add:
Depreciation 5,340 6,304 6,785 6,780 6,782 10,201 10,559
Goodwill impairment charge - - - - - - -
Other non cash items;
deferred cost amortization debt 870 338 287 279 1,416 308 1,018
Unrealized loss from interest rate derivatives
and forward exchange currency contracts 434 252 - 1,642 - 4,213
IPO expenses covered by Predecessor 60 - - - - - -
Less:
Estimated maintenance and replacement capital
expenditures(including drydocking reserve) (2,980) (3,477) (3,738) (3,738) (3,738) (5,659) (5,747)
Other non cash items; Accrued income - - - - - - -
Other non cash items; Deferred revenue (477) (486) (486) (486) (486) (858) (858)
Unrealized gain from interest rate derivatives
and forward exchange currency contracts - - (994) (99) - (1,846) -
Distributable cash flow 7,218 9,288 9,756 9,160 8,113 14,709 15,093
For the Quarter Ended
30. 30
Non-GAAP Financial Measures
(USD in thousands) 31-Mar-15 30-Jun-15 30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16
Net income 7,186 6,887 8,802 17,567 10,663 11,578 19,357 19,505
Add:
Depreciation 11,400 11,560 12,420 13,464 13,892 13,913 13,920 14,505
Goodwill impairment charge - 6,217 - - - - - -
Other non cash items;
deferred cost amortization debt 284 287 289 289 287 287 310 315
Unrealized loss from interest rate derivatives
and forward exchange currency contracts 4,597 - 4,032 - 4,348 1,608 - 2,911
IPO expenses covered by Predecessor - - - - - - - -
Less:
Estimated maintenance and replacement capital
expenditures(including drydocking reserve) (6,175) (6,264) (6,749) (7,516) (461) (7,894) (7,894) (8,100)
Other non cash items; Accrued income - - - - (858) (245) (751) (751)
Other non cash items; Deferred revenue (858) (858) (858) (858) (787) (216) (232)
Unrealized gain from interest rate derivatives
and forward exchange currency contracts (6,175) (6,264) (1,789) (4,864) (2,089) - (4,438) (7,375)
Distributable cash flow 16,434 16,243 16,147 18,082 17,888 18,460 20,288 20,778
For the Quarter Ended
. The reconciliation of Distributable Cash flow is set forth in the table below:
31. 31
Guidance for the year ending December 31, 2017
The following tables set forth our projected range of net income, EBITDA, Adjusted EBITDA, distributable cash flow and distribution coverage ratio for the
year ending December 31, 2017, as well as a reconciliation of such projected EBITDA, Adjusted EBITDA and distributable cash flow to projected net income,
the most directly comparable GAAP measure.
(USD in thousands)
Low
Year Ending
December 31,
2017
(unaudited)
High
Year Ending
December 31,
2017
(unaudited)
Net income $ 60,000 $ 62,000
Interest income 0 0
Interest expense 31,000 33,000
Depreciation & Amortization 69,000 70,000
Income tax (benefit) expense
EBITDA 160,000 165,000
Other financial items
Adjusted EBITDA $ 160,000 $ 165,000
(USD in thousands)
Low
Year Ending
December 31,
2017
(unaudited)
High
Year Ending
December 31,
2017
(unaudited)
Net income $ 60,000 $ 62,000
Add:
Depreciation & Amortization 69,000 70,000
Other non-cash items; deferred costs
amortization debt - -
Unrealized losses from interest rate
derivatives and foreign exchange
currency contracts - -
Less:
Estimated maintenance and replacement
capital expenditures (including
drydocking reserve) 40,000 39,000
Other non-cash items; deferred revenue 4,000 3,000
Other non-cash items; accrued income - -
Unrealized gains from interest rate
derivatives and foreign exchange
currency contracts - -
Distributable cash flow $ 85,000 $ 90,000
Distributions $ 65,600 $ 68,000
Distribution coverage ratio(1) 1.30 1.32
(1) Projected distribution coverage ratio is equal to projected distributable cash flow divided by distributions projected
declared for the period presented.
32. 32
Guidance for the year ending December 31, 2017
The projected amounts set forth in the tables above exclude the impact of any acquisitions other than the Acquisition and are based on the following
assumptions:
closing of the Acquisition on March 1, 2017;
no dispositions of vessels;
no impairment expense;
timely receipt of charter hire specified in the time charter and bareboat charter contracts;
no unscheduled off-hire;
no realized or unrealized gains or losses on derivative instruments;
no additional equity issuances;
vessel operating costs according to current internal estimates; and
general and administrative expenses based on management’s current internal estimates.
We consider the above assumptions to be reasonable as of the date of this press release, but if these assumptions prove to be incorrect, actual net income,
EBITDA, Adjusted EBITDA, distributable cash flow and distribution coverage ratio could differ materially from our guidance. Neither our independent auditors nor
any other independent accountants have compiled, examined, or performed any procedures with respect to the prospective financial information contained
herein, nor have they expressed any opinion or any other form of assurance on such information or its achievability and assume no responsibility for, and
disclaim any association with, such prospective financial information.