KNOT Offshore Partners Acquires Hedda Knutsen and Completes $225M Refinancing
KNOP sits 49% above its 52-week low of $7.18 on light trading volume (0.3× avg).
Summary
KNOT Offshore Partners acquired the shuttle tanker Hedda Knutsen for about $24.4 million net of debt and completed a $225 million loan refinancing, extending debt maturity to 2031.
Key Events · M&A and Partnerships · KNOP
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Hedda Knutsen Acquisition Completed
Wholly owned subsidiary KNOT Shuttle Tankers AS acquired Knutsen Canadian Chartering AS, owner of the 2024-built shuttle tanker Hedda Knutsen, for $113.0 million less $89.4 million of outstanding debt plus $0.8 million of capitalized fees, resulting in an initial cost of approximately $24.4 million.
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Long-Term Petrobras Charter Secured
The Hedda Knutsen operates in Brazil on a time charter with Petrobras with a fixed period expiring November 2034 and a charterer option for an additional 5 years, adding contracted revenue visibility.
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$225M Refinancing Completed
On August 25, 2026, subsidiaries owning five vessels closed a new $225 million senior secured credit facility with DNB Bank ASA as Agent, refinancing $225.8 million of existing term loans that were due to mature in September 2026.
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Refinancing Terms
The new facility bears interest at SOFR plus 1.65%, is repayable in 20 consecutive quarterly installments, and has a $111.1 million balloon payment due at maturity in June 2031, secured by mortgages on the five vessels and guaranteed by KNOP.
Analysis · KNOP · Energy & Transportation
KNOT Offshore Partners LP closed two significant transactions: the acquisition of the shuttle tanker Hedda Knutsen for an initial cost of approximately $24.4 million, and the completion of a $225 million senior secured credit facility refinancing. The acquisition adds a modern 2024-built vessel on a long-term Petrobras charter through November 2034, with a further 5-year option, strengthening contracted cash flows. The refinancing replaces $225.8 million of term loans that were due to mature in September 2026, extending maturity to June 2031 and reducing near-term refinancing risk. The new facility carries a SOFR + 1.65% margin and a $111.1 million balloon payment at maturity. Both transactions were approved by the Board and independent Conflicts Committee, reflecting related-party governance oversight given the sponsor's involvement.
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In the 30 days to Sep 11, 2026, 36.1% of the 1753 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.04%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, KNOP was trading at $10.69 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $369.4M. The 52-week trading range was $7.18 to $11.78. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.