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Knot Offshore to Acquire the Tanker Dan Sabia for USD 103m.

M2 EQUITYBITES-May 27, 2015-Knot Offshore to Acquire the Tanker Dan Sabia for USD 103m


27 May 2015 - UK-based tanker operator Knot Offshore Partners LP's (NYSE: KNOP) Knot Shuttle Tankers AS subsidiary has entered into a share purchase agreement to acquire Knot Shuttle Tankers 21 AS, the company that owns the shuttle tanker, Dan Sabia, from Knutsen NYK Offshore Tankers AS, the company said on Wednesday.

The purchase price of the acquisition is USD 103m, net of USD 64.5m of outstanding indebtedness related to the Dan Sabia.

Knot said it expects the acquisition to close within approximately 30 days, subject to customary closing conditions.

The Dan Sabia is operating under a bareboat charter with Petrobras Transporte S.A. The Dan Sabia charter commenced upon delivery of the vessel in the first quarter of 2012 and will terminate in the first quarter of 2024.

KNot owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. The partnership is structured as a master limited partnership.

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Publication:M2 EquityBites (EQB)
Date:May 27, 2015
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