KNOT Offshore Partners LP Announces First Quarter 2014 Cash Distribution, Gives Operational Update and Files Form 20-F.

  KNOT Offshore Partners LP Announces First Quarter 2014 Cash Distribution,
  Gives Operational Update and Files Form 20-F.

Business Wire

ABERDEEN, Scotland -- April 15, 2014

KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)

Distribution

The Partnership announced today that its Board of Directors has declared a
quarterly cash distribution with respect to the quarter ended March 31, 2013,
of $0.4350 per unit. This corresponds to $1.74 per outstanding unit on an
annualized basis. This cash distribution will be paid on May 15, 2014 to all
unitholders of record as of the close of business on May 5, 2014.

Operational Update

We have been notified that BG Group will not exercise its option to extend the
Windsor Knutsen time charter after the expiration of its existing term. The
vessel will be redelivered between June 30 and August 30, 2014 at BG Group’s
option. The process of re-employing the vessel is ongoing. Pursuant to the
Partnership’s omnibus agreement with Knutsen NYK Offshore Tankers AS (“KNOT”),
in the event the Windsor Knutsen is not re-employed and receiving a rate of
hire that is equal to or greater than the rate of hire that would have been in
effect in the event BG Group had exercised its option under the existing
charter, KNOT will pay us such rate of hire that would have been in effect for
a period of up to April 15, 2018, subject to certain limitations as described
in our omnibus agreement.

Filing of Annual Report on Form 20-F.

The Partnership has filed its Annual Report on Form 20-F for the year ended
December 31, 2013 with the U.S. Securities and Exchange Commission (the
“SEC”). The filing is available on the SEC’s website and the Partnership’s
website.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under
long-term charters in the offshore oil production regions of the North Sea and
Brazil. KNOT Offshore Partners LP is structured as a publicly-traded master
limited partnership. KNOT Offshore Partners LP’s common units trade on the New
York Stock Exchange under the symbol “KNOP.”

Forward Looking statements

This press release includes statements that may constitute forward-looking
statements. Such forward-looking statements are subject to a variety of known
and unknown risks, uncertainties, and other factors that are difficult to
predict and many of which are beyond management’s control. Factors that can
affect future results are discussed in the Annual Report on Form 20-F filed by
the Partnership with the SEC. The Partnership undertakes no obligation to
update or revise any forward-looking statement to reflect new information or
events.

Source: KNOT Offshore Partners LP

Contact:

KNOT Offshore Partners LP
Arild Vik, +44 7581 899777
Chief Executive Officer and Chief Financial Officer
http://knotoffshorepartners.com/
 
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