KNOT Offshore Partners LP Announces New Charter of the Windsor Knutsen

  KNOT Offshore Partners LP Announces New Charter of the Windsor Knutsen

Business Wire

ABERDEEN, Scotland -- June 13, 2014

KNOT Offshore Partners LP ("KNOT" or the "Partnership") (NYSE:KNOP) announced
today an agreement with Brazil Shipping I Limited, an affiliate of BG Group
(“BG”) for the time charter of the vessel Windsor Knutsen. The hire rate for
the initial term is in line with the rate in the existing charter with BG.

The charter has an initial term of two years. BG has options to extend the
term of the charter for three additional one-year periods. The charter will
commence in or around the fourth quarter of 2015. If all three extension
options are exercised, the Windsor Knutsen will operate for BG until the end
of 2020. The shuttle tanker will operate in Brazil.

BG has recently notified the Partnership that the Windsor Knutsen will be
redelivered under its existing charter at the end of July 2014. The process of
reemploying the vessel prior to the commencement of its new charter with BG is
ongoing. Pursuant to the Partnership’s Omnibus Agreement with Knutsen NYK
Offshore Tankers AS (“Knutsen”), in the event the Windsor Knutsen is not
receiving from any charterer 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 had exercised
its option under the existing Windsor Knutsen charter, Knutsen will pay the
Partnership such rate of hire that would have been in effect for a period up
to April 15, 2018, subject to certain limitations as described in the

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

The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements are based upon
the current beliefs and expectations of KNOT’s management and are subject to
risks and uncertainties, which could cause actual results to differ from the
forward-looking statements. The information set forth herein should be read in
light of such risks. KNOT does not assume any obligation to update the
information contained in this press release.

Source: KNOT Offshore Partners LP


KNOT Offshore Partners LP
Arild Vik, +44 7581899777
Chief Executive Officer and Chief Financial Officer
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