KNOT Offshore Partners LP Announces Board Changes; Provides Cash Dividend Guidance for the Third Quarter Ending September 30, 2014
August 14, 2014 at 07:14 am EDT
Share
On August 13, 2014, KNOT Offshore Partners LP held its annual meeting of limited partners and the Partnership's general partner appointed Mr. Hiroaki Nishiyama to replace Mr. Yukuta Higurashi on the Board. Mr. Nishiyama has served as the Managing Director of NYK Energy Transport (Atlantic) Limited since April 2014.
The Partnership's management has recommended to the Board an increase in the partnership's quarterly cash distribution of $0.055 (corresponding to an annualized increase of $0.22) which would become effective for the distribution for the quarter ending September 30, 2014. If this recommendation is approved, it would represent an increase of 12.6% over the current quarterly distribution. Any such increase would be conditioned upon the approval of such increase by the Board and the absence of any material adverse developments that would make such an increase inadvisable.
KNOT Offshore Partners LP is a United Kingdom-based company that owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of Brazil and the North Sea. The Company's fleet consists of approximately 18 shuttle tankers, which vessels are designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. Its shuttle tankers are equipped with sophisticated loading and dynamic positioning systems that allow the vessels to load cargo safely from oil field installations, in harsh weather conditions and where there are strong currents. The Company's vessels include Tove Knutsen, Synnove Knutsen, Lena Knutsen, Vigdis Knutsen, Anna Knutsen, Tordis Knutsen, Raquel Knutsen, Carmen Knutsen, Brasil Knutsen, Hilda Knutsen, Torill Knutsen, Ingrid Knutsen, Dan Sabia, Bodil Knutsen, Fortaleza Knutsen, Recife Knutsen, Dan Cisne and Windsor Knutsen.
KNOT OFFSHORE PARTNERS LP 
