# 20-F

- Source: edgar · Published: 2026-04-17 · Kind: annual-report
- Original: https://www.sec.gov/Archives/edgar/data/1564180/000110465926044664/knop-20251231x20f.htm

**TL;DR —** KNOT Offshore Partners LP (KNOP) acquired three shuttle tankers in 2024-2025, repurchased common units, and faced a terminated acquisition offer from its parent company, while also adjusting vessel useful life and managing several drydockings and a vessel breakdown in early 2026.

## Takeaways
- **Vessel Acquisitions (2024-2025):** KNOP acquired three shuttle tankers: Tuva Knutsen ($97.5M, Sep 2024), Live Knutsen ($100M, Mar 2025), and Daqing Knutsen ($95M, Jul 2025), significantly expanding its fleet and operational capacity.
- **Common Unit Repurchase:** The Partnership repurchased 384,739 common units for $10 million at an average price of $7.87/unit, concluding in October 2025, which reduced outstanding common units to 33,660,342.
- **Terminated Acquisition Offer:** KNOT NYK Offshore Tankers AS (KNOT) proposed to acquire all publicly held common units for $10/unit in October 2025, but discussions were terminated in March 2026 as no agreement was reached.
- **Change in Vessel Useful Life:** Effective January 1, 2026, KNOP reduced the estimated useful life of its vessels from 23 years to 20 years, which will increase non-cash depreciation charges in future quarters.
- **Operational Events (Early 2026):** The Hilda Knutsen charter was extended to March 2027, the Tuva Knutsen and Bodil Knutsen underwent scheduled drydockings, and the Tordis Knutsen experienced a diesel generator breakdown, leading to off-hire status and anticipated insurance claims for repairs and loss of hire.
- **Dividend Declaration:** KNOP declared quarterly cash distributions of $0.026/common unit for Q4 2025 (paid Feb 2026) and $0.05/common unit for Q1 2026 (to be paid May 2026), alongside distributions to Series A Preferred Unitholders.

*Generated 2026-11-12 via google/gemini-2.5-flash*