# 6-K

- Source: edgar · Published: 2026-09-09 · Kind: report
- Original: https://www.sec.gov/Archives/edgar/data/1564180/000110465926106128/knop-20260630x6k.htm

**TL;DR —** KNOT Offshore Partners LP reported a significant decrease in net income for Q2 and H1 2026 compared to the previous year, primarily due to increased depreciation expenses from a revised vessel useful life estimate and higher operating costs, despite an increase in time charter and bareboat revenues.

## Takeaways
- **Net Income Decline:** Net income for Q2 2026 was $3.41 million, down 49.9% from $6.81 million in Q2 2025; H1 2026 net income was $6.04 million, a 58.1% decrease from $14.39 million in H1 2025.
- **Revenue Growth:** Total revenues increased by 11.2% to $96.78 million in Q2 2026 (vs. $87.06 million in Q2 2025) and by 10.3% to $188.78 million in H1 2026 (vs. $171.09 million in H1 2025), driven by higher time charter and bareboat revenues.
- **Increased Depreciation:** Depreciation expenses surged by 43.2% to $42.09 million in Q2 2026 (vs. $29.37 million in Q2 2025) and by 44.4% to $83.94 million in H1 2026 (vs. $58.14 million in H1 2025), primarily due to a reassessment of vessel useful life from 23 to 20 years, impacting net income by $10.9 million in Q2 and $21.8 million in H1 2026.
- **Higher Operating Expenses:** Total operating expenses rose by 25.2% to $81.22 million in Q2 2026 (vs. $64.88 million in Q2 2025) and by 25.0% to $158.53 million in H1 2026 (vs. $126.81 million in H1 2025), mainly due to increased vessel operating expenses and depreciation.
- **Debt Refinancing & Acquisition:** Post-period, the company acquired the *Hedda Knutsen* on September 1, 2026, adding a $89.4 million term loan facility, and refinanced $225.8 million of existing term loans for five vessels with a new $225 million senior secured credit facility maturing in June 2031.

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