KNOT Offshore Partners LP : Second Quarter 2023 Earnings Presentation

Second Quarter 2023

August 31, 2023

(NYSE:KNOP)

Forward Looking Statements

This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management's current view and involve known and unknown risks and are based upon assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of KNOT Offshore Partners LP ("KNOP"). Actual results may differ materially from those expressed or implied by such forward-looking statements.

All forward-looking statements included in this presentation are made only as of the date of this presentation. KNOP disclaims any obligation and does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOP's views and expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

There are many factors that may cause actual results to differ from those expressed or implied by these forward-looking statements such as, but not limited to, the following: market trends in the shuttle tanker or general tanker industries, including hire rates, factors affecting supply and demand, and opportunities for the profitable operations of shuttle tankers and conventional tankers; market trends in the production of oil in the North Sea, Brazil and elsewhere; the ability of Knutsen NYK Offshore Tankers AS ("Knutsen NYK") and KNOP to build shuttle tankers and the timing of the delivery and acceptance of any such vessels by their respective charterers; KNOP's ability to purchase vessels from Knutsen NYK in the future; KNOP's ability to enter into long-term charters, which KNOP defines as charters of five years or more, or shorter-term charters or voyage contracts; KNOP's distribution policy, forecasts of KNOP's ability to make distributions on its common units, Class B Units and Series A Preferred Units, the amount of any such distributions and any changes in such distributions; KNOP's ability to integrate and realize the expected benefits from acquisitions; the effects of outbreaks of pandemic or contagious diseases, including the length and severity of the outbreak of COVID-19, including its impact on KNOP's business, cash flows and operations as well as the business and operations of its customers, suppliers and lenders; KNOP's anticipated growth strategies; the effects of a worldwide or regional economic slowdown; turmoil in the global financial markets; fluctuations in currencies, inflation and interest rates; fluctuations in the price of oil; general market conditions, including fluctuations in hire rates and vessel values; changes in KNOP's operating expenses, including drydocking and insurance costs and bunker prices; recoveries under KNOP's insurance policies; the length and cost of drydocking; KNOP's future financial condition or results of operations and future revenues and expenses; the repayment of debt and settling of any interest rate swaps; KNOP's ability to refinance its indebtedness on acceptable terms and on a timely basis and to make additional borrowings and to access debt and equity markets; planned capital expenditures and availability of capital resources to fund capital expenditures; KNOP's ability to maintain long-term relationships with major users of shuttle tonnage; KNOP's ability to leverage Knutsen NYK's relationships and reputation in the shipping industry; KNOP's ability to maximize the use of its vessels, including the re-deployment or disposition of vessels no longer under charter; the financial condition of KNOP's existing or future customers and their ability to fulfill their charter obligations; timely purchases and deliveries of newbuilds; future purchase prices of newbuilds and secondhand vessels; any impairment of the value of KNOP's vessels; KNOP's ability to compete successfully for future chartering and newbuild opportunities; acceptance of a vessel by its charterer; the impact of the Russian war with Ukraine; termination dates and extensions of charters; the expected cost of, and KNOP's ability to, comply with governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to KNOP's business; availability of skilled labor, vessel crews and management, including possible disruptions due to the COVID-19 outbreak; KNOP's general and administrative expenses and its fees and expenses payable under the technical management agreements, the management and administration agreements and the administrative services agreement; the anticipated taxation of KNOP and distributions to its unitholders; estimated future capital expenditures; Marshall Islands economic substance requirements; KNOP's ability to retain key employees; customers' increasing emphasis on climate, environmental and safety concerns; potential liability from any pending or future litigation; potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists; future sales of KNOP's securities in the public market; KNOP's business strategy and other plans and objectives for future operations; and other factors listed from time to time in the reports and other documents that KNOP files with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2022, and subsequent reports on Form 6-K.

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Second Quarter 2023 and Subsequent Highlights - 1

• Announced cash distribution of $0.026 per common unit under 1099 structure, paid in August 2023, the 41st consecutive quarterly distribution since the Partnership first listed in 2013.
• Fleet operated with 99.3% utilization for scheduled operations, and 95.5% utilization taking into account the scheduled drydocking of the Brasil Knutsen and the Hilda Knutsen.
• On June 2, 2023, successfully closed new five-year $240 million senior secured term loan facility, which was scheduled to mature in September 2023, secured by the Windsor Knutsen, the Bodil Knutsen, the Fortaleza Knutsen, the Recife Knutsen, the Carmen Knutsen and the Ingrid Knutsen.
• On August 16, 2023, successfully closed the refinancing of our first $25 million revolving credit facility, with the facility being rolled until August 2025 on similar terms, and continuing discussions with the lender under our second $25 million revolving credit facility, which will mature in November 2023, and we expect this will also be successfully refinanced on acceptable and similar terms prior to its maturity.
• Contract developments in the second quarter of 2023 and subsequent:
• • On August 18, 2023, a 100-day extension to the existing bareboat charter party for the Dan Cisne was agreed with Transpetro, which will extend the vessel's fixed employment to around the end of December 2023. This contract extension is subject to agreement of customary documentation and is expected to be signed in early September 2023.
  • On August 8, 2023, the Partnership entered into a new time charter contract for the Brasil Knutsen with a major independent operator in Brazil to commence in January 2024 for a fixed period of one year.
  • The Partnership has agreed with Equinor to substitute the Brasil Knutsen for the Windsor Knutsen in the time charter contract with Equinor that is due to commence in the fourth quarter of 2024 or the first quarter of 2025 for a fixed period, at the charterer's option, of either one year or two years, with options for the charterer to extend the charter, in either case, by two further one-year periods. The time charter otherwise remaining unchanged.
  • Agreed commercial terms in July 2023 for a new time charter contract for the Windsor Knutsen with an oil major to commence within the window from February 1, 2025 to May 1, 2025, for a fixed period, at the charterer's option, of either one year with an option for the charterer to extend the charter by one further year, or, a single firm period of two years. Signing of the new contract remains subject to charterer's management approval, agreement of certain operational details, and customary documentation.

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Second Quarter 2023 and Subsequent Highlights - 2

• • The Hilda Knutsen and the Torill Knutsen each continued to operate on separate time charter contracts with a subsidiary of the Partnership's sponsor, Knutsen NYK Offshore Tankers AS ("Knutsen NYK") at a reduced charter rate, and hence we are continuing to market both vessels for new, third-party time charter employment, and we are in active discussions with potential charterers, including Knutsen NYK.
  • On April 11, 2023, a new time charter contract for the Recife Knutsen was signed with Transpetro for a firm period of three years. The vessel began operating under this new time charter contract on August 3, 2023, directly after the expiration of the then-existing bareboat charter, also with Transpetro. The vessel's employment is now fixed until around August 2026.
  • The Tordis Knutsen operated under a time charter contract with a subsidiary of TotalEnergies which expired on July 1, 2023, the same day the vessel was delivered to Shell to commence on a new three-year time charter.
  • On August 1, 2023, the time charter contract with PetroChina for the Vigdis Knutsen was extended under option by six-months to March 2024, after which the vessel is due to be delivered to Shell to commence on a new three-year time charter.
  • The Lena Knutsen operated under a time charter contract with a subsidiary of TotalEnergies, which is anticipated to end on August 31, 2023, following which the vessel will fulfil a new three-year time charter contract with Shell, which is currently anticipated to commence in early September 2023.
• Recognised non-cash impairments in respect of the Dan Cisne and Dan Sabia in accordance with US GAAP, in total $49.6 million. This result was due to the vessels' current charter contracts moving closer to expiry, their high carrying value, and their smaller size not being optimal for the Brazilian market.
• The scheduled ten-year special survey drydockings of the Brasil Knutsen and the Hilda Knutsen commenced in the second quarter of 2023, with both drydockings being successfully completed in Europe in July 2023, taking 51 days and 30 days respectively. The Partnership was able to secure a cargo voyage from Brazil to Europe for the Brasil Knutsen, thus avoiding the majority of bunker fuel costs in transit to the drydock yard and lowering the number of days offhire.
• Now secured employment across the fleet for the vast majority of 2023.

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Second Quarter 2023 and Subsequent Highlights - 3

• At June 30, 2023, the Partnership had:
• • $68.1 million in available liquidity, which included cash and cash equivalents of $63.1 million
  • Net exposure to floating interest rate fluctuations of approximately $328 million, based on total interest-bearing contractual obligations of $1,016 million, meaning that approximately 68% of the Partnership's debt was effectively fixed rate, with a significant portion of total debt in fact hedged through to the end of 2024
  • $620 million of remaining contracted forward revenue, excluding charterer's options, and excluding contracts agreed or signed after June 30, 2023
• The fleet had an average age of 9.2 years, with each vessel having an estimated useful life of 23 years.
• Strong utilization in the second quarter, buoyed by longer-term shuttle tanker fundamentals, despite the need to book non-cash impairments against the Dan Cisne and the Dan Sabia, for which we are seeking new opportunities and assessing options.
• We see that the trends in Brazil continue to be very encouraging, where 14 of our 18 vessels operate, and this is continuing to exert positive pressure on the shuttle tanker charter market.
• We believe that the limited multi-year orderbook of only 5 vessels between now and 2026, combined with significant new offshore oil production volumes coming online, will drive vessel demand and charter rates further in Brazil, and eventually also in the North Sea.
• We continue to see that the North Sea market however, where currently 4 of our 18 vessels operate, will take longer to re-balance, indeed, potentially several more quarters.
• The supportive fundamentals of vessel supply, set against the faster pace of new offshore oil production implied by continuing FPSO ordering for shuttle tanker-serviced fields which drives demand, we believe, leaves the Partnership well placed over the coming years to benefit from our market-leading position.

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