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KNOT acquires Ingrid Knutsen

Written by  OE Staff Thursday, 15 October 2015 10:09

KNOT Offshore Partners announced that it has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Ingrid Knutsen for an aggregate purchase price of $115.0 million.

KNOT has financed the purchase price with cash in hand, and the assumption of $104.5 million of outstanding indebtedness related to the vessel.

The Ingrid Knutsen is an 112,000-deadweight ton shuttle tanker, built by Hyundai Heavy Industries in South Korea and delivered in December 2013. The vessel is operating in the North Sea under a ten-year time charter with Standard Marine Tønsberg AS (a Norwegian subsidiary of ExxonMobil), which will expire in 1Q 2024.

The charterer has options to extend the charter for one three-year period and one two-year period. Including the Ingrid Knutsen, KNOT now has a fleet of ten vessels with an average age of 3.8 years and a fixed average employment of 5.8 years.

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