KNOT Offshore Reports Q1 Revenues of $92M, EBITDA $56.5M and $0.05 Distribution Increase
KNOP•KNOT Offshore Partners reported Q1 2026 revenues of $92 million, adjusted EBITDA of $56.5 million and net income of $2.6 million, and raised its cash distribution to $0.05 per unit. It shortened vessel useful lives to 20 years, boosting depreciation, and faces $285 million of debt maturities through October 2026 after dry docking–related revenue declines.
1. Q1 2026 Financial Results
KNOT Offshore Partners reported Q1 2026 revenues of $92 million, operating income of $14.7 million and net income of $2.6 million. Adjusted EBITDA reached $56.5 million on 97.2% fleet utilization, and the board approved a cash distribution of $0.05 per common unit.
2. Depreciation Change and Dry Docking Impact
The partnership reduced vessel useful lives from 23 to 20 years, resulting in higher depreciation expense starting this quarter. Sequential revenue declined due to scheduled dry docking, highlighting the operational impact of planned maintenance on cash generation.
3. Debt Maturities and Distribution Outlook
KNOT Offshore faces $285 million in debt maturities, including a $220 million facility due in September 2026 and a $65 million facility in October 2026. Management maintains a strong cash position but will decide on future distribution increases on a quarterly basis.
