KNOT Shuttle Tankers To Acquire KNOT Shuttle Tankers 25 From Knutsen NYK For US$241.9 Million

Published: May 16 2017
Deal Summary

KNOT Shuttle Tankers AS, a shipping company and a subsidiary of KNOT Offshore Partners LP, entered into a share purchase agreement to acquire KNOT Shuttle Tankers 25 AS, a company that owns Vigdis Knutsen shuttle tanker, from Knutsen NYK Offshore Tankers AS, an operator of shuttle tankers, for a purchase consideration of approximately US$241.9 million (MM), including US$94.9 MM net debt. The purchase price is subject to certain post-closing adjustments for working capital and interest rate swaps.

Vigdis Knutsen is a 2017-built, Norway-flagged crude oil tanker with a dead weight tonnage of 156,559 tons and gross tonnage of 90,031 tons.

The transaction will enable KNOT Shuttle Tankers to strengthen its shipping business. The transaction is expected to be completed by June 1, 2017, subject to customary closing conditions.

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