KNOT Shuttle Tankers Completes Acquisition Of KNOT Shuttle Tankers 25 From Knutsen NYK For US$165.8 Million

Published: May 16 2017
Deal Summary

KNOT Shuttle Tankers AS, a shipping company and a subsidiary of KNOT Offshore Partners LP, completed the acquisition of 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$165.8 million (MM). Of the total consideration, US$28.11 MM was paid in cash.

The purchase price includes assumed debt of US$137.7 MM; US$17.9 MM for a receivable owed by Knutsen NYK to KNOT 25; and approximately US$0.9 million for certain capitalized fees related to the financing of the Vigdis Knutsen tanker. Of the total debt, the company repaid approximately US$42.8 MM on the closing date.

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.

Deal history

Completed: On June 1, 2017, KNOT Shuttle Tankers completed the acquisition of KNOT Shuttle Tankers 25, from Knutsen NYK, for US$165.8 MM.

Announced: On May 16, 2017, KNOT Shuttle Tankers entered into a share purchase agreement to acquire KNOT Shuttle Tankers 25 from Knutsen NYK for US$165.8 MM.

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