KNOT Offshore Partners (KNOP) 6-K 18 Sep 24 2024 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Document And Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity File Number	001-35866
Entity Registrant Name	KNOT Offshore Partners LP
Entity Address, Address Line One	2 Queen’s Cross,
Entity Address, City or Town	Aberdeen
Entity Address, Postal Zip Code	AB15 4YB
Entity Address, Country	GB
Entity Central Index Key	0001564180
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Operating revenues:
Loss of hire insurance recoveries (Note 5)	$ 78	$ 1,424	$ 78		$ 2,335
Other income	554	891	1,109		973
Total revenues	74,420	73,824	151,052		145,004
Operating expenses:
Vessel operating expenses	26,952	25,287	52,861		44,730
Voyage expenses and commission	584	159	2,219		4,855
Depreciation	27,748	28,107	55,490		55,836
Impairment (Note 19)	16,384	49,649	16,384		49,649
General and administrative expenses	1,426	1,838	3,063		3,488
Total operating expenses	73,094	105,040	130,017		158,558
Operating income (loss)	1,326	(31,216)	21,035		(13,554)
Finance income (expense):
Interest income	897	861	1,725		1,544
Interest expense (Note 6)	(16,863)	(18,107)	(34,328)		(35,476)
Other finance income (expense) (Note 6)	177	(112)	(92)		(184)
Realized and unrealized gain (loss) on derivative instruments (Note7)	1,797	8,124	6,799		5,814
Net gain (loss) on foreign currency transactions	28	109	(198)		(27)
Total finance expense	(13,964)	(9,125)	(26,094)		(28,329)
Income (loss) before income taxes	(12,638)	(40,341)	(5,059)		(41,883)
Income tax benefit (expense) (Note 9)	(213)	(49)	(354)		196
Net income (loss)	(12,851)	(40,390)	(5,413)	[1]	(41,687)	[1]
Series A Preferred unitholders' interest in net income (loss)	1,700	1,700	3,400		3,400
General Partner's interest in net income (loss)	(269)	(777)	(163)		(832)
Limited Partners' interest in net income (loss)	$ (14,282)	$ (41,313)	$ (8,650)		$ (44,225)
Earnings per unit (Basic):
General Partner unit (basic) (in dollars per share)	$ (0.42)	$ (1.21)	$ (0.25)		$ (1.30)
Earnings per unit (Diluted):
General Partner unit (basic) (in dollars per share)	(0.42)	(1.21)	(0.25)		(1.30)
Common units
Earnings per unit (Basic):
Common unit (basic) (in dollars per share)	(0.42)	(1.21)	(0.25)		(1.30)
Earnings per unit (Diluted):
Common unit (diluted) (in dollars per share)	$ (0.42)	$ (1.21)	$ (0.25)		$ (1.30)
Time charter and bareboat revenues
Operating revenues:
Revenue from contract with customers	$ 73,437	$ 69,924	$ 146,799		$ 132,857
Voyage revenues
Operating revenues:
Revenue from contract with customers	$ 351	$ 1,585	$ 3,066		$ 8,839
[1] Included in net income (loss) is interest paid amounting to $33.6 million and $34.0 million for the six months ended June 30, 2024 and 2023, respectively.

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Unaudited Condensed Consolidated Statements of Comprehensive Income
Net income (loss)	$ (12,851)	$ (40,390)	$ (5,413)	[1]	$ (41,687)	[1]
Other comprehensive income, net of tax	0	0	0		0
Comprehensive income (loss)	$ (12,851)	$ (40,390)	$ (5,413)		$ (41,687)
[1] Included in net income (loss) is interest paid amounting to $33.6 million and $34.0 million for the six months ended June 30, 2024 and 2023, respectively.

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (Note 8)		$ 56,619	$ 63,921
Inventories (Note 11)		3,717	3,696
Derivative assets (Notes 7 and 8)		12,593	13,019
Other current assets (Note 17)		10,698	8,795
Total current assets		84,411	89,779
Long-term assets:
Vessels, net of accumulated depreciation (Notes 10 and 19)		1,421,256	1,492,998
Right-of-use assets (Note 4)		1,730	2,126
Deferred tax assets (Note 9)		3,812	4,358
Derivative assets (Notes 7 and 8)		6,406	7,229
Total long-term assets		1,433,204	1,506,711
Total assets		1,517,615	1,596,490
Current liabilities:
Trade accounts payable (Note 17)		5,475	10,243
Accrued expenses (Note 18)		9,717	14,775
Current portion of long-term debt (Notes 8 and 12)		89,157	98,960
Current lease liabilities (Note 4)		1,096	982
Income taxes payable		25	44
Prepaid charter and deferred revenue		2,354	467
Amount due to related parties (Note 13)		$ 3,859	$ 2,106
Other Liability, Current, Related Party, Type [Extensible Enumeration]		Related Party	Related Party
Total current liabilities		$ 111,683	$ 127,577
Long-term liabilities:
Long-term debt (Notes 8 and 12)		806,214	857,829
Lease liabilities (Note 4)		634	1,144
Deferred tax liabilities (Note 9)		121	127
Deferred revenues		2,102	2,336
Total long-term liabilities		809,071	861,436
Total liabilities		920,754	989,013
Commitments and contingencies (Note 14)
Series A Convertible Preferred Units		84,308	84,308
Partners' capital:
General partner interest		9,089	9,285
Total partners' capital		512,553	523,169
Total liabilities and equity		1,517,615	1,596,490
Related Party
Current assets:
Amounts due from related parties (Note 13)		784	348
Other current assets (Note 17)		746	376
Current liabilities:
Trade accounts payable (Note 17)		2,254	3,203
Common units
Partners' capital:
Common unitholders		499,593	510,013
Class B unit
Partners' capital:
Common unitholders	[1]	$ 3,871	$ 3,871
[1]On September 7, 2021, the Partnership entered into an exchange agreement with Knutsen NYK, and the Partnership’s general partner whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s incentive distribution rights (“IDRs”), in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled (the “IDR Exchange”). As of June 30, 2024, 420,675 of the Class B Units had been converted to common units.

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - Knutsen NYK - shares		6 Months Ended
	Sep. 07, 2021	Jun. 30, 2024
Common Units [Member]
Issue of Units	673,080
Class B Units [Member]
Issue of Units	673,080
Number of units converted		420,675

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	General Partner Unit	Common Unitholders	Class B Units	Total
Beginning balance at Dec. 31, 2022	$ 10,111	$ 553,922	$ 3,871	$ 567,904
Net income (loss)	(832)	(44,255)		(45,087)
Other comprehensive income				0
Cash distributions	(33)	(1,770)		(1,803)
Ending balance at Jun. 30, 2023	9,246	507,897	3,871	521,014
Convertible preferred units, beginning balance at Dec. 31, 2022				84,308
Net income (loss)				3,400
Cash distributions				(3,400)
Convertible preferred units, ending balance at Jun. 30, 2023				84,308
Beginning balance at Mar. 31, 2023	10,039	550,095	3,871	564,005
Net income (loss)	(777)	(41,313)		(42,090)
Other comprehensive income				0
Cash distributions	(16)	(885)		(901)
Ending balance at Jun. 30, 2023	9,246	507,897	3,871	521,014
Convertible preferred units, beginning balance at Mar. 31, 2023				84,308
Net income (loss)				1,700
Cash distributions				(1,700)
Convertible preferred units, ending balance at Jun. 30, 2023				84,308
Beginning balance at Dec. 31, 2023	9,285	510,013	3,871	523,169
Net income (loss)	(163)	(8,650)		(8,813)
Other comprehensive income				0
Cash distributions	(33)	(1,770)		(1,803)
Ending balance at Jun. 30, 2024	9,089	499,593	3,871	512,553
Convertible preferred units, beginning balance at Dec. 31, 2023				84,308
Net income (loss)				3,400
Cash distributions				(3,400)
Convertible preferred units, ending balance at Jun. 30, 2024				84,308
Beginning balance at Mar. 31, 2024	9,374	514,760	3,871	528,005
Net income (loss)	(269)	(14,282)		(14,551)
Other comprehensive income				0
Cash distributions	(16)	(885)		(901)
Ending balance at Jun. 30, 2024	$ 9,089	$ 499,593	$ 3,871	512,553
Convertible preferred units, beginning balance at Mar. 31, 2024				84,308
Net income (loss)				1,700
Cash distributions				(1,700)
Convertible preferred units, ending balance at Jun. 30, 2024				$ 84,308

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended				12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ (12,851)	$ (40,390)	$ (5,413)	[1]	$ (41,687)	[1]
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation	27,748	28,107	55,490		55,836		$ 110,902
Impairment (Note 19)	16,384	49,649	16,384		49,649		49,649
Amortization of contract intangibles / liabilities					(583)
Amortization of deferred revenue			(234)		(234)
Amortization of deferred debt issuance cost	543	758	1,089		1,355
Drydocking expenditure			(58)		(10,701)
Income tax (benefit) expense	213	49	354		(196)
Income taxes paid			(23)		(414)
Unrealized (gain) loss on derivative instruments			1,251		729
Unrealized (gain) loss on foreign currency transactions			148		(43)
Changes in operating assets and liabilities:
Decrease (increase) in amounts due from related parties			(436)		(430)
Decrease (increase) in inventories			(20)		2,663
Decrease (increase) in other current assets			(1,907)		6,904
Increase (decrease) in trade accounts payable			(4,636)		2,626
Increase (decrease) in accrued expenses			(5,058)		3,226
Increase (decrease) prepaid charter			1,887		3,318
Increase (decrease) in amounts due to related parties			1,754		43
Net cash provided by operating activities			60,572		72,061
INVESTING ACTIVITIES
Additions to vessel and equipment			(75)		(2,744)
Net cash used in investing activities			(75)		(2,744)
FINANCING ACTIVITIES
Proceeds from long-term debt			60,000		240,000
Repayments of long-term debt			(121,971)		(286,078)
Payment of debt issuance cost			(536)		(2,466)
Cash distributions			(5,203)		(5,203)
Net cash used in financing activities			(67,710)		(53,747)
Effect of exchange rate changes on cash			(89)		(25)
Net increase (decrease) in cash and cash equivalents			(7,302)		15,545
Cash and cash equivalents at the beginning of the period			63,921		47,579		47,579
Cash and cash equivalents at the end of the period	$ 56,619	$ 63,124	$ 56,619		$ 63,124		$ 63,921
[1] Included in net income (loss) is interest paid amounting to $33.6 million and $34.0 million for the six months ended June 30, 2024 and 2023, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Unaudited Condensed Consolidated Statements of Cash Flows
Amount of interests paid	$ 33.6	$ 34

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2024
Description of Business
Description of Business	1) Description of Business KNOT Offshore Partners LP (the “Partnership”) was formed as a limited partnership under the laws of the Republic of the Marshall Islands. The Partnership was formed for the purpose of acquiring 100% ownership interests in four shuttle tankers owned by Knutsen NYK Offshore Tankers AS (“KNOT” or “Knutsen NYK”) in connection with the Partnership’s initial public offering of its common units (the “IPO”), which was completed on April 15, 2013. As of June 30, 2024, the Partnership had a fleet of eighteen shuttle tankers, the Windsor Knutsen Bodil Knutsen Recife Knutsen Fortaleza Knutsen Carmen Knutsen, Hilda Knutsen, Torill Knutsen Dan Cisne Dan Sabia, Ingrid Knutsen Raquel Knutsen, Tordis Knutsen, Vigdis Knutsen, Lena Knutsen Brasil Knutsen Anna Knutsen Tove Knutsen Synnøve Knutsen On September 3, 2024, the Partnership’s wholly owned subsidiary, KNOT Shuttle Tankers AS, sold to KNOT all outstanding shares in KNOT Shuttle Tankers 20 AS, the company that owns the Dan Cisne Tuva Knutsen Dan Cisne Tuva Knutsen Tuva Knutsen Dan Cisne The unaudited condensed consolidated financial statements have been prepared assuming that the Partnership will continue as a going concern. The Partnership expects that its primary future sources of funds will be available cash, cash from operations, borrowings under any new loan agreements, any vessel sales and the proceeds of any debt or equity financings. The Partnership believes that these sources of funds (assuming the current rates earned from existing charters) will be sufficient to cover operational cash outflows, working capital requirements and ongoing obligations under the Partnership’s lease obligations and financing commitments to pay loan interest and make scheduled loan repayments and to make distributions on its outstanding units assuming the Partnership is able to timely refinance its maturing credit facilities on similar terms as its existing facilities. Accordingly, as of September 18, 2024, the Partnership believes that its current resources, including the undrawn portion of its revolving credit facilities of $10 million, are sufficient to meet working capital requirements and other cash requirements for its current business for at least the next twelve months. See Note 12—Long-Term Debt.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2) Summary of Significant Accounting Policies (a) Basis of Preparation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for financial information. In the opinion of management of the Partnership, all adjustments considered necessary for a fair presentation, which are of normal recurring nature, have been included. All intercompany balances and transactions are eliminated. The unaudited condensed consolidated financial statements do not include all the disclosures and information required for a complete set of annual financial statements; and, therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2023, which are included in the Partnership’s Annual Report on Form 20-F (the “2023 20-F”). (b) Significant Accounting Policies The accounting policies adopted in the preparation of the unaudited condensed consolidated financial statements are consistent with those followed in the preparation of the Partnership’s audited consolidated financial statements for the year ended December 31, 2023, as contained in the 2023 20-F. (c) Recent Accounting Pronouncements For more information, please see the 20-F for 2023 about recently adopted accounting standards. Accounting pronouncements not yet adopted Other recently issued accounting pronouncements are not expected to materially impact the Partnership.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Information
Segment Information	3) The Partnership has not presented segment information as it considers its operations to occur in one reportable segment, the shuttle tanker market. As of June 30, 2024 and 2023, the Partnership’s fleet consisted of eighteen vessels, and operated under time charters and bareboat charters. In both time charters and bareboat charters, the charterer, not the Partnership, controls the choice of which trading areas the Vessels will serve. Accordingly, the Partnership’s management, including the chief operating decision makers, does not evaluate performance according to geographical region. The following table presents time charter and bareboat revenues and percentages of revenues for material customers that accounted for more than 10% of the Partnership’s consolidated revenues during the three and six months ended June 30, 2024 and 2023. All of these customers are subsidiaries of major national or international oil companies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (U.S. Dollars in thousands) 2024 2023 2024 2023 ​ Fronape International Company, a subsidiary of Petrobras Transporte S.A. ​ $ 11,174 15 % $ 12,625 18 % $ 23,019 15 % $ 23,996 17 % Equinor ASA ​ 14,067 19 % 8,661 12 % 24,140 16 % 17,856 13 % Repsol Sinopec Brasil, S.A., a subsidiary of Repsol Sinopec Brasil, B.V., combined with Repsol Trading S.A. ​ 10,270 14 % 10,010 14 % 20,528 14 % 16,706 12 % Brazil Shipping I Limited, a subsidiary of Royal Dutch Shell ​ 18,004 24 % 4,687 7 % 32,343 22 % 8,765 6 % KNOT ​ ​ 7,495 ​ 10 % ​ 7,607 ​ 11 % ​ 14,311 ​ 10 % ​ 13,923 ​ 10 % Chartering and Shipping Service S.A., a subsidiary of TotalEnergies ​ ​ 4,514 6 % ​ 14,424 20 % ​ 8,995 6 % ​ 28,689 20 % ​ The Partnership has financial assets that expose it to credit risk arising from possible default by a counterparty. The Partnership considers its counterparties to be creditworthy banking and financial institutions and does not expect any significant loss to result from non-performance by such counterparties. The maximum loss due to credit risk that the Partnership would incur if counterparties failed completely to perform would be the carrying value of cash and cash equivalents, and derivative assets. The Partnership, in the normal course of business, does not demand collateral from its counterparties.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2024
Operating Leases
Operating Leases	4) Revenues The Partnership’s primary source of revenues is chartering its shuttle tankers to its customers. The Partnership primarily uses two types of contracts, time charter contracts and bareboat charter contracts. The Partnership’s time-charter contracts include both a lease component, consisting of the bareboat element of the contract, and non-lease component, consisting of operation of the Vessel for the customers, which includes providing the crewing and other services related to the Vessel’s operations, the cost of which is included in the daily hire rate, except when off hire. The following table presents the Partnership’s revenues by time charter and bareboat charters and other revenues for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (U.S. Dollars in thousands) 2024 2023 2024 2023 Time charter revenues (service element included) ​ $ 71,075 ​ $ 61,667 ​ $ 141,926 ​ $ 113,325 Bareboat revenues ​ ​ 2,362 ​ ​ 8,257 ​ ​ 4,873 ​ ​ 19,532 Total time charter and bareboat revenues ​ ​ 73,437 ​ ​ 69,924 ​ ​ 146,799 ​ ​ 132,857 Other revenues (voyage revenues, loss of hire insurance recoveries and other income) ​ 983 ​ 3,900 ​ 4,253 ​ 12,147 Total revenues ​ $ 74,420 ​ $ 73,824 ​ $ 151,052 ​ $ 145,004 ​ As of June 30, 2024, the minimum contractual future revenues to be received from time charters and bareboat charters during the next five years and thereafter are as follows (including service element of the time charter, but excluding unexercised customer option periods and excluding any contracted revenues signed after June 30, 2024): ​ ​ ​ ​ ​ (U.S. Dollars in thousands) ​ ​ 2024 (excluding the six months ended June 30, 2024) ​ $ 134,060 2025 ​ ​ 252,300 2026 ​ ​ 214,812 2027 ​ ​ 105,696 2028 ​ ​ 39,363 2029 and thereafter ​ ​ 27,136 Total $ 773,367 ​ The minimum contractual future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum contractual future revenues are calculated based on certain assumptions such as operating days per year. In addition, minimum contractual future revenues presented in the table above have not been reduced by estimated off hire time for periodic maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. The Partnership’s fleet as of June 30, 2024 consisted of: ● the Windsor Knutsen , a conventional oil tanker built in 2007 and retrofitted to a shuttle tanker in 2011 that is currently operating under a time charter contract with Brazil Shipping I Limited, a subsidiary of Royal Dutch Shell (“Shell”), that expires in January 2025. Thereafter, the Windsor Knutsen will operate under a new time charter with an oil major to commence in the first half of 2025 for a fixed period of two years; ● the Bodil Knutsen , a shuttle tanker built in 2011 that is currently operating under a time charter contract with Equinor ASA (“Equinor”) that expires in March 2026, with options for the charterer to extend the charter by two further one-year periods; ● the Fortaleza Knutsen , a shuttle tanker built in 2011 that is currently operating under a time charter contract that expires in March 2026 with Fronape International Company, a subsidiary of Petrobras Transporte S.A. (“Transpetro”); ● the Recife Knutsen , a shuttle tanker built in 2011 that is currently operating under a time charter that expires in August 2026 with Transpetro; ● the Carmen Knutsen , a shuttle tanker built in 2013 that is currently operating under a time charter contract that expires in January 2026 with Repsol Sinopec Brasil, B.V. a subsidiary of Repsol Trading S.A. (“Repsol”). Thereafter, the Carmen Knutsen will commence a new time charter with an oil major in Q1 2026 for a fixed period of four years plus a charterer’s option for one additional year; ● the Hilda Knutsen , a shuttle tanker built in 2013 that is currently operating under a rolling time charter contract with Knutsen Shuttle Tankers Pool AS that expires in January 2025 unless terminated by either party on giving not less than 30 days ’ notice; ● the Torill Knutsen , a shuttle tanker built in 2013 that is currently operating under a time charter contract with Knutsen Shuttle Tankers Pool AS that expires in January 2025 unless terminated earlier by either party on giving not less than 30 days ’ notice. A time charter commencing Q4 2024 has been executed with Eni Trading and Shipping S.p.A. (“Eni”) in respect of the Torill Knutsen for a fixed period of three years plus three charterer’s options each of one year ; ● the Dan Cisne , a shuttle tanker built in 2011 that was operating under a time charter contract with Knutsen Shuttle Tankers Pool AS until the closing on September 3, 2024 , of her sale to KNOT. See Note 20–Subsequent Events; ● the Dan Sabia , a shuttle tanker built in 2012 that was received back by the Partnership via redelivery on July 10, 2024 , following expiry of her bareboat contract with Transpetro. The Dan Sabia is being marketed for shuttle tanker operations principally in Brazil and remains available also for charter to KNOT (subject to negotiation and approvals) and short-term conventional tanker contracts; ● the Ingrid Knutsen , a shuttle tanker built in 2013 that is currently operating under a rolling monthly time charter with Knutsen Shuttle Tankers Pool AS at a reduced charter rate, to expire upon her delivery to Eni in October 2024 . On April 12, 2024 , an agreement was reached with Eni, on terms no less favourable to the Partnership than applied previously, to delay delivery of Ingrid Knutsen until October 2024 for a time charter for a fixed period of two years plus two charterer’s options each of one year; ● the Raquel Knutsen , a shuttle tanker built in 2015 that is currently operating under a time charter contract that expires in June 2025 with Repsol, with options to extend the charter until June 2030 ; ● the Tordis Knutsen , a shuttle tanker built in 2016 that is currently operating under a time charter with Shell that expires in July 2028 , with options to extend the charter until June 2031; ● the Vigdis Knutsen , a shuttle tanker built in 2017 that is currently operating under a time charter with Shell that expires in March 2027 ; ● the Lena Knutsen , a shuttle tanker built in 2017 that is currently operating under a time charter with Shell that expires in September 2028, with options to extend the charter until September 2031 ; ● the Anna Knutsen , a shuttle tanker built in 2017 that is currently operating under a time charter contract with a wholly owned subsidiary of TotalEnergies that expires in April 2026 , with TotalEnergies having an option to extend the charter for one one-year period; ● the Brasil Knutsen , a shuttle tanker built in 2013 that is currently operating under a time charter contract with Petrorio Luxembourg Holding S.A.R.L. (“Petrorio”) that expires on or around May 2025, with two one-month options. The vessel will commence on a new time charter contract with Equinor in the third quarter of 2025 for a fixed period of two years, with options for the charterer to extend the charter by two further one-year periods; ● the Tove Knutsen , a shuttle tanker built in 2020 that is currently operating under a time charter contract with Equinor that expires in November 2027 , with options to extend the charter until November 2040 ; and ● the Synnøve Knutsen , a shuttle tanker built in 2020 that is currently operating under a time charter contract with Equinor that expires in February 2027 , with options to extend the charter until February 2042. Furthermore, on September 3, 2024, the Partnership acquired from KNOT all outstanding shares in the owner of the Tuva Knutsen Tuva Knutsen ​ Lease obligations The Partnership does not have any material leased assets but has some leased equipment on operational leases on the various ships operating on time charter contracts. As of June 30, 2024, the right-of-use asset A maturity analysis of the Partnership’s lease liabilities from leased-in equipment as of June 30, 2024 is as follows: ​ ​ ​ ​ ​ (U.S. Dollars in thousands) ​ 2024 (excluding the six months ended June 30, 2024) ​ $ 592 2025 ​ ​ 1,146 2026 ​ 93 Total ​ ​ 1,831 Less imputed interest ​ 101 Carrying value of operating lease liabilities ​ $ 1,730 ​

Insurance proceeds

Insurance proceeds	6 Months Ended
	Jun. 30, 2024
Insurance proceeds
Insurance proceeds	5) Insurance claims for property damage for recoveries up to the amount of loss recognized are recorded when the claims submitted to insurance carriers are probable of recovery. Claims for property damage in excess of the loss recognized and for loss of hire are recognized when the proceeds are received. As of June 30, 2024, and December 31, 2023, the Partnership had open insurance claims for hull and machinery recoveries of $1.1 million and $0.1 million, respectively, which were recorded as part of Other Current Assets. See Note 17(b)—Other Current Assets. Loss of hire proceeds of $0.1 million for the three and six months ended June 30, 2024, related to the Brasil Knutsen Loss of hire proceeds of $1.4 million for the three months ended June 30, 2023, related to the Windsor Knutsen Lena Knutsen Synnøve Knutsen Windsor Knutsen the Lena Knutsen

Other Finance Expenses

Other Finance Expenses	6 Months Ended
	Jun. 30, 2024
Other Finance Expenses
Other Finance Expenses	6) (a) Interest Expense The following table presents the components of interest expense as reported in the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) 2024 2023 2024 2023 Interest expense ​ $ 16,320 ​ $ 17,349 ​ $ 33,239 ​ $ 34,121 Amortization of debt issuance cost and fair value of debt assumed ​ 543 ​ 758 ​ 1,089 ​ 1,355 Total interest expense ​ $ 16,863 ​ $ 18,107 ​ $ 34,328 ​ $ 35,476 ​ (b) Other Finance Expense The following table presents the components of other finance expense for three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) 2024 2023 2024 2023 Bank fees, charges (other income) ​ $ (177) ​ $ 112 ​ $ 92 ​ $ 184 Total other finance (income) expense ​ $ (177) $ 112 ​ $ 92 ​ $ 184 ​

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments
Derivative Instruments	7 ) The unaudited condensed consolidated financial statements include the results of interest rate swap contracts to manage the Partnership’s exposure related to changes in interest rates on its variable rate debt instruments and the results of foreign exchange forward contracts to manage its exposure related to changes in currency exchange rates on its operating expenses, mainly crew expenses, in currency other than the U.S. Dollar and on its contract obligations. The Partnership does not apply hedge accounting for derivative instruments. The Partnership does not speculate using derivative instruments. By using derivative financial instruments to economically hedge exposures to changes in interest rates, the Partnership exposes itself to credit risk and market risk. Derivative instruments that economically hedge exposures are used for risk management purposes, but these instruments are not designated as hedges for accounting purposes. Credit risk is the failure of the counterparty to perform under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty owes the Partnership, which creates credit risk for the Partnership. When the fair value of a derivative instrument is negative, the Partnership owes the counterparty, and, therefore, the Partnership is not exposed to the counterparty’s credit risk in those circumstances. The Partnership minimizes counterparty credit risk in derivative instruments by entering into transactions with major banking and financial institutions. The derivative instruments entered into by the Partnership do not contain credit risk-related contingent features. The Partnership has not entered into master netting agreements with the counterparties to its derivative financial instrument contracts. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates, currency exchange rates or commodity prices. The market risk associated with interest rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Partnership assesses interest rate risk by monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating economical hedging opportunities. The Partnership has historically used variable interest rate mortgage debt to finance its vessels. The variable interest rate mortgage debt obligations expose the Partnership to variability in interest payments due to changes in interest rates. The Partnership believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, the Partnership has entered into interest rate swap contracts which are based on the Secured Overnight Financing Rate (“SOFR”) in order to manage fluctuations in cash flows resulting from changes in the benchmark interest rate of SOFR. These swaps change a portion of the Partnership’s total variable rate cash flow exposure on the mortgage debt obligations to fixed cash flows. Under the terms of the interest rate swap contracts, the Partnership receives SOFR-based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed rate debt for the notional amount of its debt hedged. As of June 30, 2024, and December 31, 2023, the total notional amount of the Partnership’s outstanding interest rate swap contracts that were entered into in order to hedge outstanding or forecasted debt obligations were $389.3 million and $426.5 million, respectively. As of June 30, 2024, and December 31, 2023, the carrying amount of the interest rate swap contracts was a net asset of $19.0 million and $20.2 million, respectively. See Note 8—Fair Value Measurements. Changes in the fair value of interest rate swap contracts are reported in realized and unrealized gain (loss) on derivative instruments in the same period in which the related interest affects earnings. The Partnership and its subsidiaries utilize the U.S. Dollar as their functional and reporting currency, because all of their revenues and the majority of their expenditures, including the majority of their investments in vessels and their financing transactions, are denominated in U.S. Dollars. Payment obligations in currencies other than the U.S. Dollar, and in particular operating expenses in NOK, expose the Partnership to variability in currency exchange rates. The Partnership believes that it is prudent to limit the variability of a portion of its currency exchange exposure where possible. To meet this objective, the Partnership from time to time enters into foreign exchange forward contracts to manage fluctuations in cash flows resulting from changes in the exchange rates towards the U.S. Dollar. The agreements change the variable exchange rate to fixed exchange rates at agreed dates. The following table presents the realized and unrealized gains and losses that are recognized in earnings as net gain (loss) on derivative instruments for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) ​ 2024 2023 2024 2023 Realized gain (loss): ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ 3,987 ​ $ 3,538 ​ $ 8,050 ​ $ 6,543 Total realized gain (loss): ​ ​ 3,987 ​ ​ 3,538 ​ ​ 8,050 ​ ​ 6,543 Unrealized gain (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ ​ (2,190) ​ ​ 4,667 ​ ​ (1,251) ​ ​ (604) Foreign exchange forward contracts ​ ​ — ​ ​ (81) ​ ​ — ​ ​ (125) Total unrealized gain (loss): ​ ​ (2,190) ​ ​ 4,586 ​ ​ (1,251) ​ ​ (729) Total realized and unrealized gain (loss) on derivative instruments: ​ $ 1,797 ​ $ 8,124 ​ $ 6,799 ​ $ 5,814 ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	8) (a) The following table presents the carrying amounts and estimated fair values of the Partnership’s assets and liabilities that are measured at fair value on a recurring and non-recurring basis as of June 30, 2024 and December 31, 2023. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ Carrying Fair Carrying Fair (U.S. Dollars in thousands) Amount Value Amount Value Recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 56,619 ​ $ 56,619 ​ $ 63,921 ​ $ 63,921 Current derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ ​ 12,593 ​ ​ 12,593 ​ ​ 13,019 ​ ​ 13,019 Non-current derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 6,406 ​ 6,406 ​ 7,229 ​ 7,229 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, current and non-current ​ 901,034 ​ 876,875 ​ 963,005 ​ 941,647 Non-recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current asset: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessel ​ $ 55,686 ​ $ 55,686 ​ $ — ​ $ — ​ The carrying amounts shown in the table above are included in the unaudited interim consolidated balance sheet under the indicated captions. Carrying amount of long-term debt, current and non-current, above excludes capitalized debt issuance cost of $5.7 million and $6.2 million as of June 30, 2024 and December 31, 2023, respectively. The carrying value of trade accounts receivable, trade accounts payable and receivables/payables to owners and affiliates approximate their fair value. The fair values of the financial instruments shown in the table above as of June 30, 2024 and December 31, 2023 represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Partnership’s own judgment about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Partnership based on the best information available in the circumstances, including expected cash flows, appropriately risk-adjusted discount rates and available observable and unobservable inputs. The following methods and assumptions were used to estimate the fair value of each class of assets and liabilities: ● Cash and cash equivalents and restricted cash : The fair value of the Partnership’s cash balances approximates the carrying amounts due to the current nature of the amounts. As of June 30, 2024 and December 31, 2023 there is no restricted cash. ● Interest rate swap contracts: The fair value of interest rate swap contracts is determined using an income approach using the following significant inputs: (1) the term of the swap contract (weighted average of 1.4 years and 1.8 years, as of June 30, 2024 and December 31, 2023, respectively), (2) the notional amount of the swap contract (ranging from $14.4 million to $29.3 million as of June 30, 2024 and ranging from $2.6 million to $30.7 million as of December 31, 2023), discount rates interpolated based on relevant SOFR swap curves; and (3) the rate on the fixed leg of the swap contract (rates ranging from 0.71% to 2.90% as of June 30, 2024 and from 0.71% to 2.90% as of December 31, 2023). ● Long-term debt : With respect to long-term debt measurements, the Partnership uses market interest rates and adjusts for risks, such as its own credit risk. In determining an appropriate spread to reflect its credit standing, the Partnership considered interest rates currently offered to KNOT for similar debt instruments of comparable maturities by KNOT’s and the Partnership’s bankers as well as other banks that regularly compete to provide financing to the Partnership. ● Vessel s: In estimating fair value, the Partnership considers factors related to vessel age, expected residual value, ongoing use of the vessels and equipment, shifts in market conditions and other impacting factors associated with the global oil and maritime transportation industries. This exercise in the second quarter of 2024 resulted in an impairment of the Dan Cisne (owing to her sale on September 3, 2024) and the Dan Sabia (owing to the expiry of her charter contract, her high carrying value, and her smaller size being not being optimal for the Brazilian market, therefore affecting the outlook for future employment). This exercise in the second quarter of 2024 resulted in an impairment in respect of these two vessels using a discounted cash flow approach. The Partnership determined the discounted cash flows for the vessels using projected future redeployment opportunities, estimated residual value and a possible sale of the two vessels, discounted at an estimated market participant rate of 8.66% . The projected future redeployment opportunities take into consideration the Partnership’s projected bareboat charter rates that the Partnership believes could be contracted in future periods. In establishing these estimates, the Partnership considered the specific attributes of these vessels, current and future potential discussions with potential customers, and available redeployment opportunities. (b) The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring and non-recurring basis (including items that are required to be measured at fair value or for which fair value is required to be disclosed) as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at Reporting Date Using ​ ​ ​ ​ ​ Quoted Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ Carrying ​ Markets for ​ Other ​ Significant ​ ​ Value ​ Identical ​ Observable ​ Unobservable ​ ​ June 30, ​ Assets ​ Inputs ​ Inputs (U.S. Dollars in thousands) 2024 (Level 1) (Level 2) (Level 3) Recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 56,619 ​ $ 56,619 ​ $ — ​ $ — Current derivative assets: ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 12,593 ​ — ​ 12,593 ​ — Non-current derivative assets: ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 6,406 ​ — ​ 6,406 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ ​ Current derivative liabilities: ​ ​ ​ ​ ​ ​ ​ Long-term debt, current and non-current ​ 901,034 ​ — ​ 876,875 ​ — Non-recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current asset: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessel ​ $ 55,686 ​ $ — ​ $ — ​ $ 55,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at Reporting Date Using ​ ​ ​ ​ ​ Quoted Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ Carrying ​ Markets for ​ Other ​ Significant ​ ​ Value ​ Identical ​ Observable ​ Unobservable ​ ​ December 31, ​ Assets ​ Inputs ​ Inputs (U.S. Dollars in thousands) 2023 (Level 1) (Level 2) (Level 3) Recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 63,921 ​ $ 63,921 ​ $ — ​ $ — Current derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ ​ 13,019 ​ ​ — ​ ​ 13,019 ​ ​ — Non-current derivative assets: ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 7,229 ​ — ​ 7,229 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ ​ Long-term debt, current and non-current ​ $ 963,005 ​ $ — ​ $ 941,647 ​ $ — ​ The Partnership’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 1 and Level 2 as of June 30, 2024 and December 31, 2023. As of June 30, 2024, two non-recurring asset were recognized as Level 3. The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a non-recurring basis as of June 30, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ Fair ​ ​ ​ unobservable ​ ​ (U.S. Dollars in thousands) ​ Value ​ Valuation technique ​ inputs: ​ WACC (1) Non-Recurring: ​ ​ Non-current assets: ​ ​ Dan Cisne ​ $ 29,565 Discounted cash flow Discount rate 8.66 % Dan Sabia ​ $ 26,121 Discounted cash flow Discount rate 8.66 % (1) WACC is defined as weighted average cost of capital

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	9) Components of Current and Deferred Tax Expense All of the income from continuing operations before income taxes was taxable in Norway for the three and six months ended June 30, 2024 and 2023. Our Norwegian subsidiaries are subject to Norwegian tonnage tax rather than ordinary corporate taxation. Under the tonnage tax regime, tax is payable based on the tonnage of the vessel, not on operating income, and is included within operating expenses. Net financial income and expense remain taxable as ordinary income at the regular corporate income tax rate of 22% and is recorded as an income tax expense. The amount of tonnage tax included in operating expenses for each of the three and six months ended June 30, 2024 was $54,660 and $108,500, respectively. The amount of tonnage tax included in operating expenses for each of the three and six months ended June 30, 2023 was $55,000 and $107,000, respectively. The activities taxable in the UK relate to the activities of KNOT Offshore Partners UK LLC (“KNOT UK”) and are included within income taxes payable. Taxes payable related to the entrance tax, a one-time tax payable by the Partnership related to certain subsidiaries on entering the Norwegian tonnage tax system, and income taxes attributable to income from continuing operations are calculated based on the Norwegian corporate tax rate of 22% for 2024 and 2023, and deferred tax liabilities are also calculated based on a tax rate of 22% effective as from January 1, 2024 and January 1, 2023, respectively. As of June 30, 2024 and December 31, 2023, $3.8 million and $4.4 million are presented as non-current deferred taxes assets, respectively, and as of June 30, 2024 and December 31, 2023, $0.1 million and $0.1 million are presented as non-current deferred taxes liabilities, respectively. Significant components of current and deferred income tax expense attributable to income from continuing operations for the three and six months ended June 30, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ (U.S. Dollars in thousands) 2024 2023 2024 2023 Income (loss) before income taxes ​ $ (12,638) ​ $ (40,341) ​ $ (5,059) ​ $ (41,883) ​ Income tax benefit (expense) ​ ​ (213) ​ ​ (49) ​ ​ (354) ​ ​ 196 ​ Effective tax rate ​ $ 2 % $ 0 % $ 7 % $ 0 % ​ Income tax expenses for the three and six months ended June 30, 2024 and 2023 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (U.S. Dollars in thousands) 2024 2023 2024 2023 ​ Income tax benefit (expense) within Norwegian tonnage tax regime $ (210) $ (46) $ (348) $ 202 ​ Income tax benefit (expense) within UK ​ ​ (3) ​ ​ (3) ​ ​ (6) ​ ​ (6) ​ Income tax benefit (expense) ​ (213) ​ (49) ​ (354) ​ 196 ​ Effective tax rate ​ $ 2 % $ 0 % $ 7 % $ 0 % ​ The Partnership records a valuation allowance against deferred tax assets when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. In assessing the need for a valuation allowance against deferred tax assets, which relate to financial loss carry forwards and other deferred tax assets within the tonnage tax regime, the Partnership considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized taking into account all the positive and negative evidence available. The Partnership has determined that part of the deferred tax assets are likely to not be realized, and therefore a valuation allowance is recognized as of June 30, 2024, and December 31, 2023. In September 2023, KNOT Shuttle Tankers 12 AS and KNOT Shuttle Tankers AS were merged. After the merger, the financial loss carry forwards in KNOT Shuttle Tankers 12 AS were transferred to the acquiring entity, KNOT Shuttle Tankers AS. KNOT Shuttle Tankers AS has taxable income, and the Partnership has determined it is more likely than not that some of the benefit from the deferred tax assets would be realized based on the weight of available evidence. As of June 30, 2024 and December 31, 2023, the Partnership has determined that $3.8 million and $4.4 million of the deferred tax assets, respectively, are more likely than not to be realized.

Vessels and Equipment

Vessels and Equipment	6 Months Ended
	Jun. 30, 2024
Vessels and Equipment
Vessels and Equipment	10) As of June 30, 2024 and December 31, 2023, Vessels with a book value of $1,421 million and $1,493 million, respectively, are pledged as security for the Partnership’s long-term debt. See Note 12—Long-term debt. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels & ​ Accumulated ​ Accumulated ​ ​ ​ (U.S. Dollars in thousands) equipment depreciation impairment Net Vessels Vessels, December 31, 2022 ​ $ 2,388,615 $ (727,814) $ (29,421) $ 1,631,380 Additions ​ 2,794 ​ — ​ ​ — ​ 2,794 Drydock costs ​ 19,375 ​ — ​ ​ — ​ 19,375 Disposals ​ (12,350) ​ 12,350 ​ ​ — ​ — Depreciation and write down for the period (1) ​ — ​ (110,902) ​ ​ (49,649) ​ (160,551) Vessels, December 31, 2023 ​ $ 2,398,434 ​ $ (826,366) ​ $ (79,070) ​ $ 1,492,998 Additions ​ 74 ​ — ​ ​ — ​ 74 Drydock costs ​ 58 ​ — ​ ​ — ​ 58 Depreciation and write down for the period (1) ​ — ​ (55,490) ​ ​ (16,384) ​ (71,874) Vessels, June 30, 2024 ​ $ 2,398,566 ​ $ (881,856) ​ $ (94,454) ​ $ 1,421,256 (1) The carrying values of each of the Dan Cisne and the Dan Sabia were written down to their respective estimated fair values as of June 30, 2023 and further as of June 30, 2024. See Note 19—Impairment of long-lived assets. ​ Drydocking activity as of June 30, 2024 and December 31, 2023 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Balance at the beginning of the year ​ $ 40,587 ​ $ 24,595 Costs incurred for drydocking ​ 58 ​ 19,375 Costs re-allocated to drydocking due to change of contract ​ ​ — ​ ​ 7,849 Drydock amortization ​ (6,744) ​ (11,232) Balance at period end ​ $ 33,901 ​ $ 40,587 ​

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory
Inventory	11) The following table presents the inventory as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Lubricating oil ​ 3,156 ​ 2,995 Bunkers ​ 561 ​ 701 Total inventory ​ 3,717 ​ 3,696 ​

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Long-Term Debt.
Long-Term Debt	12) As of June 30, 2024 and December 31, 2023, the Partnership had the following debt amounts outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (U.S. Dollars in thousands) Vessel 2024 2023 $345 million loan facility ​ Anna Knutsen, Tordis Knutsen, Vigdis Knutsen, Brasil Knutsen, Lena Knutsen ​ $ 275,987 ​ $ 288,534 $240 million loan facility ​ Windsor Knutsen, Bodil Knutsen, Carmen Knutsen, Fortaleza Knutsen, Recife Knutsen, Ingrid Knutsen ​ ​ 204,528 ​ ​ 222,264 Hilda loan facility Hilda Knutsen ​ 60,000 ​ 60,000 $192.1 million loan facility ​ Synnøve Knutsen, Tove Kuntsen ​ ​ 149,149 ​ ​ 153,702 $25 million revolving credit facility with NTT ​ 15,000 ​ 25,000 $25 million revolving credit facility with Shinsei ​ ​ ​ ​ 25,000 ​ ​ 25,000 Raquel Sale & Leaseback ​ Raquel Knutsen ​ ​ 76,415 ​ ​ 79,070 Torill Sale & Leaseback ​ Torill Knutsen ​ ​ 94,955 ​ ​ 99,065 Total long-term debt ​ $ 901,034 ​ $ 963,005 Less: current installments ​ 91,251 ​ 101,010 Less: unamortized deferred loan issuance costs ​ 2,094 ​ 2,050 Current portion of long-term debt ​ 89,157 ​ 98,960 Amounts due after one year ​ 809,783 ​ 861,995 Less: unamortized deferred loan issuance costs ​ 3,569 ​ 4,166 Long-term debt, less current installments, and unamortized deferred loan issuance costs ​ $ 806,214 ​ $ 857,829 ​ The Partnership’s outstanding debt of $901.0 million ($895.4 million net of debt issuance costs) as of June 30, 2024 is repayable as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) Sale & Leaseback Period repayment Balloon repayment Total 2024 (excluding the six months ended June 30, 2024) $ 7,038 ​ $ 38,587 $ — ​ $ 45,625 2025 ​ 14,399 ​ ​ 76,081 ​ 176,583 ​ ​ 267,063 2026 ​ 15,060 ​ ​ 59,096 ​ 219,521 ​ ​ 293,677 2027 ​ 15,751 ​ ​ 30,231 ​ 37,500 ​ ​ 83,482 2028 ​ 16,520 ​ ​ 13,240 ​ 78,825 ​ ​ 108,585 2029 and thereafter ​ 102,602 ​ ​ — ​ — ​ ​ 102,602 Total ​ $ 171,370 ​ $ 217,235 ​ $ 512,429 ​ $ 901,034 ​ As of June 30, 2024, the interest rates on the Partnership’s loan agreements were SOFR plus a fixed margin ranging from 1.75% to 2.40%. The average margin paid on the Partnership’s outstanding debt during the second quarter of 2024 was approximately 2.26% over SOFR. The Partnership is in compliance with all covenants under its credit facilities. $60 Million Hilda Loan Facility In May 2024, the Partnership’s subsidiary, Knutsen Shuttle Tankers 14 AS, which owns the vessel Hilda Knutsen Hilda Knutsen The $60 million Hilda Facility contains the following primary financial covenants: ● The borrower shall at all times maintain liquidity equal or greater to $500,000 ; ● Positive working capital of the Partnership; ● Minimum liquidity of the Partnership of $15 million plus increments of $1.5 million for each owned vessel with less than 12 months remaining tenor on its employment contract up to 8 vessels and $1.0 million for each owned vessel with less than 12 months remaining tenor on its employment contract up to 12 additional vessels in excess of 8 vessels (of which a minimum of $10 million must be cash); ● Minimum book equity ratio for the Partnership of 30% ; and ● Minimum EBITDA to interest ratio for the Partnership of 2.50 . The $60 million Hilda Facility also identifies various events that may trigger mandatory reduction, prepayment and cancellation of the facility, including if the market value of the Hilda Knutsen Hilda Knutsen Tuva Facility On January 15, 2021, KNOT Shuttle Tankers 31 AS, the subsidiary owning the Tuva Knutsen Tuva Knutsen The Tuva Facility contains the following primary financial covenants: ● The borrower shall at all times maintain liquidity equal or greater than $500,000 ; ● Positive working capital of the Partnership; ● Minimum liquidity of the Partnership of $15 million plus increments of $1.5 million for each owned vessel with less than 12 months remaining tenor on its employment contract up to 8 vessels and $1 million for each owned vessel with less than 12 months remaining tenor on its employment contract up to 12 additional vessels in excess of 8 vessels (of which a minimum of $10 million must be cash); ● Minimum book equity ratio for the Partnership of 30 %; and ● Minimum EBITDA to interest ratio for the Partnership of 2.50 . The Tuva Facility also identifies various events that may trigger mandatory reduction, prepayment and cancellation of the facility, including if the market value of the Tuva Knutsen

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions
Related Party Transactions	13) (a) Net income (expense) from related parties included in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) ​ 2024 2023 2024 2023 Statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time charter and bareboat revenues: ​ ​ ​ ​ Time charter income from KNOT (1) $ 7,495 $ 7,607 $ 14,311 $ 13,923 Operating expenses: ​ ​ ​ ​ Vessel operating expenses (2) ​ 5,266 ​ 4,960 ​ 8,614 ​ 7,753 Voyage expenses and commissions (3) ​ ​ 4 ​ ​ 6 ​ ​ 15 ​ ​ 70 Technical and operational management fee from KNOT to Vessels (4) ​ 3,035 ​ 2,864 ​ 6,502 ​ 5,407 Operating expenses from other related parties (5) ​ 286 ​ 196 ​ 576 ​ 462 General and administrative expenses: ​ ​ ​ ​ ​ ​ ​ ​ Administration fee from KNOT Management (6) ​ 381 ​ 303 ​ 710 ​ 605 Administration fee from KOAS (6) ​ 231 ​ 147 ​ 440 ​ 298 Administration fee from KOAS UK (6) ​ 16 ​ 20 ​ 33 ​ 41 Administration and management fee from KNOT (7) ​ 10 ​ 15 ​ 20 ​ 34 Total income (expenses) ​ $ (1,734) ​ $ (904) ​ $ (2,599) ​ $ (747) ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Balance Sheet: ​ ​ Vessels: ​ ​ Drydocking supervision fee from KNOT (8) ​ $ 10 ​ $ 135 Drydocking supervision fee from KOAS (8) ​ ​ — ​ ​ (77) Equipment purchased from Knutsen Ballast Water AS (9) ​ ​ 70 ​ ​ 577 Total ​ $ 80 ​ $ 635 (1) Time charter income from KNOT: Time charter contracts with Knutsen Shuttle Tankers Pool AS have been in operation in respect of the Bodil Knutsen until her delivery to Equinor in March 2024; the Hilda Knutsen since the third quarter of 2022; the Torill Knutsen since the first quarter of 2023; the Ingrid Knutsen since the second quarter of 2024. Commencing July 2024, the Dan Cisne operated on a time charter contract with Knutsen Shuttle Tankers Pool AS until the completion of her sale to KNOT on September 3, 2024. (2) Vessel operating expenses: KNOT Management or KNOT Management Denmark provides technical and operational management of the vessels on time charter including crewing and crew training services. (3) Voyage expenses and commissions: The Ingrid Knutsen and the Torill Knutsen have completed one spot voyage each where Knutsen Shuttle Tankers Pool AS has earned a 1.25% commission on the voyage revenues. (4) Technical and operational management fee, from KNOT Management or KNOT Management Denmark to Vessels : KNOT Management or KNOT Management Denmark provides technical and operational management of the vessels on time charter including crewing, purchasing, maintenance and other operational service. In addition, there is also a charge for 24-hour emergency response services provided by KNOT Management for all vessels managed by KNOT Management. (5) Operating expenses from other related parties : Simsea Real Operations AS, a company jointly owned by the Partnership’s Chairman of the Board, Trygve Seglem, and by other third-party shipping companies in Haugesund, provides simulation, operational training assessment and other certified maritime courses for seafarers. The cost is course fees for seafarers. Knutsen OAS Crewing AS, a subsidiary of TSSI, provides administrative services related to Eastern European crew on vessels operating on time charter contracts. The cost is a fixed fee per month per such crew member onboard a vessel. Level Power & Automation AS, a company that provides the Partnership’s vessels with equipment and inspection services, is owned by Level Group AS, where Trygve Seglem, his family and members of TSSI management have significant influence. (6) Administration fee from KNOT Management, Knutsen OAS Shipping AS (“KOAS”) and Knutsen OAS (UK) Ltd. (“KOAS UK”) : Administration costs include compensation and benefits of KNOT Management’s management and administrative staff on a time-spent basis as well as other general and administration expenses. Some services are also provided by KOAS and KOAS UK. Net costs are total administration cost plus a 5% margin. As such, the level of administration costs charged to the Partnership can vary from year to year based on the administration and financing services provided each year. KNOT Management also charges each subsidiary a fixed annual fee for the preparation of statutory financial statements. (7) Administration and management fee from KNOT Management and KNOT Management Denmark : For bareboat charters, the shipowner is not responsible for providing crewing or other operational services and the customer is responsible for all vessel operating expenses and voyage expenses. However, each of the vessels under bareboat charters is subject to a management and administration agreement with either KNOT Management or KNOT Management Denmark, pursuant to which these companies provide general monitoring services for the vessels in exchange for an annual fee. (8) Drydocking supervision fee from KNOT Management, KNOT Management Denmark and KOAS : KNOT Management, KNOT Management Denmark and KOAS provide supervision and hire out service personnel during drydocking of the vessels. The fee is calculated as a daily fixed fee. (9) Equipment purchased from Knutsen Ballast Water AS: As part of the scheduled drydocking of the Carmen Knutsen that commenced in the fourth quarter of 2022 until the first quarter of 2023, a ballast water treatment system was installed on the vessel. As part of the scheduled drydocking of the Torill Knutsen in the fourth quarter of 2023, a ballast water treatment system was installed on the vessel. As of December 31, 2023 and June 30, 2024, parts of the system had been purchased from Knutsen Ballast Water AS, a subsidiary of TSSI, for $0.58 million and $0.07 million, respectively. (b) Trygve Seglem, the Chairman of the Partnership’s board of directors and the President and CEO of KNOT, controls Seglem Holding AS, which owns 100% of the equity interest in TSSI, which controls KOAS and Knutsen Ballast Water AS. TSSI owns 50% of the equity interest in KNOT. NYK, which owns 50% of the equity interest in KNOT, has management and administrative personnel on secondment to KNOT. Mr. Seglem, along with other third-party shipping companies in Haugesund, also jointly owns Simsea Real Operations AS. See the footnotes to Note 13(a)—Related Party Transactions for a discussion of transactions with management and directors included in the unaudited condensed consolidated statements of operations. (c) Balances with related parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ At December 31, (U.S. Dollars in thousands) 2024 2023 Balance Sheet: ​ ​ Trading balances due from KOAS ​ $ 2 ​ $ — Trading balances due from KNOT and affiliates ​ 782 ​ 348 Amount due from related parties ​ $ 784 ​ $ 348 Trading balances due to KOAS ​ $ 2,202 ​ $ 1,696 Trading balances due to KNOT and affiliates ​ 1,657 ​ 410 Amount due to related parties ​ $ 3,859 ​ $ 2,106 ​ Amounts due from (to) related parties are unsecured and are intended to be settled in the ordinary course of business. The majority of these related party transactions relate to vessel management and other fees due to KNOT, KNOT Management, KOAS UK and KOAS. (d) Trade accounts payable to related parties are included in total trade accounts payable in the balance sheet. The balances to related parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ At December 31, (U.S. Dollars in thousands) 2024 2023 Balance Sheet: ​ ​ ​ ​ Trading balances due to KOAS ​ $ 899 ​ $ 1,158 Trading balances due to KNOT and affiliates ​ 1,355 ​ 2,045 Trade accounts payables to related parties ​ $ 2,254 ​ $ 3,203 ​ Trading balances from KNOT and affiliates are included in other current assets in the balance sheet. The balances from related parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, At December 31, (U.S. Dollars in thousands) ​ 2024 ​ 2023 Balance Sheet: ​ ​ Trade receivables due from KNOT and affiliates (refer to Note 17 (b)) ​ $ 143 ​ $ — Other trading balances due from KOAS ​ 603 ​ ​ 376 Other current assets from related parties ​ $ 746 ​ $ 376 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	14) Assets Pledged As of June 30, 2024 and December 31, 2023, Vessels with a book value of $1,421 million and $1,493 million, respectively, were pledged as security held as guarantee for the Partnership’s long-term debt and interest rate swap obligations. See Note 7—Derivative Instruments, Note 10—Vessels and Equipment and Note 12—Long-Term Debt. Claims and Legal Proceedings Under the Partnership’s time charter contracts, claims to reduce charter hire payments can be made by customers if the Vessel does not perform to certain specifications as set out in the relevant contract. No accrual for possible claims was recorded for the period ended June 30, 2024 and the year ended December 31, 2023. From time to time, the Partnership is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows. Insurance The Partnership maintains insurance on all the Vessels to insure against loss of charter hire and marine and war risks, which includes damage to or total loss of the Vessels, with each type of insurance subject to deductible amounts that average $0.15 million per Vessel. Under the loss of hire policies, the insurer will pay compensation for the lost hire rate agreed in respect of each Vessel for each day, in excess of 14 deductible days, for the time that the Vessel is out of service as a result of damage, for a maximum of 180 days. In addition, the Partnership maintains protection and indemnity insurance, which covers third-party legal liabilities arising in connection with the Vessels’ activities, including, among other things, the injury or death of third-party persons, loss or damage to cargo, claims arising from collisions with other vessels and other damage to other third-party property, including pollution arising from oil or other substances. This insurance is unlimited, except for pollution, which is limited to $1 billion per vessel per incident. The protection and indemnity insurance is maintained through a protection and indemnity association, and as a member of the association, the Partnership may be required to pay amounts above budgeted premiums if the member claims exceed association reserves, subject to certain reinsured amounts. If the Partnership experiences multiple claims each with individual deductibles, losses due to risks that are not insured or claims for insured risks that are not paid, it could have a material adverse effect on the Partnership’s results of operations and financial condition. See Note 5 — Insurance proceeds.

Earnings per Unit and Cash Dist

Earnings per Unit and Cash Distributions	6 Months Ended
	Jun. 30, 2024
Earnings per Unit and Cash Distributions
Earnings per Unit and Cash Distributions	15) The calculations of basic and diluted earnings per unit (1) are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands, except per unit data) 2024 2023 2024 2023 Net income (loss) ​ $ (12,851) ​ $ (40,390) ​ $ (5,413) ​ $ (41,687) Less: Series A Preferred unitholders’ interest in net income (loss) ​ ​ 1,700 ​ ​ 1,700 ​ ​ 3,400 ​ ​ 3,400 Net income (loss) attributable to the unitholders of KNOT Offshore Partners LP ​ ​ (14,551) ​ ​ (42,090) ​ ​ (8,813) ​ ​ (45,087) Less: Distributions (2) ​ ​ 901 ​ ​ 901 ​ ​ 1,803 ​ ​ 1,803 Under (over) distributed earnings ​ ​ (15,452) ​ ​ (42,991) ​ ​ (10,616) ​ ​ (46,890) Under (over) distributed earnings attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ ​ (15,168) ​ ​ (42,198) ​ ​ (10,421) ​ ​ (46,025) General Partner ​ ​ (284) ​ ​ (793) ​ ​ (195) ​ ​ (865) Weighted average units outstanding (basic) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ ​ 34,045 ​ ​ 34,045 ​ ​ 34,045 ​ ​ 34,045 Class B unitholders ​ ​ 252 ​ ​ 252 ​ ​ 252 ​ ​ 252 General Partner ​ ​ 640 ​ ​ 640 ​ ​ 640 ​ ​ 640 Weighted average units outstanding (diluted) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ ​ 38,519 ​ ​ 38,448 ​ ​ 38,519 ​ ​ 38,448 Class B unitholders ​ ​ 252 ​ ​ 252 ​ ​ 252 ​ ​ 252 General Partner ​ ​ 640 ​ ​ 640 ​ ​ 640 ​ ​ 640 Earnings per unit (basic): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ $ (0.42) ​ $ (1.21) ​ $ (0.25) ​ $ (1.30) Class B unitholders (3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — General Partner ​ ​ (0.42) ​ ​ (1.21) ​ ​ (0.25) ​ ​ (1.30) Earnings per unit (diluted): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders (4) ​ $ (0.42) ​ $ (1.21) ​ $ (0.25) ​ $ (1.30) Class B unitholders (3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — General Partner ​ ​ (0.42) ​ ​ (1.21) ​ ​ (0.25) ​ ​ (1.30) Cash distributions declared and paid in the period per unit (5) ​ $ 0.03 ​ $ 0.03 ​ $ 0.05 ​ $ 0.05 Subsequent event: Cash distributions declared and paid per unit relating to the period (6) ​ $ 0.03 ​ $ 0.03 ​ $ 0.05 ​ $ 0.05 (1) Earnings per unit have been calculated in accordance with the cash distribution provisions set forth in the Partnership’s agreement of limited partnership (the “Partnership Agreement”). (2) This refers to distributions made or to be made in relation to the period irrespective of the declaration and payment dates and based on the number of units outstanding at the record date. (3) When the distribution target is not met, there is no allocation of net income (loss) to Class B units. (4) Diluted weighted average units outstanding and earnings per unit diluted for the three and six months ended June 30, 2024 and 2023 does not reflect any potential common units relating to the Series A Preferred Units since the assumed issuance of any additional units would be anti-dilutive. (5) Refers to cash distributions declared and paid during the period. (6) Refers to cash distributions declared and paid subsequent to the period end. The Series A Preferred Units rank senior to the common units and Class B Units as to the payment of distributions and amounts payable upon liquidation, dissolution or winding up. The Series A Preferred Units have a liquidation preference of $24.00 per unit, plus any Series A unpaid cash distributions, plus all accrued but unpaid distributions on such Series A Preferred Unit with respect to the quarter in which the liquidation occurs to the date fixed for the payment of any amount upon liquidation. The Series A Preferred Units are entitled to cumulative distributions from their initial issuance date, with distributions being calculated at an annual rate of 8.0% on the stated liquidation preference and payable quarterly in arrears within 45 days after the end of each quarter, when, as and if declared by the Board. The Series A Preferred Units are generally convertible, at the option of the holders of the Series A Preferred Units, into common units at the applicable conversion rate. The conversion rate will be subject to adjustment under certain circumstances. In addition, the conversion rate will be redetermined on a quarterly basis, such that the conversion rate will be equal to $24.00 (the “Issue Price”) divided by the product of (x) the book value per common unit at the end of the immediately preceding quarter (pro-forma for per unit cash distributions payable with respect to such quarter) multiplied by (y) the quotient of (i) the Issue Price divided by (ii) the book value per common unit on February 2, 2017. In addition, the Partnership may redeem the Series A Preferred Units at any time until February 2, 2027 at the redemption price specified in the Partnership Agreement, provided, however, that upon notice from the Partnership to the holders of Series A Preferred Units of its intent to redeem, such holders may elect, instead, to convert their Series A Preferred Units into common units at the applicable conversion rate. Upon a change of control of the Partnership, the holders of Series A Preferred Units will have the right to require cash redemption at 100% of the Issue Price. In addition, the holders of Series A Preferred Units will have the right to cause the Partnership to redeem the Series A Preferred Units on February 2, 2027 in, at the option of the Partnership, (i) cash at a price equal to 70% of the Issue Price or (ii) common units such that each Series A Preferred Unit receives common units worth 80% of the Issue Price (based on the volume-weighted average trading price, as adjusted for splits, combinations and other similar transactions, of the common units as reported on the NYSE for the 30 trading day period ending on the fifth trading day immediately prior to the redemption date) plus any accrued and unpaid distributions. In addition, subject to certain conditions, the Partnership has the right to convert the Series A Preferred Units into common units at the applicable conversion rate if the aggregate market value (calculated as set forth in the partnership agreement) of the common units into which the outstanding Series A Preferred Units are convertible, based on the applicable conversion rate, is greater than 130% of the aggregate Issue Price of the outstanding Series A Preferred Units. The Series A Preferred Units have voting rights that are identical to the voting rights of the common units and Class B Units, except they do not have any right to nominate, appoint or elect any of the directors of the Board, except whenever distributions payable on the Series A Preferred Units have not been declared and paid for four consecutive quarters (a “Trigger Event”). Upon a Trigger Event, holders of Series A Preferred Units, together with the holders of any other series of preferred units upon which like rights have been conferred and are exercisable, may replace one of the members of the Board appointed by the General Partner with a person nominated by such holders, such nominee to serve until all accrued and unpaid distributions on the preferred units have been paid. The Series A Preferred Units are entitled to vote with the common units and Class B Units as a single class so that the Series A Preferred Units are entitled to one vote for each common unit into which the Series A Preferred Units are convertible at the time of voting. On September 7, 2021, the Partnership entered into an exchange agreement with its general partner and KNOT whereby KNOT contributed to the Partnership all of KNOT’s IDRs in exchange for the issuance by the Partnership to KNOT of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled (the “IDR Exchange”). The IDR Exchange closed on September 10, 2021. The Class B Units are a new class of limited partner interests which are not entitled to receive cash distributions in any quarter unless common unitholders receive a distribution of at least $0.52 for such quarter (the “Distribution Threshold”). When common unitholders receive a quarterly distribution at least equal to the Distribution Threshold, then Class B unitholders will be entitled to receive the same distribution as common unitholders. For each quarter (starting with the quarter ended September 30, 2021) that the Partnership pays distributions on the common units that are at or above the Distribution Threshold, one As of December 31, 2023 and June 30, 2024, a total of 420,675 of the Class B Units had been converted. On January 11, 2023, the Partnership declared a quarterly cash distribution with respect to the fourth quarter of 2022 of $0.026 per common unit. After the payment of the Partnership’s quarterly cash distributions in respect of the fourth quarter of 2022 through to the second quarter of 2024 inclusive, no Class B Units converted to common units. As a result, 252,405 out of the 673,080 Class B Units originally issued remain outstanding as of June 30, 2024. As of June 30, 2024, 71.4% of the Partnership’s total number of common units outstanding representing limited partner interests were held by the public (in the form of 24,293,458 common units) and 28.4% of such units were held directly by KNOT (in the form of 9,661,255 common units). In addition, KNOT, through its ownership of the General Partner, held a 1.83% general partner interest (in the form of 640,278 general partner units) and a 0.3% limited partner interest (in the form of 90,368 common units). As of June 30, 2024, KNOT also held 208,333 Series A Preferred Units and 252,405 Class B Units. Earnings per unit – basic is determined by dividing net income, after deducting the amount of net income attributable to the Series A Preferred Units and the distribution paid or to be made in relation to the period, by the weighted-average number of units outstanding during the applicable period. The computation of limited partners’ interest in net income per common unit – diluted assumes the issuance of common units for all potentially dilutive securities consisting of 3,541,666 Series A Preferred Units and 252,405 Class B Units as of June 30, 2024. Consequently, the net income attributable to limited partners’ interest is exclusive of any distributions on the Series A Preferred Units. In addition, the weighted average number of common units outstanding has been increased assuming the Series A Preferred Units and Class B Units have been converted to common units using the if-converted method. The computation of limited partners’ interest in net income per common unit – diluted does not assume the issuance of Series A Preferred Units and Class B Units if the effect would be anti-dilutive. The General Partner’s, Class B unitholders’ and common unitholders’ interest in net income was calculated as if all net income was distributed according to the terms of the Partnership Agreement, regardless of whether those earnings would or could be distributed. The Partnership Agreement does not provide for the distribution of net income. Rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter less the amount of cash reserves established by the Board to provide for the proper conduct of the Partnership’s business, including reserves for future capital expenditures, anticipated credit needs and capital requirements and any accumulated distributions on, or redemptions of, the Series A Preferred Units. Unlike available cash, net income is affected by non-cash items, such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency gains and losses.

Unit Activity

Unit Activity	6 Months Ended
	Jun. 30, 2024
Unit Activity
Unit Activity	16) There was no movement in the number of common units, Class B Units, general partner units and Series A Preferred Units from December 31, 2023 until June 30, 2024.

Trade Accounts Receivable and O

Trade Accounts Receivable and Other Current Assets	6 Months Ended
	Jun. 30, 2024
Trade Accounts Receivable and Other Current Assets
Trade Accounts Receivable and Other Current Assets	17) (a) Trade accounts receivable are presented net of provisions for expected credit loss. As of June 30, 2024 and December 31, 2023, there were no provisions for expected credit loss. (b) The following table presents other currents assets of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Trade receivables ​ $ 6,107 ​ $ 4,882 Insurance claims for recoveries (refer to note 5 ) ​ 1,057 ​ 124 Refund of value added tax ​ 1,147 ​ 1,254 Prepaid expenses ​ 1,516 ​ 1,568 Other receivables ​ 871 ​ 967 Total other current assets ​ $ 10,698 ​ $ 8,795 ​ Out of the trade receivables of $6,107,000 at June 30, 2024, $143,000 was due from KNOT and its affiliates (refer to Note 13 (d))

Accrued expenses

Accrued expenses	6 Months Ended
	Jun. 30, 2024
Accrued expenses
Accrued expenses	18) Accrued expenses The following table presents accrued expenses as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Operating expenses ​ $ 1,549 ​ $ 3,025 Interest expenses ​ 4,678 ​ 5,032 Other expenses ​ 3,490 ​ 6,718 Total accrued expenses ​ $ 9,717 ​ $ 14,775 ​

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	6 Months Ended
	Jun. 30, 2024
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets	19) The carrying value of the Partnership’s fleet is regularly assessed as events or changes in circumstances may indicate that a vessel’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, and in such situation the carrying amount of the vessel is reduced to its estimated fair value. The Partnership considers factors related to vessel age, expected residual value, ongoing use of the vessels and equipment, shifts in market conditions and other impacting factors associated with the shuttle tanker business as well as the wider global oil and maritime transportation industries. This exercise in respect of the second quarter of 2024 resulted in an impairment in respect of the Dan Cisne Dan Sabia Dan Cisne Dan Sabia Dan Cisne Dan Sabia Dan Cisne Dan Sabia This exercise in respect of the second quarter of 2023 resulted in impairments in respect of both the Dan Cisne Dan Sabia Dan Cisne Dan Sabia Dan Cisne Dan Sabia

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	20) The Partnership has evaluated subsequent events from the balance sheet date through September 18, 2024, the date at which the unaudited condensed consolidated financial statements were available to be issued, and determined that there are no other items to disclose, except as follows: On July 9, 2024, the Partnership declared a quarterly cash distribution of $0.026 per common unit with respect to the quarter ended June 30, 2024, which was paid on August 8, 2024, to all common unitholders of record on July 29, 2024. On the same day, the Partnership declared a quarterly cash distribution to holders of Series A Preferred Units with respect to the quarter ended June 30, 2024 in an aggregate amount equal to $1.7 million, which was paid on August 7, 2024. On July 10, 2024, the Partnership received the Dan Sabia Dan Sabia On July 25, 2024, a time charter to commence Q4 2024 was executed with Eni in respect of the Torill Knutsen Ingrid Knutsen On August 15, 2024, repair work on the Torill Knutsen Torill Knutsen Torill Knutsen On September 3, 2024, the Partnership’s subsidiary, KNOT Shuttle Tankers AS, acquired KNOT Shuttle Tankers 31 AS, the company that owns the shuttle tanker Tuva Knutsen Dan Cisne Tuva Knutsen The Tuva Facility is repayable in quarterly installments with a final balloon payment (including the final quarterly installment) of $57.4 million due at maturity on January 28, 2027. The Tuva Facility bears interest at a rate equal to SOFR plus a margin of 2.16%. For a description of the Tuva Facility, please see Note 12 – Long-Term Debt-Tuva Facility. The Tuva Knutsen Tuva Knutsen Tuva Knutsen Tuva Knutsen Tuva Knutsen The Partnership’s Board of Directors (the “Board”) and the conflicts committee of the Board (the “Conflicts Committee”) approved the purchase prices of the Tuva Knutsen Acquisition and the Dan Cisne Sale. The Conflicts Committee retained an outside financial advisor and outside legal counsel to assist with its evaluation of the Tuva Knutsen Acquisition and the Dan Cisne Sale. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Preparation	(a) Basis of Preparation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for financial information. In the opinion of management of the Partnership, all adjustments considered necessary for a fair presentation, which are of normal recurring nature, have been included. All intercompany balances and transactions are eliminated. The unaudited condensed consolidated financial statements do not include all the disclosures and information required for a complete set of annual financial statements; and, therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2023, which are included in the Partnership’s Annual Report on Form 20-F (the “2023 20-F”).
Significant Accounting Policies	(b) Significant Accounting Policies The accounting policies adopted in the preparation of the unaudited condensed consolidated financial statements are consistent with those followed in the preparation of the Partnership’s audited consolidated financial statements for the year ended December 31, 2023, as contained in the 2023 20-F.
Recent Accounting Pronouncements	(c) Recent Accounting Pronouncements For more information, please see the 20-F for 2023 about recently adopted accounting standards. Accounting pronouncements not yet adopted Other recently issued accounting pronouncements are not expected to materially impact the Partnership.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Information
Schedule consolidated revenues and percentages of revenues for customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (U.S. Dollars in thousands) 2024 2023 2024 2023 ​ Fronape International Company, a subsidiary of Petrobras Transporte S.A. ​ $ 11,174 15 % $ 12,625 18 % $ 23,019 15 % $ 23,996 17 % Equinor ASA ​ 14,067 19 % 8,661 12 % 24,140 16 % 17,856 13 % Repsol Sinopec Brasil, S.A., a subsidiary of Repsol Sinopec Brasil, B.V., combined with Repsol Trading S.A. ​ 10,270 14 % 10,010 14 % 20,528 14 % 16,706 12 % Brazil Shipping I Limited, a subsidiary of Royal Dutch Shell ​ 18,004 24 % 4,687 7 % 32,343 22 % 8,765 6 % KNOT ​ ​ 7,495 ​ 10 % ​ 7,607 ​ 11 % ​ 14,311 ​ 10 % ​ 13,923 ​ 10 % Chartering and Shipping Service S.A., a subsidiary of TotalEnergies ​ ​ 4,514 6 % ​ 14,424 20 % ​ 8,995 6 % ​ 28,689 20 %

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Operating Leases
Schedule of Partnership's revenues by time charter and bareboat charters and other revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (U.S. Dollars in thousands) 2024 2023 2024 2023 Time charter revenues (service element included) ​ $ 71,075 ​ $ 61,667 ​ $ 141,926 ​ $ 113,325 Bareboat revenues ​ ​ 2,362 ​ ​ 8,257 ​ ​ 4,873 ​ ​ 19,532 Total time charter and bareboat revenues ​ ​ 73,437 ​ ​ 69,924 ​ ​ 146,799 ​ ​ 132,857 Other revenues (voyage revenues, loss of hire insurance recoveries and other income) ​ 983 ​ 3,900 ​ 4,253 ​ 12,147 Total revenues ​ $ 74,420 ​ $ 73,824 ​ $ 151,052 ​ $ 145,004
Schedule of minimum contractual future revenues	​ ​ ​ ​ ​ (U.S. Dollars in thousands) ​ ​ 2024 (excluding the six months ended June 30, 2024) ​ $ 134,060 2025 ​ ​ 252,300 2026 ​ ​ 214,812 2027 ​ ​ 105,696 2028 ​ ​ 39,363 2029 and thereafter ​ ​ 27,136 Total $ 773,367
Schedule of maturity analysis of partnership's lease liabilities	A maturity analysis of the Partnership’s lease liabilities from leased-in equipment as of June 30, 2024 is as follows: ​ ​ ​ ​ ​ (U.S. Dollars in thousands) ​ 2024 (excluding the six months ended June 30, 2024) ​ $ 592 2025 ​ ​ 1,146 2026 ​ 93 Total ​ ​ 1,831 Less imputed interest ​ 101 Carrying value of operating lease liabilities ​ $ 1,730 ​

Other Finance Expenses (Tables)

Other Finance Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Other Finance Expenses
Schedule of components of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) 2024 2023 2024 2023 Interest expense ​ $ 16,320 ​ $ 17,349 ​ $ 33,239 ​ $ 34,121 Amortization of debt issuance cost and fair value of debt assumed ​ 543 ​ 758 ​ 1,089 ​ 1,355 Total interest expense ​ $ 16,863 ​ $ 18,107 ​ $ 34,328 ​ $ 35,476
Schedule of components of other finance expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) 2024 2023 2024 2023 Bank fees, charges (other income) ​ $ (177) ​ $ 112 ​ $ 92 ​ $ 184 Total other finance (income) expense ​ $ (177) $ 112 ​ $ 92 ​ $ 184 ​

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments
Schedule of realized and unrealized gains and losses recognized in earnings as net gain (loss) on derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) ​ 2024 2023 2024 2023 Realized gain (loss): ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ 3,987 ​ $ 3,538 ​ $ 8,050 ​ $ 6,543 Total realized gain (loss): ​ ​ 3,987 ​ ​ 3,538 ​ ​ 8,050 ​ ​ 6,543 Unrealized gain (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ ​ (2,190) ​ ​ 4,667 ​ ​ (1,251) ​ ​ (604) Foreign exchange forward contracts ​ ​ — ​ ​ (81) ​ ​ — ​ ​ (125) Total unrealized gain (loss): ​ ​ (2,190) ​ ​ 4,586 ​ ​ (1,251) ​ ​ (729) Total realized and unrealized gain (loss) on derivative instruments: ​ $ 1,797 ​ $ 8,124 ​ $ 6,799 ​ $ 5,814 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Schedule of carrying amounts and estimated fair values of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ Carrying Fair Carrying Fair (U.S. Dollars in thousands) Amount Value Amount Value Recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 56,619 ​ $ 56,619 ​ $ 63,921 ​ $ 63,921 Current derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ ​ 12,593 ​ ​ 12,593 ​ ​ 13,019 ​ ​ 13,019 Non-current derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 6,406 ​ 6,406 ​ 7,229 ​ 7,229 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, current and non-current ​ 901,034 ​ 876,875 ​ 963,005 ​ 941,647 Non-recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current asset: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessel ​ $ 55,686 ​ $ 55,686 ​ $ — ​ $ —
Schedule of assets and liabilities measured at fair value on recurring and non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at Reporting Date Using ​ ​ ​ ​ ​ Quoted Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ Carrying ​ Markets for ​ Other ​ Significant ​ ​ Value ​ Identical ​ Observable ​ Unobservable ​ ​ June 30, ​ Assets ​ Inputs ​ Inputs (U.S. Dollars in thousands) 2024 (Level 1) (Level 2) (Level 3) Recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 56,619 ​ $ 56,619 ​ $ — ​ $ — Current derivative assets: ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 12,593 ​ — ​ 12,593 ​ — Non-current derivative assets: ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 6,406 ​ — ​ 6,406 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ ​ Current derivative liabilities: ​ ​ ​ ​ ​ ​ ​ Long-term debt, current and non-current ​ 901,034 ​ — ​ 876,875 ​ — Non-recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current asset: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessel ​ $ 55,686 ​ $ — ​ $ — ​ $ 55,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at Reporting Date Using ​ ​ ​ ​ ​ Quoted Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ Carrying ​ Markets for ​ Other ​ Significant ​ ​ Value ​ Identical ​ Observable ​ Unobservable ​ ​ December 31, ​ Assets ​ Inputs ​ Inputs (U.S. Dollars in thousands) 2023 (Level 1) (Level 2) (Level 3) Recurring: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 63,921 ​ $ 63,921 ​ $ — ​ $ — Current derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ ​ 13,019 ​ ​ — ​ ​ 13,019 ​ ​ — Non-current derivative assets: ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ 7,229 ​ — ​ 7,229 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ ​ Long-term debt, current and non-current ​ $ 963,005 ​ $ — ​ $ 941,647 ​ $ — ​
Schedule of valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ Fair ​ ​ ​ unobservable ​ ​ (U.S. Dollars in thousands) ​ Value ​ Valuation technique ​ inputs: ​ WACC (1) Non-Recurring: ​ ​ Non-current assets: ​ ​ Dan Cisne ​ $ 29,565 Discounted cash flow Discount rate 8.66 % Dan Sabia ​ $ 26,121 Discounted cash flow Discount rate 8.66 % (1) WACC is defined as weighted average cost of capital

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Taxes
Schedule of significant components of current and deferred Income tax expense attributable to Income from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ (U.S. Dollars in thousands) 2024 2023 2024 2023 Income (loss) before income taxes ​ $ (12,638) ​ $ (40,341) ​ $ (5,059) ​ $ (41,883) ​ Income tax benefit (expense) ​ ​ (213) ​ ​ (49) ​ ​ (354) ​ ​ 196 ​ Effective tax rate ​ $ 2 % $ 0 % $ 7 % $ 0 %
Schedule of income tax expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (U.S. Dollars in thousands) 2024 2023 2024 2023 ​ Income tax benefit (expense) within Norwegian tonnage tax regime $ (210) $ (46) $ (348) $ 202 ​ Income tax benefit (expense) within UK ​ ​ (3) ​ ​ (3) ​ ​ (6) ​ ​ (6) ​ Income tax benefit (expense) ​ (213) ​ (49) ​ (354) ​ 196 ​ Effective tax rate ​ $ 2 % $ 0 % $ 7 % $ 0 %

Vessels and Equipment (Tables)

Vessels and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Vessels and Equipment
Schedule of vessels and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels & ​ Accumulated ​ Accumulated ​ ​ ​ (U.S. Dollars in thousands) equipment depreciation impairment Net Vessels Vessels, December 31, 2022 ​ $ 2,388,615 $ (727,814) $ (29,421) $ 1,631,380 Additions ​ 2,794 ​ — ​ ​ — ​ 2,794 Drydock costs ​ 19,375 ​ — ​ ​ — ​ 19,375 Disposals ​ (12,350) ​ 12,350 ​ ​ — ​ — Depreciation and write down for the period (1) ​ — ​ (110,902) ​ ​ (49,649) ​ (160,551) Vessels, December 31, 2023 ​ $ 2,398,434 ​ $ (826,366) ​ $ (79,070) ​ $ 1,492,998 Additions ​ 74 ​ — ​ ​ — ​ 74 Drydock costs ​ 58 ​ — ​ ​ — ​ 58 Depreciation and write down for the period (1) ​ — ​ (55,490) ​ ​ (16,384) ​ (71,874) Vessels, June 30, 2024 ​ $ 2,398,566 ​ $ (881,856) ​ $ (94,454) ​ $ 1,421,256 (1) The carrying values of each of the Dan Cisne and the Dan Sabia were written down to their respective estimated fair values as of June 30, 2023 and further as of June 30, 2024. See Note 19—Impairment of long-lived assets.
Schedule of drydocking activity	​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Balance at the beginning of the year ​ $ 40,587 ​ $ 24,595 Costs incurred for drydocking ​ 58 ​ 19,375 Costs re-allocated to drydocking due to change of contract ​ ​ — ​ ​ 7,849 Drydock amortization ​ (6,744) ​ (11,232) Balance at period end ​ $ 33,901 ​ $ 40,587 ​

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory
Schedule of inventory	​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Lubricating oil ​ 3,156 ​ 2,995 Bunkers ​ 561 ​ 701 Total inventory ​ 3,717 ​ 3,696 ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Long-Term Debt.
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (U.S. Dollars in thousands) Vessel 2024 2023 $345 million loan facility ​ Anna Knutsen, Tordis Knutsen, Vigdis Knutsen, Brasil Knutsen, Lena Knutsen ​ $ 275,987 ​ $ 288,534 $240 million loan facility ​ Windsor Knutsen, Bodil Knutsen, Carmen Knutsen, Fortaleza Knutsen, Recife Knutsen, Ingrid Knutsen ​ ​ 204,528 ​ ​ 222,264 Hilda loan facility Hilda Knutsen ​ 60,000 ​ 60,000 $192.1 million loan facility ​ Synnøve Knutsen, Tove Kuntsen ​ ​ 149,149 ​ ​ 153,702 $25 million revolving credit facility with NTT ​ 15,000 ​ 25,000 $25 million revolving credit facility with Shinsei ​ ​ ​ ​ 25,000 ​ ​ 25,000 Raquel Sale & Leaseback ​ Raquel Knutsen ​ ​ 76,415 ​ ​ 79,070 Torill Sale & Leaseback ​ Torill Knutsen ​ ​ 94,955 ​ ​ 99,065 Total long-term debt ​ $ 901,034 ​ $ 963,005 Less: current installments ​ 91,251 ​ 101,010 Less: unamortized deferred loan issuance costs ​ 2,094 ​ 2,050 Current portion of long-term debt ​ 89,157 ​ 98,960 Amounts due after one year ​ 809,783 ​ 861,995 Less: unamortized deferred loan issuance costs ​ 3,569 ​ 4,166 Long-term debt, less current installments, and unamortized deferred loan issuance costs ​ $ 806,214 ​ $ 857,829
Schedule of partnership's outstanding debt repayable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) Sale & Leaseback Period repayment Balloon repayment Total 2024 (excluding the six months ended June 30, 2024) $ 7,038 ​ $ 38,587 $ — ​ $ 45,625 2025 ​ 14,399 ​ ​ 76,081 ​ 176,583 ​ ​ 267,063 2026 ​ 15,060 ​ ​ 59,096 ​ 219,521 ​ ​ 293,677 2027 ​ 15,751 ​ ​ 30,231 ​ 37,500 ​ ​ 83,482 2028 ​ 16,520 ​ ​ 13,240 ​ 78,825 ​ ​ 108,585 2029 and thereafter ​ 102,602 ​ ​ — ​ — ​ ​ 102,602 Total ​ $ 171,370 ​ $ 217,235 ​ $ 512,429 ​ $ 901,034

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions
Schedule of Related Party Costs and Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands) ​ 2024 2023 2024 2023 Statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time charter and bareboat revenues: ​ ​ ​ ​ Time charter income from KNOT (1) $ 7,495 $ 7,607 $ 14,311 $ 13,923 Operating expenses: ​ ​ ​ ​ Vessel operating expenses (2) ​ 5,266 ​ 4,960 ​ 8,614 ​ 7,753 Voyage expenses and commissions (3) ​ ​ 4 ​ ​ 6 ​ ​ 15 ​ ​ 70 Technical and operational management fee from KNOT to Vessels (4) ​ 3,035 ​ 2,864 ​ 6,502 ​ 5,407 Operating expenses from other related parties (5) ​ 286 ​ 196 ​ 576 ​ 462 General and administrative expenses: ​ ​ ​ ​ ​ ​ ​ ​ Administration fee from KNOT Management (6) ​ 381 ​ 303 ​ 710 ​ 605 Administration fee from KOAS (6) ​ 231 ​ 147 ​ 440 ​ 298 Administration fee from KOAS UK (6) ​ 16 ​ 20 ​ 33 ​ 41 Administration and management fee from KNOT (7) ​ 10 ​ 15 ​ 20 ​ 34 Total income (expenses) ​ $ (1,734) ​ $ (904) ​ $ (2,599) ​ $ (747) ​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Balance Sheet: ​ ​ Vessels: ​ ​ Drydocking supervision fee from KNOT (8) ​ $ 10 ​ $ 135 Drydocking supervision fee from KOAS (8) ​ ​ — ​ ​ (77) Equipment purchased from Knutsen Ballast Water AS (9) ​ ​ 70 ​ ​ 577 Total ​ $ 80 ​ $ 635 (1) Time charter income from KNOT: Time charter contracts with Knutsen Shuttle Tankers Pool AS have been in operation in respect of the Bodil Knutsen until her delivery to Equinor in March 2024; the Hilda Knutsen since the third quarter of 2022; the Torill Knutsen since the first quarter of 2023; the Ingrid Knutsen since the second quarter of 2024. Commencing July 2024, the Dan Cisne operated on a time charter contract with Knutsen Shuttle Tankers Pool AS until the completion of her sale to KNOT on September 3, 2024. (2) Vessel operating expenses: KNOT Management or KNOT Management Denmark provides technical and operational management of the vessels on time charter including crewing and crew training services. (3) Voyage expenses and commissions: The Ingrid Knutsen and the Torill Knutsen have completed one spot voyage each where Knutsen Shuttle Tankers Pool AS has earned a 1.25% commission on the voyage revenues. (4) Technical and operational management fee, from KNOT Management or KNOT Management Denmark to Vessels : KNOT Management or KNOT Management Denmark provides technical and operational management of the vessels on time charter including crewing, purchasing, maintenance and other operational service. In addition, there is also a charge for 24-hour emergency response services provided by KNOT Management for all vessels managed by KNOT Management. (5) Operating expenses from other related parties : Simsea Real Operations AS, a company jointly owned by the Partnership’s Chairman of the Board, Trygve Seglem, and by other third-party shipping companies in Haugesund, provides simulation, operational training assessment and other certified maritime courses for seafarers. The cost is course fees for seafarers. Knutsen OAS Crewing AS, a subsidiary of TSSI, provides administrative services related to Eastern European crew on vessels operating on time charter contracts. The cost is a fixed fee per month per such crew member onboard a vessel. Level Power & Automation AS, a company that provides the Partnership’s vessels with equipment and inspection services, is owned by Level Group AS, where Trygve Seglem, his family and members of TSSI management have significant influence. (6) Administration fee from KNOT Management, Knutsen OAS Shipping AS (“KOAS”) and Knutsen OAS (UK) Ltd. (“KOAS UK”) : Administration costs include compensation and benefits of KNOT Management’s management and administrative staff on a time-spent basis as well as other general and administration expenses. Some services are also provided by KOAS and KOAS UK. Net costs are total administration cost plus a 5% margin. As such, the level of administration costs charged to the Partnership can vary from year to year based on the administration and financing services provided each year. KNOT Management also charges each subsidiary a fixed annual fee for the preparation of statutory financial statements. (7) Administration and management fee from KNOT Management and KNOT Management Denmark : For bareboat charters, the shipowner is not responsible for providing crewing or other operational services and the customer is responsible for all vessel operating expenses and voyage expenses. However, each of the vessels under bareboat charters is subject to a management and administration agreement with either KNOT Management or KNOT Management Denmark, pursuant to which these companies provide general monitoring services for the vessels in exchange for an annual fee. (8) Drydocking supervision fee from KNOT Management, KNOT Management Denmark and KOAS : KNOT Management, KNOT Management Denmark and KOAS provide supervision and hire out service personnel during drydocking of the vessels. The fee is calculated as a daily fixed fee. (9) Equipment purchased from Knutsen Ballast Water AS: As part of the scheduled drydocking of the Carmen Knutsen that commenced in the fourth quarter of 2022 until the first quarter of 2023, a ballast water treatment system was installed on the vessel. As part of the scheduled drydocking of the Torill Knutsen in the fourth quarter of 2023, a ballast water treatment system was installed on the vessel. As of December 31, 2023 and June 30, 2024, parts of the system had been purchased from Knutsen Ballast Water AS, a subsidiary of TSSI, for $0.58 million and $0.07 million, respectively.
Schedule of amounts due from and due to related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ At December 31, (U.S. Dollars in thousands) 2024 2023 Balance Sheet: ​ ​ Trading balances due from KOAS ​ $ 2 ​ $ — Trading balances due from KNOT and affiliates ​ 782 ​ 348 Amount due from related parties ​ $ 784 ​ $ 348 Trading balances due to KOAS ​ $ 2,202 ​ $ 1,696 Trading balances due to KNOT and affiliates ​ 1,657 ​ 410 Amount due to related parties ​ $ 3,859 ​ $ 2,106
Schedule of trade accounts payable to related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, ​ At December 31, (U.S. Dollars in thousands) 2024 2023 Balance Sheet: ​ ​ ​ ​ Trading balances due to KOAS ​ $ 899 ​ $ 1,158 Trading balances due to KNOT and affiliates ​ 1,355 ​ 2,045 Trade accounts payables to related parties ​ $ 2,254 ​ $ 3,203
Schedule of trading balances from KNOT and affiliates are included in other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, At December 31, (U.S. Dollars in thousands) ​ 2024 ​ 2023 Balance Sheet: ​ ​ Trade receivables due from KNOT and affiliates (refer to Note 17 (b)) ​ $ 143 ​ $ — Other trading balances due from KOAS ​ 603 ​ ​ 376 Other current assets from related parties ​ $ 746 ​ $ 376 ​

Earnings per Unit and Cash Di_2

Earnings per Unit and Cash Distributions (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings per Unit and Cash Distributions
Schedule of calculations of basic and diluted earnings per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (U.S. Dollars in thousands, except per unit data) 2024 2023 2024 2023 Net income (loss) ​ $ (12,851) ​ $ (40,390) ​ $ (5,413) ​ $ (41,687) Less: Series A Preferred unitholders’ interest in net income (loss) ​ ​ 1,700 ​ ​ 1,700 ​ ​ 3,400 ​ ​ 3,400 Net income (loss) attributable to the unitholders of KNOT Offshore Partners LP ​ ​ (14,551) ​ ​ (42,090) ​ ​ (8,813) ​ ​ (45,087) Less: Distributions (2) ​ ​ 901 ​ ​ 901 ​ ​ 1,803 ​ ​ 1,803 Under (over) distributed earnings ​ ​ (15,452) ​ ​ (42,991) ​ ​ (10,616) ​ ​ (46,890) Under (over) distributed earnings attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ ​ (15,168) ​ ​ (42,198) ​ ​ (10,421) ​ ​ (46,025) General Partner ​ ​ (284) ​ ​ (793) ​ ​ (195) ​ ​ (865) Weighted average units outstanding (basic) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ ​ 34,045 ​ ​ 34,045 ​ ​ 34,045 ​ ​ 34,045 Class B unitholders ​ ​ 252 ​ ​ 252 ​ ​ 252 ​ ​ 252 General Partner ​ ​ 640 ​ ​ 640 ​ ​ 640 ​ ​ 640 Weighted average units outstanding (diluted) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ ​ 38,519 ​ ​ 38,448 ​ ​ 38,519 ​ ​ 38,448 Class B unitholders ​ ​ 252 ​ ​ 252 ​ ​ 252 ​ ​ 252 General Partner ​ ​ 640 ​ ​ 640 ​ ​ 640 ​ ​ 640 Earnings per unit (basic): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders ​ $ (0.42) ​ $ (1.21) ​ $ (0.25) ​ $ (1.30) Class B unitholders (3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — General Partner ​ ​ (0.42) ​ ​ (1.21) ​ ​ (0.25) ​ ​ (1.30) Earnings per unit (diluted): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common unitholders (4) ​ $ (0.42) ​ $ (1.21) ​ $ (0.25) ​ $ (1.30) Class B unitholders (3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — General Partner ​ ​ (0.42) ​ ​ (1.21) ​ ​ (0.25) ​ ​ (1.30) Cash distributions declared and paid in the period per unit (5) ​ $ 0.03 ​ $ 0.03 ​ $ 0.05 ​ $ 0.05 Subsequent event: Cash distributions declared and paid per unit relating to the period (6) ​ $ 0.03 ​ $ 0.03 ​ $ 0.05 ​ $ 0.05 (1) Earnings per unit have been calculated in accordance with the cash distribution provisions set forth in the Partnership’s agreement of limited partnership (the “Partnership Agreement”). (2) This refers to distributions made or to be made in relation to the period irrespective of the declaration and payment dates and based on the number of units outstanding at the record date. (3) When the distribution target is not met, there is no allocation of net income (loss) to Class B units. (4) Diluted weighted average units outstanding and earnings per unit diluted for the three and six months ended June 30, 2024 and 2023 does not reflect any potential common units relating to the Series A Preferred Units since the assumed issuance of any additional units would be anti-dilutive. (5) Refers to cash distributions declared and paid during the period. (6) Refers to cash distributions declared and paid subsequent to the period end.

Trade Accounts Receivable and_2

Trade Accounts Receivable and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Trade Accounts Receivable and Other Current Assets
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Trade receivables ​ $ 6,107 ​ $ 4,882 Insurance claims for recoveries (refer to note 5 ) ​ 1,057 ​ 124 Refund of value added tax ​ 1,147 ​ 1,254 Prepaid expenses ​ 1,516 ​ 1,568 Other receivables ​ 871 ​ 967 Total other current assets ​ $ 10,698 ​ $ 8,795

Accrued expenses (Tables)

Accrued expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ (U.S. Dollars in thousands) At June 30, 2024 At December 31, 2023 Operating expenses ​ $ 1,549 ​ $ 3,025 Interest expenses ​ 4,678 ​ 5,032 Other expenses ​ 3,490 ​ 6,718 Total accrued expenses ​ $ 9,717 ​ $ 14,775 ​

Description of Business (Detail

Description of Business (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 item	Sep. 18, 2024 USD ($)	Jun. 30, 2023 item
Description of Business
Ownership interest in shuttle tankers acquired at formation (as a percent)	100%
Number of shuttle tankers acquired at formation	4
Number of operating vessels	18		18
Undrawn portion of revolving credit facilities | $		$ 10

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($) item	Jun. 30, 2024 USD ($) item segment	Jun. 30, 2023 USD ($) item
Segment Information
Number of reportable segments | segment			1
Number of operating vessels | item	18	18	18	18
Revenues	$ 74,420	$ 73,824	$ 151,052	$ 145,004
Fronape International Company, a subsidiary of Petrobras Transporte S.A.
Segment Information
Revenues	11,174	12,625	23,019	23,996
Equinor ASA
Segment Information
Revenues	14,067	8,661	24,140	17,856
Repsol Sinopec Brasil, S.A., a subsidiary of Repsol Sinopec Brasil, B.V., combined with Repsol Trading S.A.
Segment Information
Revenues	10,270	10,010	20,528	16,706
Brazil Shipping I Limited, a subsidiary of Royal Dutch Shell
Segment Information
Revenues	18,004	4,687	32,343	8,765
KNOT
Segment Information
Revenues	7,495	7,607	14,311	13,923
Chartering and Shipping Service S.A., a subsidiary of TotalEnergies
Segment Information
Revenues	$ 4,514	$ 14,424	$ 8,995	$ 28,689
Revenues | Fronape International Company, a subsidiary of Petrobras Transporte S.A. | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	15%	18%	15%	17%
Revenues | Equinor ASA | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	19%	12%	16%	13%
Revenues | Repsol Sinopec Brasil, S.A., a subsidiary of Repsol Sinopec Brasil, B.V., combined with Repsol Trading S.A. | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	14%	14%	14%	12%
Revenues | Brazil Shipping I Limited, a subsidiary of Royal Dutch Shell | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	24%	7%	22%	6%
Revenues | KNOT | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	10%	11%	10%	10%
Revenues | Chartering and Shipping Service S.A., a subsidiary of TotalEnergies | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	6%	20%	6%	20%
Minimum | Revenues | Customer concentration risk
Segment Information
Benchmark percentage of revenues and combined revenues concentration	10%	10%	10%	10%

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Leases
Other revenues (voyage revenues, loss of hire insurance recoveries and other income)	$ 983	$ 3,900	$ 4,253	$ 12,147
Total revenues	74,420	73,824	151,052	145,004
Time charter revenues (service element included)
Operating Leases
Revenue from contract with customers	71,075	61,667	141,926	113,325
Bareboat revenues
Operating Leases
Revenue from contract with customers	2,362	8,257	4,873	19,532
Time charter and bareboat revenues
Operating Leases
Revenue from contract with customers	$ 73,437	$ 69,924	$ 146,799	$ 132,857

Operating Leases - Minimum Cont

Operating Leases - Minimum Contractual Future Revenues (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum contractual future revenues
2024 (excluding the six months ended June 30, 2024)	$ 134,060
2025	252,300
2026	214,812
2027	105,696
2028	39,363
2029 and thereafter	27,136
Total	$ 773,367

Operating Leases - Additional I

Operating Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Options
Bodil Knutsen
Operating Leases
Fixed term of contract	1 year
Number of options to extend two year periods	2
Fortaleza Knutsen
Operating Leases
Current bareboat charter expiration year	2026
Recife Knutsen
Operating Leases
Current bareboat charter expiration year	2026
Carmen Knutsen
Operating Leases
Current bareboat charter expiration year	2026
Time charter expiration year under options to extend	2026
Hilda Knutsen
Operating Leases
Current time charter expiration year	2025
Period of notice for termination of agreement	30 days
Torill Knutsen
Operating Leases
Fixed term of contract	3 years
Number of options to extend one year periods	3
Time charter expiration year under options to extend	2025
Period of notice for termination of agreement	30 days
Option to renewal term	1 year
Dan Cisne
Operating Leases
Current bareboat charter expiration year	2024
Dan Sabia
Operating Leases
Current bareboat charter expiration year	2024
Ingrid Knutsen
Operating Leases
Fixed term of contract	2 years
Option to extend term	two
Current time charter expiration year	2024
Time charter expiration year under options to extend	2024
Raquel Knutsen
Operating Leases
Current time charter expiration year	2025
Time charter expiration year under options to extend	2030
Tordis Knutsen
Operating Leases
Current time charter expiration year	2028
Vigdis Knutsen
Operating Leases
Current time charter expiration year	2027
Lena Knutsen
Operating Leases
Current time charter expiration year	2031
Anna Knutsen
Operating Leases
Option to extend term	one-year
Number of options to extend one year periods	1
Current time charter expiration year	2026
Tove Knutsen
Operating Leases
Current time charter expiration year	2027
Time charter expiration year under options to extend	2040
Synnve Knutsen
Operating Leases
Current time charter expiration year	2020
Time charter expiration year under options to extend	2027

Operating Leases - Lease obliga

Operating Leases - Lease obligations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
Right-of-use assets (Note 4)	$ 1,730	$ 1,730	$ 2,126
Lease liability	$ 1,730	$ 1,730
Weighted average discount rate (as a percent)	7.30%	7.30%
Operating lease payments	$ 300	$ 600
Partnership's lease liabilities from leased-in equipment
2024 (excluding the six months ended June 30, 2024)	592	592
2025	1,146	1,146
2026	93	93
Total	1,831	1,831
Less imputed interest	101	101
Carrying value of operating lease liabilities	$ 1,730	$ 1,730
Tove Knutsen
Operating Leases
Weighted average remaining lease term	1 year 7 months 6 days	1 year 7 months 6 days

Insurance proceeds (Details)

Insurance proceeds (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Insurance proceeds
Open insurance claim amount	$ 1,100		$ 1,100		$ 100
Loss of hire insurance payments recorded as a component of total revenues	78	$ 1,424	78	$ 2,335
Windsor Knutsen
Insurance proceeds
Loss of hire insurance payments recorded as a component of total revenues		$ 1,400
Brasil Knutsen | Loss of hire proceeds
Insurance proceeds
Loss of hire insurance payments recorded as a component of total revenues	$ 100		$ 100
Synnve Knutsen | Loss of hire proceeds
Insurance proceeds
Loss of hire insurance payments recorded as a component of total revenues				$ 2,300

Other Finance Expenses - Compon

Other Finance Expenses - Components interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Finance Expenses
Interest expense	$ 16,320	$ 17,349	$ 33,239	$ 34,121
Amortization of debt issuance cost and fair value of debt assumed	543	758	1,089	1,355
Total interest expense	$ 16,863	$ 18,107	$ 34,328	$ 35,476

Other Finance Expenses - Comp_2

Other Finance Expenses - Components of other finance expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Finance Expenses
Bank fees, charges (other income)	$ (177)	$ 112	$ 92	$ 184
Total other finance (income) expense	$ (177)	$ 112	$ 92	$ 184

Derivative Instruments (Details

Derivative Instruments (Details) - Interest rate swap contracts - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments
Notional amount	$ 389.3	$ 426.5
Carrying amount of derivative asset	$ 19	$ 20.2

Derivative Instruments - Realiz

Derivative Instruments - Realized and unrealized gain (loss) on derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net gain (loss) on derivative instruments
Total realized gain (loss):	$ 3,987	$ 3,538	$ 8,050	$ 6,543
Total unrealized gain (loss):	(2,190)	4,586	(1,251)	(729)
Total realized and unrealized gain (loss) on derivative instruments:	1,797	8,124	6,799	5,814
Interest rate swap contracts
Net gain (loss) on derivative instruments
Total realized gain (loss):	3,987	3,538	8,050	6,543
Total unrealized gain (loss):	$ (2,190)	4,667	$ (1,251)	(604)
Foreign exchange forward contracts
Net gain (loss) on derivative instruments
Total unrealized gain (loss):		$ (81)		$ (125)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying amounts and estimated fair values of the Partnership's assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Current derivative assets	$ 12,593	$ 13,019
Non-current derivative assets	6,406	7,229
Carrying Amount | Recurring
Financial assets:
Cash and cash equivalents	56,619	63,921
Financial liabilities:
Long-term debt, current and non-current	901,034	963,005
Carrying Amount | Recurring | Interest rate swap contracts
Financial assets:
Current derivative assets	12,593	13,019
Non-current derivative assets	6,406	7,229
Carrying Amount | Non-Recurring
Financial liabilities:
Non-current asset: Vessel	55,686
Fair Value | Recurring
Financial assets:
Cash and cash equivalents	56,619	63,921
Financial liabilities:
Long-term debt, current and non-current	876,875	941,647
Fair Value | Recurring | Interest rate swap contracts
Financial assets:
Current derivative assets	12,593	13,019
Non-current derivative assets	6,406	$ 7,229
Fair Value | Non-Recurring
Financial liabilities:
Non-current asset: Vessel	$ 55,686

Fair Value Measurements - Addit

Fair Value Measurements - Additional information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Deferred debt issuance cost	$ 5,700,000	$ 6,200,000
Restricted cash	0	0
FairValueAssetsLevel1ToLevel2TransferAmount	$ 0	$ 0
Estimated market participant rate	8.66%
Interest rate swap contracts
Fair Value Measurements
Weighted average remaining terms	1 year 4 months 24 days	1 year 9 months 18 days
Interest rate swap contracts | Minimum
Fair Value Measurements
Notional amount per contract	$ 14,400,000	$ 2,600,000
Fixed interest rate	0.71%	0.71%
Interest rate swap contracts | Maximum
Fair Value Measurements
Notional amount per contract	$ 29,300,000	$ 30,700,000
Fixed interest rate	2.90%	2.90%

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Current derivative assets	$ 12,593	$ 13,019
Non-current derivative assets	6,406	7,229
Recurring | Carrying Value
Financial assets:
Cash and cash equivalents	56,619	63,921
Financial liabilities:
Long-term debt, current and non-current	901,034	963,005
Recurring | Carrying Value | Interest rate swap contracts
Financial assets:
Current derivative assets	12,593	13,019
Non-current derivative assets	6,406	7,229
Recurring | Fair Value
Financial assets:
Cash and cash equivalents	56,619	63,921
Financial liabilities:
Long-term debt, current and non-current	876,875	941,647
Recurring | Fair Value | Interest rate swap contracts
Financial assets:
Current derivative assets	12,593	13,019
Non-current derivative assets	6,406	7,229
Recurring | Fair Value | Quoted Price in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	56,619	63,921
Recurring | Fair Value | Significant Other Observable Inputs (Level 2)
Financial liabilities:
Long-term debt, current and non-current	876,875	941,647
Recurring | Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate swap contracts
Financial assets:
Current derivative assets	12,593	13,019
Non-current derivative assets	6,406	$ 7,229
Non-Recurring | Carrying Value
Financial liabilities:
Non-current asset: Vessel	55,686
Non-Recurring | Fair Value
Financial liabilities:
Non-current asset: Vessel	55,686
Non-Recurring | Fair Value | Significant Unobservable Inputs (Level 3)
Financial liabilities:
Non-current asset: Vessel	$ 55,686

Fair Value Measurements - Valua

Fair Value Measurements - Valuation techniques and significant unobservable inputs (Details) - Non-Recurring - Level 3 $ in Thousands	Jun. 30, 2024 USD ($)
Dan Cisne
Information about the valuation techniques and significant unobservable inputs
Non-current asset: Vessel	$ 29,565
Dan Sabia
Information about the valuation techniques and significant unobservable inputs
Non-current asset: Vessel	$ 26,121
Discount rate | Average | Dan Cisne
Information about the valuation techniques and significant unobservable inputs
Measurement input of vessel	0.0866
Discount rate | Average | Dan Sabia
Information about the valuation techniques and significant unobservable inputs
Measurement input of vessel	0.0866

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Percentage of corporate tax			22%
Tonnage tax included in operating expenses	$ 54,660	$ 55,000	$ 108,500	$ 107,000
Deferred tax assets	3,800		3,800			$ 4,400
Deferred tax liabilities	$ 100		$ 100			$ 100
Income tax rate, deferred tax liabilities					22%	22%
Norwegian Ordinary Tax Regime
Income Taxes
Percentage of corporate tax					22%	22%

Income Taxes - Significant comp

Income Taxes - Significant components of current and deferred income tax expense attributable to income from continuing operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Income (loss) before income taxes	$ (12,638)	$ (40,341)	$ (5,059)	$ (41,883)
Income tax benefit (expense) (Note 9)	$ (213)	$ (49)	$ (354)	$ 196
Effective tax rate	2%	0%	7%	0%

Income Taxes - Income tax expen

Income Taxes - Income tax expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Income tax benefit (expense)	$ (213)	$ (49)	$ (354)	$ 196
Effective tax rate	2%	0%	7%	0%
Norwegian Tonnage Tax Regime
Income Taxes
Income tax benefit (expense)	$ (210)	$ (46)	$ (348)	$ 202
UK
Income Taxes
Income tax benefit (expense)	$ (3)	$ (3)	$ (6)	$ (6)

Vessels and Equipment - Long-te

Vessels and Equipment - Long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Vessels and Equipment
Book value of assets pledged as security	$ 1,421,000		$ 1,421,000		$ 1,493,000
Vessels & equipment - Activity
Vessels and equipment, beginning balance			2,398,434	$ 2,388,615	2,388,615
Additions			74		2,794
Drydock costs			58		19,375
Disposals					(12,350)
Vessels and equipment, ending balance	2,398,566		2,398,566		2,398,434
Accumulated depreciation - Activity
Accumulated depreciation, beginning balance			(826,366)	(727,814)	(727,814)
Accumulated depreciation, disposals					12,350
Accumulated depreciation for the year	(27,748)	$ (28,107)	(55,490)	(55,836)	(110,902)
Accumulated depreciation, ending balance	(881,856)		(881,856)		(826,366)
Accumulated impairment - Activity
Accumulated write down, beginning balance			(79,070)	(29,421)	(29,421)
Depreciation and impairment for the period	(16,384)	$ (49,649)	(16,384)	(49,649)	(49,649)
Accumulated write down, ending balance	(94,454)		(94,454)		(79,070)
Net Vessels - Activity
Net Vessels, beginning balance			1,492,998	$ 1,631,380	1,631,380
Additions			74		2,794
Drydock costs			58		19,375
Depreciation and impairment for the period			(71,874)		(160,551)
Net Vessels, ending balance	$ 1,421,256		$ 1,421,256		$ 1,492,998

Vessels and Equipment - Drydock

Vessels and Equipment - Drydocking activity (Details) - Vessels & Equipment - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Drydocking activity
Balance at the beginning of the year	$ 40,587	$ 24,595
Costs incurred for drydocking	58	19,375
Costs re-allocated to drydocking due to change of contract		7,849
Drydock amortization	(6,744)	(11,232)
Balance at the end of the year	$ 33,901	$ 40,587

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory
Total inventory	$ 3,717	$ 3,696
Lubricating oil
Inventory
Total inventory	3,156	2,995
Bunkers
Inventory
Total inventory	$ 561	$ 701

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Long-Term Debt
Long-term debt	$ 901,034	$ 963,005	$ 901,034
Net of debt issuance costs	895,400
Less: current installments	91,251	101,010
Less: unamortized deferred loan issuance costs	2,094	2,050
Current portion of long-term debt	89,157	98,960
Amounts due after one year	809,783	861,995
Less: unamortized deferred loan issuance costs	3,569	4,166
Long-term debt, less current installments, and unamortized deferred loan issuance costs	806,214	857,829
$345 million loan facility
Long-Term Debt
Long-term debt	275,987	288,534
Debt instrument face amount	345,000	345,000
$240 million loan facility
Long-Term Debt
Long-term debt	204,528	222,264
Debt instrument face amount	240,000	240,000
Hilda Loan Facility
Long-Term Debt
Long-term debt	60,000	60,000
$192.1 million loan facility
Long-Term Debt
Long-term debt	149,149	153,702
Debt instrument face amount	192,100	192,100
Revolving credit facilities | NTT
Long-Term Debt
Long-term debt	15,000	25,000
Debt instrument face amount	25,000	25,000
Revolving credit facilities | Shinsei
Long-Term Debt
Long-term debt	25,000	25,000
Debt instrument face amount	25,000	25,000
Raquel Sale & Leaseback
Long-Term Debt
Long-term debt	76,415	79,070
Torill Sale & Leaseback
Long-Term Debt
Long-term debt	$ 94,955	$ 99,065

Long-Term Debt - Summary of Par

Long-Term Debt - Summary of Partnership's Outstanding Debt Repayable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Long-Term Debt
2024 (excluding the six months ended June 30, 2024)			$ 45,625
2025			267,063
2026			293,677
2027			83,482
2028			108,585
2029 and thereafter			102,602
Total	$ 901,034	$ 963,005	901,034
Sale & Leaseback
Long-Term Debt
2024 (excluding the six months ended June 30, 2024)			7,038
2025			14,399
2026			15,060
2027			15,751
2028			16,520
2029 and thereafter			102,602
Total			171,370
Periodic repayment
Long-Term Debt
2024 (excluding the six months ended June 30, 2024)			38,587
2025			76,081
2026			59,096
2027			30,231
2028			13,240
Total			217,235
Balloon Repayment
Long-Term Debt
2025			176,583
2026			219,521
2027			37,500
2028			78,825
Total			$ 512,429

Long-Term-Debt - Summary Of Par

Long-Term-Debt - Summary Of Partnerships Outstanding Debt Repayable- Additional Information (Details) - Partnership's Loan Agreements - SOFR	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Minimum
Long-Term Debt
Spread on variable rate		1.75%
Maximum
Long-Term Debt
Spread on variable rate		2.40%
Average
Long-Term Debt
Spread on variable rate	2.26%

Long-Term Debt -60 Million Hild

Long-Term Debt -60 Million Hilda Loan Facility (Details) - 60 Million Hilda Loan Facility	1 Months Ended
	May 31, 2024 USD ($) installment
Long-Term Debt
Debt instrument face amount	$ 60,000,000
Number of consecutive quarterly installments | installment	12
Final payment which includes balloon payment and last quarterly installment	$ 39,400,000
Minimum liquidity requirement	500,000
Minimum liquidity of the Partnership	15,000,000
Amount for each owned vessel with less than 12 months remaining tenor on its employment contract up to 8 vessels	1,500,000
Amount for each owned vessel with less than 12 months remaining tenor on its employment contract up to 12 additional vessels in excess of 8 vessels	1,000,000
Minimum liquidity requirement in cash	$ 10,000,000
Minimum book equity ratio for Partnership	30%
Minimum EBITDA to interest ratio for Partnership	2.50%
Percentage of outstanding loan of vessel below market value for mandatory reduction, prepayment and cancellation of the facility	135%
SOFR
Long-Term Debt
Debt instrument face amount	$ 60,000,000
Interest margin percentage	2.25%

Long-Term Debt - Tuva Facility

Long-Term Debt - Tuva Facility (Details) - Tuva Facility $ in Thousands	Jan. 15, 2021 USD ($)
Long-Term Debt
Debt instrument face amount	$ 88,000
Balloon payment to be paid	$ 57,400
Interest margin percentage	2.16%
Final payment which includes balloon payment and last quarterly installment	$ 57,400
Minimum liquidity requirement	500,000
Minimum liquidity of the Partnership	15,000
Amount for each owned vessel with less than 12 months remaining tenor on its employment contract up to 8 vessels	1,500
Amount for each owned vessel with less than 12 months remaining tenor on its employment contract up to 12 additional vessels in excess of 8 vessels	1,000
Minimum liquidity requirement in cash	$ 10,000
Minimum EBITDA to interest ratio for Partnership	2.50%
Percentage of outstanding loan of vessel below market value for mandatory reduction, prepayment and cancellation of the facility	125%
Minimum
Long-Term Debt
Minimum book equity ratio for Partnership	30%

Related Party Transactions - Ne

Related Party Transactions - Net income (expense) from related parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction
Operating expenses	$ 73,094	$ 105,040	$ 130,017	$ 158,558
General and administrative expenses	1,426	1,838	3,063	3,488
Time charter and bareboat revenues
Related Party Transaction
Revenue from contract with customers	73,437	69,924	146,799	132,857
Related Party
Related Party Transaction
Vessel operating expenses	5,266	4,960	8,614	7,753
Voyage expenses and commissions	4	6	15	70
Technical and operational management fee from KNOT to Vessels	3,035	2,864	6,502	5,407
Total income (expenses)	(1,734)	(904)	(2,599)	(747)
Related Party | KNOT Management
Related Party Transaction
General and administrative expenses	381	303	710	605
Related Party | KNOT Management | Time charter and bareboat revenues
Related Party Transaction
Revenue from contract with customers	7,495	7,607	14,311	13,923
Related Party | KOAS
Related Party Transaction
General and administrative expenses	231	147	440	298
Related Party | KOAS UK
Related Party Transaction
General and administrative expenses	16	20	33	41
Related Party | KNOT
Related Party Transaction
General and administrative expenses	10	15	20	34
Related Party | Other counterparties
Related Party Transaction
Operating expenses	$ 286	$ 196	$ 576	$ 462

Related Party Transactions - Sc

Related Party Transactions - Schedule of dues payables to related party (Detail) - Related Party - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction
Vessels	$ 80	$ 635
Drydocking supervision fee | KNOT Management
Related Party Transaction
Vessels	10	135
Drydocking supervision fee | KOAS
Related Party Transaction
Vessels		(77)
Equipment purchased | Knutsen Ballast Water AS
Related Party Transaction
Vessels	$ 70	$ 577

Related Party Transactions - Tr

Related Party Transactions - Transactions with Management and Directors (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Related Party | KOAS
Related Party Transaction
Margin rate on administration cost	5%
Related Party | Bodil Knutsen ballast water treatment system installed | Equipment purchased
Related Party Transaction
Amount of parts purchased	$ 70	$ 580
Knutsen Shuttle Tankers Pool AS
Related Party Transaction
Percentage of voyage commission earned	1.25%
Seglem Holding AS | TSSI
Related Party Transaction
Ownership percentage acquired	100%
TSSI | KNOT
Related Party Transaction
Percentage ownership in joint venture	50%
NYK | KNOT
Related Party Transaction
Percentage ownership in joint venture	50%

Related Party Transactions - Am

Related Party Transactions - Amounts Due from (to) Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction
Amount due to related parties (Note 13)	$ 3,859	$ 2,106
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
KOAS
Related Party Transaction
Amount due to related parties (Note 13)	$ 2,202	$ 1,696
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
KNOT and affiliates
Related Party Transaction
Amount due to related parties (Note 13)	$ 1,657	$ 410
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Related Party
Related Party Transaction
Amounts due from related parties (Note 13)	$ 784	$ 348
Related Party | KOAS
Related Party Transaction
Amounts due from related parties (Note 13)	$ 603	$ 376

Related Party Transactions - _2

Related Party Transactions - Trade Accounts Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction
Trade accounts payables to related parties	$ 5,475	$ 10,243
Related Party
Related Party Transaction
Trade accounts payables to related parties	2,254	3,203
Related Party | KOAS
Related Party Transaction
Trade accounts payables to related parties	899	1,158
Related Party | KNOT and affiliates
Related Party Transaction
Trade accounts payables to related parties	$ 1,355	$ 2,045

Related Party Transactions - Ot

Related Party Transactions - Other current assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction
Trade receivables	$ 6,107,000	$ 4,882,000
Other current assets from related parties	10,698,000	8,795,000
KNOT and affiliates
Related Party Transaction
Trade receivables	143,000
Related Party
Related Party Transaction
Trade receivables	143,000
Other receivables	784,000	348,000
Other current assets from related parties	746,000	376,000
Related Party | KNOT and affiliates
Related Party Transaction
Trade receivables	782,000	348,000
Related Party | KOAS
Related Party Transaction
Trade receivables	2,000
Other receivables	$ 603,000	$ 376,000

Commitments and Contingencies -

Commitments and Contingencies - Assets Pledged, Claims and Legal Proceedings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies
Book value of assets pledged as security	$ 1,421,000	$ 1,493,000
Accrued claim	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Insurance (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Commitments and Contingencies
Insurance coverage deductible amount per vessel	$ 150
Deductible period under business interruption insurance	14 days
Period of coverage under business interruption insurance	180 days
Limit of protection and indemnity insurance for pollution, per vessel per incident	$ 1,000,000

Earnings per Unit and Cash Di_3

Earnings per Unit and Cash Distributions - Calculations of Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Earnings per Unit and Cash Distributions
Net income (loss)	$ (12,851)	$ (40,390)	$ (5,413)	[1]	$ (41,687)	[1]
Less: Series A Preferred unitholders' interest in net income (loss)	1,700	1,700	3,400		3,400
Net income (loss) attributable to the unitholders of KNOT Offshore Partners LP	(14,551)	(42,090)	(8,813)		(45,087)
Less: Distributions	901	901	1,803		1,803
Under (over) distributed earnings	$ (15,452)	$ (42,991)	$ (10,616)		$ (46,890)
Weighted average units outstanding (basic):
General Partner	640	640	640		640
Weighted average units outstanding (diluted):
General Partner	640	640	640		640
Earnings per unit (basic):
General Partner	$ (0.42)	$ (1.21)	$ (0.25)		$ (1.30)
Earnings per unit (diluted):
General Partner	(0.42)	(1.21)	(0.25)		(1.30)
Cash distributions declared and paid in the period per unit	0.03	0.03	0.05		0.05
Subsequent event: Cash distributions declared and paid per unit relating to the period	$ 0.03	$ 0.03	$ 0.05		$ 0.05
Common Unitholders
Earnings per Unit and Cash Distributions
Net income (loss) attributable to the unitholders of KNOT Offshore Partners LP	$ (14,282)	$ (41,313)	$ (8,650)		$ (44,255)
Weighted average units outstanding (basic):
Common unitholders	34,045	34,045	34,045		34,045
Weighted average units outstanding (diluted):
Common unitholders	38,519	38,448	38,519		38,448
Earnings per unit (basic):
Earnings per unit (basic)	$ (0.42)	$ (1.21)	$ (0.25)		$ (1.30)
Earnings per unit (diluted):
Earnings per unit (diluted)	$ (0.42)	$ (1.21)	$ (0.25)		$ (1.30)
Limited Partner | Common Unitholders
Earnings per Unit and Cash Distributions
Under (over) distributed earnings	$ (15,168)	$ (42,198)	$ (10,421)		$ (46,025)
Limited Partner | Class B Unitholders
Weighted average units outstanding (basic):
Class B unitholders	252	252	252		252
Weighted average units outstanding (diluted):
Class B unitholders	252	252	252		252
General Partner
Earnings per Unit and Cash Distributions
Net income (loss) attributable to the unitholders of KNOT Offshore Partners LP	$ (269)	$ (777)	$ (163)		$ (832)
Under (over) distributed earnings	$ (284)	$ (793)	$ (195)		$ (865)
[1] Included in net income (loss) is interest paid amounting to $33.6 million and $34.0 million for the six months ended June 30, 2024 and 2023, respectively.

Earnings per Unit and Cash Di_4

Earnings per Unit and Cash Distributions - Additional Information (Details)			3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 11, 2023 $ / shares	Sep. 07, 2021 $ / shares shares	Jun. 30, 2024 $ / shares shares	Sep. 30, 2021 shares	Jun. 30, 2024 Vote $ / shares shares	Dec. 31, 2023 shares
Series A Preferred Stock
Distribution Made to Limited Partner
Number of shares held					208,333
Potentially dilutive preferred units					3,541,666
Series A Convertible Preferred Units
Distribution Made to Limited Partner
Percentage of annual rate					8%
Common Unitholders
Distribution Made to Limited Partner
Number of units in exchange of IDRs		673,080
Cash distributions paid in the period per unit | $ / shares		$ 0.52
Common Unitholders | Public
Distribution Made to Limited Partner
Number of common units and subordinated units outstanding			24,293,458		24,293,458
Common Unitholders | KNOT
Distribution Made to Limited Partner
Number of common units and subordinated units outstanding			9,661,255		9,661,255
Class B Unitholders
Distribution Made to Limited Partner
Number of units converted					420,675	420,675
Number of units in exchange of IDRs		673,080
Units to be converted into common units for distribution that are at or above the Distribution Threshold				0.125
Units conversion ratio				0.01
Cash distributions paid in the period per unit | $ / shares	$ 0.026
Conversion price (in per unit)		673,080	0		252,405
Number of shares held					252,405
Potentially dilutive preferred units					252,405
Series A Preferred unit
Distribution Made to Limited Partner
Preferred units liquidation preference | $ / shares			$ 24		$ 24
Cash redemption rate as percentage of Issue Price, upon redemption eligibility date			100%		100%
Percentage of cash Issue Price					70%
Percentage of common unit Issue Price					80%
Aggregate Issue Price of outstanding					130%
Preferred units number of votes for each units | Vote					1
KNOT | Common Unitholders | Limited Partner
Distribution Made to Limited Partner
Number of general partner units outstanding			90,368		90,368
KNOT | Partnership
Distribution Made to Limited Partner
Percentage of limited partner interest					28.40%
KNOT | Partnership | Limited Partner
Distribution Made to Limited Partner
Percentage of limited partner interest					0.30%
KNOT | Partnership | General Partner Unit
Distribution Made to Limited Partner
Percentage of general partner interest					1.83%
Number of general partner units outstanding			640,278		640,278
Public | Partnership
Distribution Made to Limited Partner
Percentage of limited partner interest					71.40%

Trade Accounts Receivable and_3

Trade Accounts Receivable and Other Current Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Trade Accounts Receivable and Other Current Assets
Provisions for expected credit loss	$ 0	$ 0

Trade Accounts Receivable and_4

Trade Accounts Receivable and Other Current Assets - Other current assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Trade Accounts Receivable and Other Current Assets
Trade receivables	$ 6,107,000	$ 4,882,000
Insurance claims for recoveries	1,057,000	124,000
Refund of value added tax	1,147,000	1,254,000
Prepaid expenses	1,516,000	1,568,000
Total other current assets	10,698,000	8,795,000
KNOT and affiliates
Trade Accounts Receivable and Other Current Assets
Trade receivables	143,000
Nonrelated Party
Trade Accounts Receivable and Other Current Assets
Other receivables	$ 871,000	$ 967,000

Accrued expenses (Details)

Accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued expenses
Operating expenses	$ 1,549	$ 3,025
Interest expenses	4,678	5,032
Other expenses	3,490	6,718
Total accrued expenses	$ 9,717	$ 14,775

Impairment of Long-Lived Asse_2

Impairment of Long-Lived Assets (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Vessels and Equipment
Number of vessels to be sold | item			2
Impairment charges	$ 16,384	$ 49,649	$ 16,384	$ 49,649	$ 49,649
Dan Cisne
Vessels and Equipment
Impairment charges			5,800	24,500
Dan Sabia
Vessels and Equipment
Impairment charges			$ 10,600	$ 25,200

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands						6 Months Ended
	Sep. 03, 2024 USD ($)	Aug. 15, 2024 USD ($)	Jul. 09, 2024 USD ($) $ / shares	Sep. 07, 2021 $ / shares	Jan. 15, 2021 USD ($)	Jun. 30, 2024 Options
Tuva Facility
Subsequent Events
Final payment which includes balloon payment and last quarterly installment					$ 57,400
Spread on variable rate					2.16%
Common units
Subsequent Events
Cash distributions paid in the period per unit | $ / shares				$ 0.52
Torill Knutsen
Subsequent Events
Fixed term of contract						3 years
Number of options to extend one year periods | Options						3
Option to extend term (in years)						1 year
Ingrid Knutsen
Subsequent Events
Fixed term of contract						2 years
Subsequent event | Common units
Subsequent Events
Cash distributions paid in the period per unit | $ / shares			$ 0.026
Subsequent event | Series A Preferred unit
Subsequent Events
Cash distribution			$ 1,700
Subsequent event | KNOT Shuttle Tankers AS
Subsequent Events
Cash payment received relating to difference between the prices of transactions	$ 1,100
Subsequent event | KNOT Shuttle Tankers AS | KNOT Shuttle Tankers 20 AS
Subsequent Events
Sale price	30,000
Subsequent event | KNOT Shuttle Tankers AS | KNOT Shuttle Tankers 31 AS
Subsequent Events
Purchase price for acquisition	97,500
Outstanding indebtedness	69,000
Capitalized fees	$ 400
Subsequent event | Torill Knutsen
Subsequent Events
Term for insurance compensation after the date of the breakage		14 days
Repair cost deductible amount		$ 150
Subsequent event | Tuva Knutsen
Subsequent Events
Option to extend term (in years)	10 years
Charter term for receiving from charterer a rate of hire	7 years