- Earnings call transcript Q3 2022

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Operator

Hello, everyone. And welcome to the KNOT Third Quarter 2022 Earnings Results Conference Call. My name is Charlie, and I'll be coordinating the call today [Operator Instructions]. I would now hand over to your host, Gary Chapman, Chief Executive Officer and CFO to begin. Gary, please go ahead.

Gary Chapman

Charlie. you, Thank welcome call. and our quarter third Thank everybody earnings XXXX you, to The also view presentation Web this earnings and release are knotoffshorepartners.com you site if available want to them. at our on which concerns Straight on Slide the of today's nature presentation. X statements, materially of faith, contain different. uncertainties, In and made actual that which are forward-looking the in which particular, results risks meaning, inclusion good but may be have such does not or forward-looking Partnership duty update undertake The to statements. a annual for information, filings. consult quarterly And our and further SEC please GAAP non-US a certain and our to includes most includes also presentation GAAP measures earnings release reconciliation the Today's these of measures. directly comparable On to Slide subsequent. the X, third quarter highlights and of XXth We announced the Partnership distribution listed. the level for at made a quarter first this distribution the cash under our for and consecutive the consecutive structure, time $X.XX since XXth XXXX of was which operations Knutsen XX.X% run and Lena taking into at We of the for vessels. and XX.X% utilization the the quarter drydockings scheduled account Windsor second during scheduled acquisition the same X, completed time We the result. revenue on block up bring adding at our and July to a XXXX as of of XX and a coverage fleet forward the to vessels charter Synnøve Knutsen And XXXX have scheduled all drydocking in of completed. five been our vessel

Bodil in second Knutsen the for Knutsen month we day exercised plus but in arrangement, at XX the the short And taken commenced Knutsen option. expire the would plus have a to to months, of Windsor September And three two vessel The Knutsen the by XX, Knutsen charter charter of extend can the a redelivery to charter NYK March Knutsen, for periods. the month on of its commenced support agreed periods, period for September Knutsen XXXX. day around NYK rate fashion charter charter of up commenced six fixed Shell charter and their vessel with further year albeit on confirm XXXX. charter’s Knutsen the are XXXX quarter its flow arrangement each a or announced Brasil XX term. X, of XXXX until on six in month cash on commence Knutsen period, three months for one options January further Sinopec for options Lena to similar or one the NYK option. all the three This period sponsored a that taken reduced XXXX. keep a two month Tordis X, charter the with currently the Slide around year In the we TotalEnergies every one TotalEnergies although time for Knutsen of fixed expired date and terms signed plus if the We in option options help time by partnership time first current has the developments, in three Bodil already to The option periods, the Galp Hilda further with the for options Partnership’s November on with TotalEnergies have to have to June a charter to XXXX. time the beginning with On

extending has also direct period contract firm new to in charter continuation XXXX. However, the the Gulp one for into Partnership entered with of time a employment year, a November vessel’s

to Torill options. marketing agreement one vessel one on redelivery November is occur firm contract was time two new plus around Equinor We're year or X, one year this the of contract with with XXXX time expecting Partnership is vessel for or during to Regarding either the Partnership for in the options be of commence is The Eni January December are their for the year end around around the XXXX, if for employment. will continuing us to the employment that the or received XXXX, Bodil for of end around the charter and XX, on charter charter with in and now charter that XXXX. In initial the two the Knutsen fix two three Eni Partnership’s Knutsen, XXXX. years. announced to years Eni Knutsen of new the of commencement anticipation time year the that redeliver the the charter options years We previously Equinor, Ingrid XXXX. taken this will news the December Equinor period four expect confirmed market vessel XXXX. charter expire In new intention we two Meaning to at accordance by with would firm commencing all

levels In rebalance. have the good of we but quarters concern activity remains as a consider continued could further terms that North market, of in take this to Brazil, the Sea we see several to significant wider

also utilization cost normally we're a substantially high in type not before, costs, also spot a a under does And revenue may market this which a that this as day it earn those is the fuel part our And said this be not the employment, rates. have is the secure to is in rates of every contract. for risen reality of charter under we when positive weeks. recent cargoes that it's As at is it where customers as headline where necessary development, to conventional would consider time charter time easy time between vessel and it although looking tanker

Slides we just 'XX our $XXX vessels of On not XX now X time of excluding from the options, related costs expenses quarter mainly average, million conventional usual, a it of level charter result the $XXX does historic income. revenues X Operating their for through now higher usual Xst. developments at plus above drydockings vessels our sufficient are up results. off Although, at charter well drydocks was we their July cost looking from as X, transit this June actively I this fleet of summary also charted market, that on Notwithstanding, have to at end from are their with depreciation customers When in results. costs revenue, a Slide and vessels increasing drydocks. the to hire given as mention are available have our increased hire $XX.X of that fuel points. And during vessels a few million financial a liquidity. held fuel given our will million but time ongoing bunker has are forward the the maybe our and of to our in fuel result provide as these being contracted there a and as impacted are this we seen, needed

in expenses move costs, related COVID elevated new remain affecting the With operating other spread -- that crew may are to and as occurring upon, we since that and The level crew believe and are we are do normal certain a countries forward. geographically supply just wide of draw inflation protection now. the incurring factor which we have become base some elements which many against of onset

around having on And I the in are on charter curve something moved that of the US is us successfully already, our like the The We've close XXXX dollar gains in we instruments longer updates of than part refinancing for all and debt else the be rounded and quarter, takes revenue given lenders say be gaps good The and to business. interest to and view. strategic XXXX, we on course, this that forward them third longer due work and coverage derivative and upturn near we unrealized in recent at losses time ensuring and coverage a on term, unitholders, tendency under is opportunities one Slide success keeping have Other in the core mechanically up term outlook six companies we previously, for sustainable. the the although, review. has the X portfolio. in And the there distribution are business won't and by that increases are an vessels ratio have although, some However, XXXX. the we relevant. not that of of talking in on something long North Slide that that expenses In in our partly about, shuttle not best by a moment. here. liquidity link realized the is in done feel of fleet. of we're of our energy to have the This less started driven is third are On the a Sea. remains driven board underlying the rates an do and the repeat is that's again, cash to interest and XXXX this two our We But we disclosed swaps either distribution contracted operate to early is of sale the great while X.X a on take our at acceptable allows balance. in does that our quarter to of and of able is our you in had in partnership slightly expending distribution, rate through refinance debt each At to and in or the quarter, leaseback term more contractual indications quarter our figure deal of by view already a be what to current the interest financings. portion of board that DCR vessel as Slide million, our account the ratio in longer the filling of term mid our the XXXX or interests can holistic there cash tanker context to $XX.X covered X the equivalents fixed so important the something update September XX, and was particularly we'll the market, see interest to our and balance rate and quarter end ability extra to we consider focus X, anything instead we in into XX% debt in than effectively XXXX a say position, many bring at for our without jeopardizing actually heavily this participate was had in that terms. of our the

charters held the Partnership’s are by to recently XXXX. that now We've acquire opportunities our two purchase target due added It and in the future. these XXXX may suitable contracted for Partnership vessels had average. the delivery arise. sponsor have when KNOT, million, before, from average the of Slide firm by charters September with XXXX, As on these we further remaining XX, $XXX at on dropdown extend X.X noted and we contracted three forward years remaining options years XX, the potential charters options revenue Then to vessels late of excluding in late sponsor, to had vessels choose that remains the

is areas, However, offshore production accelerated, be that seen especially there will to project high of and compared this oil in the the salt have Slide that and offshore Brazilian start is belief related investment breakevens a no barrel, $XX XX, production shuttle recede and at possible. partly have or deepwater from FPSO to fields. prices per we pandemic this all capacity course, guarantee pre or to impacts service tanker driving higher deployment higher persist additional below in -- will higher schedules or

throughout is million barrels its XXX only constituting between today a XXXX shuttle million XX of and large in the highlighted shuttle previously the that Norway a great to we second are is encounter North is delayed in oversupply approximately XXX be production be Slide the current during shuttle of in tankers Equinor. XXXX of very that which example saw years. placed expected have FPSO will proven and field for for Castberg oil region, On to into of Sea need life, we've estimated continued in at volumes market mature its that the to the tankers XXXX, that equivalent tankers Johan the in X% operated service. of delays, has a orders more tanker Although quarter shuttle This of only small current been deliveries for number new resulting XX, arrival and by

against main orders XXXX, total before through still very is and full ordered delivered understood point muted Given will assigned tighten XXXX, startups meaningfully charters. book to production we carrier all of of shortage. potentially only this order deliver shipyard containerships FPSOs, Set tankers end with which charter market term to midterm LNG the to are this the being six to and from be the expect or the of long anticipated with effectively for the likely shuttle

steel for shipyard to competitiveness remain input of fleet. tanker tight help our XX% shuttle up since capacity Newbuild labor, XXXX prices a result half as also prices which the elevated continues and around existing higher of and the of second of all

scheduled XXth quarter, the of on options had quarterly generated summary quarter paid and XX.X% of we forward for we flow utilization distributable refinance distribution no at of million have of consecutive strong a We $XXX in for cash end until of for and remaining Slide $X.XX the million contracted XX, due XXXX. $XX.X this So of We revenue, quarter. third the quarter the excluding operations.

we operations. As and drydocks to budgeted In longer already further sheduled onshore, market downwards. resulting as can talking focus short we fuel to monitoring volume market, are XXXX, our the as taking tanker conventional we in time with these worth on other near do not aim the costs. due shipping and that opportunities operations mobilization our proactively are charter prices, expensive ensure are are of of of lower to capacity, or our of very five find term, we with or drydocks, the XXXX these term saying in five for and significantly our segments respond in Europe, We're exposed in In And wider in most occur it utilization drydocks three have a upwards onboard to vessels both drydocks were Partnership’s planning customers loading oil you that always operations, to And including and reminder, vessels storage the for and maintain transported the place volatile based based high rates and here however, had for offshore much we in XXXX. We're Europe, fluctuations maybe global not arise. in scheduled statistics as the as safe oil in all time the Brazil. works costs. flexibly are either

Brazil production to every Sea in recovery continue with flows to short the to our cash North demand North entry will very the oil committed and vessels time, able our FPSO our sheet. by remain of you and our to Sea together across barriers production, in at that answer the to mentioned, happy I'll soon particularly of the of cause not continue mid our find shuttle moment. working for do flow. questions. angle track speed as production long consider call. biggest expansion support number mid oil same But be record Thank to of believe in in to this our impacts to tanker part pre significant salt is mean with Finally, we following can cost this we to all the outlook. to for large listening concern positive long marginal opportunities We're distributable the that with how term At balance of to much on offshore this the board cash the and reinforce need and if low supported respect we're to today's term then term orders

Operator

first B. of comes Our from Instructions] Riley. question [Operator Burke Liam

Liam Burke

mean, four obviously, got vessels options. you've chartering I limited with Gary,

it is is. position what liquidity current Your

have How is you Your the as think before long coverage opportunities to long improves? And to against ratio ratio lower. you that coverage go have going your balancing balance elevated to coverage are charter do you're how your asset and that well as term ratio you values. then

Gary Chapman

terms And of outlook as terms looking saying changed at all been in have there maximum several Like now really, I things. North think, described And and ratio think new I hard think on back. charters we I for always those of is the there, and we're we've where quarters doing the working And to depend can the we're at after good doing angle, got just hasn't really really a place. to of a long coverage whole we also make we the position. you board unitholders yesterday, that market, we for conventional can interest get will vessels sustainable be to but what back that's said, the including sure pointed is I picture, the the will want looking that it through we've today Sea think, what be the said, what to doing to in of rates, that's look it's tomorrow. hard we get us what of you've get it's exactly we're the the were at impact every only not to that's we and us sustainable you've why out that get this and to and extent the we're back that working as not term signing

Liam Burke

I there's your charter the Sea? North options it Sea? North conventional Sea if capacity is. what over market the the what capacity North the are is So truth, in mean, in is understand there I in over the But

Gary Chapman

say talking time, it's than the to vessels doing our like. not we business that there, requirements to weekly. There their the perhaps customers aren't of and anything is less change at long would all. term often, of all That's daily, we're But all

we as think buttons broadened there. opportunities horizon as for are market There can that's and well. us, conventional why our I we're pushing the as out So many we to

depends think, we we've that is a a earnings perhaps The towards coming [narrow] sort that, on are we situation and while. extent can it's market guiding the out. rates release we've market some there's get. as that go And in that's I business. could higher. for so They conventional conventional the do helpful and very with well us. moment in not positive, no obviously, business And little But think gaps in been through I the are very of North what's the the the there this what which put little recognize bit now charters to for that Sea, the is at

be some we to we're good us are impact ships those think And seen. that I doing the business the can I of is get for for think to extent yet So open. all

Operator

question Diamond from next Capital. of Our comes Castlewood Richard

Richard Diamond

best the listened shareholder I it's looked at course right public, three know say short long with Gary, you QX long at want creating this and I KNOP term day. charter $XX,XXX term is board you charters for since outlook a just rates, will to to And the the Frontline really again, challenges. a for time take day to really coming I mid $XX,XXX term a know, that and morning, it's they value. Earlier short shared year and call the Suezmax term

do dollar, Suezmax So it to to for went a say be for voyages without let's rates competitive a Would rates KNOP? up still you $XX,XXX asking wanted strong, looks, if are that day. that

Gary Chapman

some made You've really it to which term term, we points is the with. that's agree good the us. mid particularly short around the challenge for there, And certainly long would

I rate. lower up TC why the you the sign ballast the repositioning really in bit the caveats is around on a obviously, think part is but little reason can to a and the utilization Yes, for playing utilization raising a market fact the of And conventional and been a obviously degree, the bit does that at a and market we've unpredictable. about little depend costs. fuel

looking with difficult for going is are achieve what et rates so to that come up at us in it's it's can lot that term, to short market, things conventional we're going And and in the rate and seeing the that really for the the we one make OPEC and beginning market are happening us. that going So not the what are the think cap volatility of seriously market. very given work very in think can think today, wouldn't. think I December. a we helpful we with Russia easy is that's of moment do cetera to what certainly I this where come and we this helpful a and to I that to down But would in rates, at tanker don't There's happen price to know conventional what's the that it say

And in to vessels. least we've I give a give to put, doing be for it's good for right, can't the some much we at realistic conventional do income money. and we us market, So, It the But able you would whilst to does earn good rather viable certainly, our a us use want secure vessels offshore some rate. caveats to our we don't activities. that feel loading a necessarily you're be despite charters opportunity and chance

Richard Diamond

of short Do you change it Would to charters say, North think decided Sea for about move to charter, would say, or that sell. them term start become psychologically, availability -- capacity? the let's vessels to you concerned let's the two the

Gary Chapman

Yes, think. in already that of XXXX. we've for some way, that be our already And I XXXX for we're Brazil seen thinking seeing think customers even sure. in must And I that and certainly starting today

of very recently So We've I vessels seen a think possible. the North Sea couple leaving just think. that is very, I

So are moment, certainly, seeing that and prices are against already our to again, the best case. in we in are -- moving numbers very efforts, And Brazil, the are are perhaps many that are it's things in us right us. vessels. leaving, we've the to is older direction that with tied North I us And vessels What the things is conventional twos our to market Sea those supporting work newbuild for new regularly. we is But not business the the variables at We're for best underlying and leaving are too conditions and changing in think and those ones got obviously up. least the working vessels being the I market the doing -- do market in certain at think. sign do certainly high, the

Operator

comes next Service. Our question Aviation Advisory Instructions] of Altschul [Operator from Jim

Jim Altschul

I of for you, I please. got guess, couple a questions

because instruments, I There's -- believe on if significant right the in significant the mean to regard I'm there’s said for to derivatives all release, the look accounting, income your have risk, significant statement, interest with accounting, you a accounting using not the you gain right? are hedge because the the the I realized a all, you the you're in increase unrealized your on that related -- news because derivatives, on interest that the hedge unrealized the you’re if rates. of specifically and and word. rate gain using in also increase First derivative of mean not… realized interest you I expense But and

Gary Chapman

[Multiple rate… Speakers] interest

Jim Altschul

mean, don't all other derivatives related. interest derivatives have tanker Baltic that, rate or anything you your Correct? like I like futures of are kinds

Gary Chapman

gain earnings in Yes, the don't there's breakdown release, swap majority we the the a unrealized quarter, valuation they’re do all through and of -- P&L relates -- the the rate realized accounting. to hedge that that the interest contracts goes each because and of

Jim Altschul

So you phrasing that of that, offset have and hope in I'm and interest much figure that there -- of this assume $XX.XX how quarter’s can to million, properly? how interest that current relates we against quarter’s of expense can expense, be I much this the

Gary Chapman

I interest that. have mean, Well, they're contracts interest on expense swap things. then different interest our we offset rate that separately, two the debt expense of and some is the

they're same actually legally So what if not see thing, you the I mean.

to if if separately you, think email So to IR wanted this from address, helpful to call, very to speak if an I you to, happy email Jim, happy talk you. to to to you away that's I'm the you drop want I'm

If at that. point the you to detail on get want some into

Jim Altschul

it Okay, I understand will better.

particular release, how Next which your vessels, should give what you were a have impact of rate. these we somewhat currently are much an on the a sponsor, term those redelivered, lower but the revenue believe question. of at estimate quarterly They of will rates Can lower be… the be if us charter I word. to that that's I right you In on short indicated vessels couple guess the press

Gary Chapman

here. traditionally and a rate that is not not broken and the we’ve our number because in between reasons, by that that somewhat I'm its of for different Yes, And do down going to private a is company fleet vessel sponsor. particular,

reviewed been we business independent to those alternative, as appropriate in committee those And have the our the charters rates, have potentially at positive no conflicts because actually, However, circumstances. of time. until income rates it's alternative certainly, given the for was period, place, up period the for being that all a this checked by and believe

and our on tried that our generally away individual fleet total in steer don't revenues. looking investors the we down respect think I focusing we vessels So from and break at to instead

Jim Altschul

the vessel that three aggregate to -- Certainly, to be you two than the the of press able term more was impact to but give there's vessels quarterly for on I revenues these transition looking an short don't one us want I or number? point, affected. charters. of Would the

Gary Chapman

that, give you'll be I because are by not think, say, vessels, to -- able just I as just going I'm you'll the to on two. able number two number be to you there divided a take

it me of lead will direction. So kind the same in

Jim Altschul

as an be my really in is, quarterly me to supposed the -- balance not all to $X.XX urge And term put some enjoy intended. be what calculating, pun not like would most by not investor, Electric afford, awful thing I important I I final major you And Motors. excess you determining starting long conservative paying an I every distributions. in no of is lot as and know, to this months. your question problems next -- this the getting a I obviously, strength are there mean, of know well actually. is and that could three from General a thing created they General dividends this isn't of is and -- sheet But to the company. well is with put this would Q&A, pontificating. the you in for distribution And the nice But companies themselves of I

be I when regarding that So distribution. decision conservative you your to would comes it next again, making to encourage

Gary Chapman

to that benefits before good I've not happy on also we run say going them, inclined hard sure and future. best very this in tried to see do make decisions. come making that our to to and earnings previous and I We the a rash are that we said market access we we the I'm unitholders think for in call the can that, And the We're business Yes, to Jim. on try generally to appreciate conservative basis.

I get point. So fully your

Operator

[Operator next an [Avi comes question from Instructions] is Our Church], who individual investor.

Unidentified Analyst

Just open a some on repurchasing question. are the on the chances Realistically, shares of spending quick cash market? wanted what to the of have

Gary Chapman

always I kept cash might of has what that done that out. money historically moment, all for outlook, future. that on in used to felt on not the at probably cash or sense on not that good money the route. that, that the we done the in been has business myself, decision we've the I ruled board so pontificate never decide do board It's rather sort we're the we more getting gone makes think But than better won’t the I that focused typically a needs down We the that's We've need it table. And the board obviously, think to in We've And of something with not and the that. keep that rates. haven't at and our the it's charters might got, business.

good in we're that sustainable position. So a

I to our on I But I the don't won't your think it's at moment. I as behalf I speak board. think priority. the cards at think the answer not the But So that's moment, question, say, probably on of

Unidentified Analyst

only is the below because asked I the reason. coverage ratio one, only that's

Operator

next Rob Associates [Operator from Instructions] R.E. of Marine Surveyors. question Silvera Silvera & Our comes

Rob Silvera

in new purpose the reveal available of all and your on reasons, what tankers your to it why past is, this maybe those? concerned first revealing based put last you that of financial shuttle of my a report out not just seems Knutsen question was you the future, that for of very NYK about upcoming And of what Gary, number all point but the actions. to reasons, did

Gary Chapman

omnibus things. certainly, has, in that for of to And like be we sponsor the to of I performing because as Yes, always the the information, might have those we as can long that that role. been fleet think I've a presentation, ability from slide at purchase our people ships disclose to future what we agreement, this future, business. has where point been important sort sponsor, subject understand kinds the in disclose it's in different so terms all that the of the But the growth through

nothing just trying there's So transparent. about, be sinister really it's to

Rob Silvera

with report to the the the of expiring lost the of in with dividends Well, current is worth obviously price contracts we've currently, the our over need for stock and ships, the year's market, troubling to today. employ very situations because

I And your so down think at your based on down [XXX], it's speak, my conference discouraging. we calls. past, very As pardon $XX.XX horsey past that's throat,

quarters were the is going last drop which one, you a happen also in on had that about hurts. that And July, when that a dropdowns as happened right you then even contemplated there was coming there people within tell that's time. few and week, in future. then telling surprise of comes at think us communication a conference new the And nothing point no or based mentioned that that came you said was didn't that latest what And this in dropdown you kind call back contemplated to drop you're and a that the On downs. coming down, I after

Gary Chapman

effective of August… Rob, the August, in the dropdown and July Xst was the in already call had was happened. It earnings previous earnings previous call

Rob Silvera

the that before it one it. missed said was one, that I you

So it was the call forgive [Multiple Speakers] me… so

Gary Chapman

But certainly, the and done, debt dropdowns basically and that it have financed. internally cash we've recently using been

in bring and we So those order haven't to in revenue to new to do order that dilute in to had unitholders streams… of any

Rob Silvera

That I understand…

Gary Chapman

KNOT vessels, the out put point. which original your we was And

So when what time an vessels vessels looking And doing can at from think those people to down we always that appropriate might are drop that. we see we be. benefit

certainly Speakers] [Multiple we want to So do. something that

Rob Silvera

Yes. we new But the a of last the something which to altogether, it get paid assume out $XXX purpose and debt one is ships ship when levels raising you not be fill think had turned point to cash with have, million the maybe good… that repaired, and in that struggling looks paid serve we defective And rates actually time, a for imply interest that because you this there debt. this was that that we it the contracts raising I you're future dropdowns does have, and not at of good to to

Gary Chapman

all a [Multiple bit bit anything get the they think And of have harsh, else. I because a little same vessels that's mean, it’s as little it Speakers] that's troubles and the same I car, your as of… wasn't fixed.

Rob Silvera

you was get it go near troubling. some going happy many in dropdowns we're I in that many, cost, future as that the VLCCs compete want I'm the want are don't or operate you're the designed really to because the even for why to good now obvious for see against rates troubles to you doing understand I though to, spot not do Suezmaxs with $XXX a they day. years contracts until can know. we But to as that And used me more do that are in Anyhow, a market vessels, for high. because it's are every our conditions shareholders total vessel not million

And so that… feeling my that's

Gary Chapman

we think at certainly… vessels these get about saying, headline simple if tanker And conventional do. conventional and But I market. of as and thing go rates no to all us putting to things looking the do best yes, so we there's that. not are from into the a we our can reticence we market in Well, the are that's mean, happy

Rob Silvera

classified at, do come in size size what Suezmax… What we are as we

Gary Chapman

are and the is Knutsen, Suezmax. Sea North then which Bodil got Aframax we've the of Most

Rob Silvera

I see.

our say, just, year, increase we want that's want to existing Well, know at Because you dockings, my very dropdowns time like really be Okay. which concern. tough and in us face debt I earnings. have fleet. see until I on dry I we are our to you and our don't increase this another next five point conservative solidified

So that's my input.

Gary. Okay. Thank you,

Gary Chapman

We won't any it makes doing be sense. unless dropdowns

it's that at not grow, cost not a MLP… it's we grow So all

Rob Silvera

the having makes beneficial? a for market? is sense make it a will me more, contracted how Can rise spot contemplating in have in rates have that to when that and open dropdown does maybe ships it probably you How interest explain not and time sense? go to How we risen some to it are

Gary Chapman

of by us whether interest make when to is associated because itself does do it way going dropdown. But a ship that everybody think the and not about or it dropdown not I'm the the Well, you flows as a for cash standalone that take -- to we're look in we MLP at is stronger, that the saying the vessel. with

the good charter pay the So certain But also a free a that it a it has. that's obviously, we fact the And as that and business Partnership, alone that funds amount creating for it cash generated buying pay for the we as a dollars in us be considering if do maybe accretive for has otherwise, through flow and that to it. vessel that piece is price by debt it X we to has of with won't internal debt. project, as to of equity vessel, and at it, it stand will have that or

Rob Silvera

the good the the reaction stock. that's which hear. Well, to the in The see whole thing quite out to that's of is discouraging dividends price current Because is wiped of discouraging. report, year’s a market's really

a consider input, that holiday. you. have bless God Okay, my thank you. Please nice That's and And Gary.

Gary Chapman

Thank you.

Operator

further At this time, no we currently have questions.

So remarks. to I’ll over Gary hand back closing for any

Gary Chapman

speak we And thank you Thank and everybody. listening. again everybody to well wish season don't I for you, holiday for the if you

Operator

Ladies and today's concludes gentlemen, call. this

disconnect now may your lines. You

KNOT Offshore Partners (KNOP) 30 Nov 222022 Q3 Earnings call transcript