KNOT Offshore Partners LP announced that the Board of Directors of the Partnership received an unsolicited non-binding proposal, dated October 31, 2025, from Knutsen NYK Offshore Tankers AS pursuant to which KNOT would acquire through a wholly-owned subsidiary all publicly held common units of the Partnership in exchange for $10 in cash per common unit. KNOT has proposed that a transaction would be effectuated through a merger between the Partnership and a subsidiary of KNOT.
The Conflicts Committee of the KNOP Board, comprised of only non-KNOT-affiliated directors, will retain advisors and will evaluate the offer.
The proposed transaction is subject to a number of contingencies, including the approval by the KNOP Conflicts Committee, the KNOP Board and the KNOT board of directors of any definitive agreement and, if a definitive agreement is reached, the approval by the holders of a majority of the Partnership’s outstanding common units, Class B units and preferred units (on an “as if converted” basis) voting together as a single class. The transaction would also be subject to customary closing conditions. There can be no assurance that definitive documentation will be executed or that any transaction will materialize.