KNOT Offshore Partners (KNOP) is a Marshall Islands-listed limited partnership that owns and operates a fleet of 19 shuttle tankers under long-term charters to major oil companies. Shuttle tankers are specialized vessels that transport crude oil from offshore FPSO installations to onshore terminals, functioning as floating pipelines. Unlike conventional tankers, shuttle tankers carry dynamic positioning systems and bow-loading equipment that allow them to connect to offshore installations in harsh conditions. KNOP operates primarily in Brazil (~70-75% of fleet) and the North Sea (~25-30%), serving customers including Shell, Equinor, Eni, Repsol, TotalEnergies, and Transpetro, which collectively account for about 82% of revenues. KNOP earns revenue by collecting fixed daily charter hire under multi-year time charters, typically 3-7 years, which insulates KNOP from spot market volatility. Under time charters, KNOP provides the vessel and crew and covers operating expenses, while charterers pay a fixed daily rate and cover voyage costs. KNOP outsources all ship management to subsidiaries of its sponsor, KNOT (Knutsen NYK Offshore Tankers). KNOP's primary growth mechanism is acquiring vessels from KNOT through "drop-downs" — purchasing vessels already under long-term charter — which adds contracted cash flow and rejuvenates the fleet. As a partnership, KNOP distributes substantially all available cash each quarter, limiting retained earnings and making the business reliant on debt and equity markets to fund fleet growth.