KNOT Offshore Partners (KNOP) Released its Strategic and Operational Updates

KNOT Offshore Partners LP (NYSE:KNOP) is one of the Best Undervalued UK Stocks to Buy According to Analysts. On July 2, KNOT Offshore Partners LP (NYSE:KNOP) announced strategic and operational updates.

Management noted that it will refinance debt on the shuttle tanker Tove Knutsen through a sale and leaseback deal, raising about $32 million. Moreover, the company is also acquiring the Daqing Knutsen, a modern shuttle tanker built in 2022, for $95 million. The vessel is currently on time charter to PetroChina in Brazil through July 2027. The company has guaranteed charter income for this vessel through 2032 under certain conditions. Lastly, KNOT Offshore Partners LP (NYSE:KNOP) also announced a $10 million common unit buyback program.

KNOT Offshore Partners LP (NYSE:KNOP) is a UK-based company that owns and operates shuttle tankers that transport crude oil from offshore oil fields to onshore terminals.

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Disclosure: None. This article is originally published at Insider Monkey.