Knot Offshore Partners LP (NYSE: KNOP) is buying Knutsen Shuttle Tankers 13 AS for $145 million.
Knutsen owns shuttle tanker Carmen Knutsen, a 157,000 deadweight ton tanker built by Hyundai Heavy Industries and delivered to Knot on January 2013. The tanker is operating under a five-year contract with Repsol Sinopec Brasil BV, an oil and gas company based in Rio de Janeiro.
The purchase price will include a cash payment of $45.4 million, with $10.5 million in seller financing provided by NYK Offshore Tankers AS, the seller. NYK is jointly owned by TS Shipping Invest AS, based in Norway, and Nippon Yusen Kaisha, based in Japan. The price also includes $89.1 million in existing debt.
Knot Offshore Partners, headquartered in Aberdeen, Scotland, owns and operate shuttle tankers under long-term charters in the deepwater offshore oil production regions of the North Sea and Brazil.
Recently, private equity firm Littlejohn & Co. LLC made an equity investment in Gulf Coast Shipyard Group Inc., which manufactures marine vessels.
For more on the shipping industry see “Why Wilbur Ross & Other PE Investors Are Trolling for Shipping Deals” and “Marine Shipping Outfits Aim to Stay Afloat.”