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KNOT Offshore Partners to buy shuttle tanker for $103M, offer 5M units

  • KNOT Offshore Partners (NYSE:KNOP) -3.1% AH after agreeing to acquire shuttle tanker Dan Sabia from Knutsen NYK Offshore Tankers for $103M.
  • As a result of the acquisition, KNOT recommends an increase in its annual distribution of $0.04-$0.06/unit, which would become effective for Q3 2015.
  • To help fund the deal, KNOP says it plans to offer 5M common units in a public offering, with an underwriters option to purchase up to an additional 750K units.

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