Business Context and Reporting Period
This Form 6-K filing by KNOT Offshore Partners LP is dated May 15, 2014. The report discloses the acquisition of a 100% interest in Knutsen Shuttle Tankers 13 AS, the owner and operator of the shuttle tanker Carmen Knutsen, by KNOT Shuttle Tankers AS, a wholly owned subsidiary. The acquisition was completed on August 1, 2013.
Key Financial Metrics
The filing text does not provide specific consolidated revenue, profit, cash flow, margin, debt, or liquidity figures for KNOT Offshore Partners LP. Instead, it references the inclusion of the following financial exhibits:
- Audited financial statements of Knutsen Shuttle Tankers 13 AS for the year ended December 31, 2012 (Exhibit 99.2).
- Unaudited interim financial statements of Knutsen Shuttle Tankers 13 AS for the six months ended June 30, 2013 (Exhibit 99.1).
- Unaudited pro forma consolidated and combined carve-out statement of operations for KNOT Offshore Partners LP for the year ended December 31, 2013, giving effect to the acquisition as if it occurred on January 1, 2013 (Exhibit 99.3).
Material Changes
The primary material change disclosed is the acquisition of Knutsen Shuttle Tankers 13 AS. The filing notes that the audited financial statements for the acquired entity do not include comparative data for 2011 or the board of directors' report required under Norwegian Accounting Act standards.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, specific risk factors, or details on contingencies beyond the regulatory disclosure of the acquisition and the attached financial exhibits.
Investor Verification Checklist
- Review Exhibit 99.3 for the pro forma financial impact of the Carmen Knutsen acquisition on KNOT Offshore Partners LP's 2013 operations.
- Examine Exhibit 99.2 for the audited financial performance of Knutsen Shuttle Tankers 13 AS for the full year 2012.
- Verify the unaudited interim performance of the acquired entity for the first half of 2013 in Exhibit 99.1.
- Confirm that the pro forma adjustments in Exhibit 99.3 accurately reflect the acquisition date of August 1, 2013, versus the retroactive date of January 1, 2013.