KNOT Offshore Partners LP : View this Presentation (

Third Quarter 2022

November 30, 2022

(NYSE:KNOP)

Forward Looking Statements

This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management's current view and involve known and unknown risks and are based upon assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond KNOP's control. Actual results may differ materially from those expressed or implied by such forward-looking statements.

All forward-looking statements included in this presentation are made only as of the date of this presentation. KNOP disclaims any obligation and does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOP's views and expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

There are many factors that may cause actual results to differ from those expressed or implied by these forward-looking statements such as, but not limited to, the following:

• changes in shipping or broader market trends
• the supply and demand of and for shuttle tankers and conventional oil tankers
• Knutsen NYK Offshore Tankers AS's ("KNOT") ability to win new business and deliver vessels under long-term charters and the price of those future (newbuild or secondhand) vessels
• the effects of a worldwide or regional economic slowdown or turmoil in global financial markets or fluctuations in currencies, interest rates or the price of oil or raw materials
• the length and severity of the outbreak of COVID-19, including its impact on business, cash flows and operations as well as the business and operations of its customers, suppliers and lenders
• changes in accounting, law or other regulatory obligations which are or become relevant to KNOP's business
• potential disruption to shipping routes due to matters such as accidents, political events, war, piracy or acts by terrorists
• modifications that may be made to the Norwegian Tonnage Tax regime and the anticipated taxation of KNOP, its subsidiaries and its distributions to KNOP's unitholders
• KNOT Offshore Partners LP's ("KNOP"):
• • charters and ongoing cash generation from employment of its vessels
  • operations and operating costs
  • vessels values, dry dock costs, bunker costs or impairment of the value of KNOP's vessels
  • access to and cost of debt and equity and the settling of any interest rate swaps, including future sales of KNOP's securities in the public market
  • overall performance and the maintenance of long-term relationships with major users of shuttle tonnage
  • overall financial condition and anticipated growth strategies
  • ability to purchase vessels from KNOT in the future
  • ability to maximize the use of and value from its vessels including the re-deployment or disposition of vessels no longer under long-term charter and termination dates and extensions of charters
  • existing or future customers financial condition and their ability to fulfill their charter obligations
  • ability to make timely purchases and deliveries of newbuilds including the acceptance of a vessel by its charterer
  • ability to compete successfully for future chartering and newbuild opportunities
  • expected cost of, and KNOP's ability to, comply with governmental regulations, maritime self-regulatory standards and standard and regulations imposed by its charterers
  • ability to access and the availability and cost of skilled labor (for both onshore and onboard) and KNOP's ability to manage and retain key employees
  • general and administrative expenses including fees and expenses payable under the technical management agreements, management and administration agreements and administrative services agreements
  • estimated costs of maintenance and replacement capital expenditures
  • customers' and other stakeholders' increasing emphasis on environmental, societal, safety and governance concerns
  • potential liability from any pending or future litigation
  • business strategy and other plans and objectives for future operations, including changes in any such future events and circumstances that may affect these plans or objectives
• Other factors listed from time to time in the reports and other documents that KNOP files with the U.S Securities and Exchange Commission ("SEC"), including its Annual Report on Form 20-F for the year ended December 31, 2021 and reports on Form 6K.

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Third Quarter 2022 and Subsequent Highlights - 1

• Announced cash distribution of $0.52 per common unit for the 29th consecutive time at this level under 1099 structure, and the 38th consecutive distribution overall since the Partnership first listed in 2013.
• Fleet operated with 99.7% utilization for scheduled operations and 92.8% utilization taking into account the scheduled drydockings of the Lena Knutsen and the Windsor Knutsen.
• Completed the acquisition of the Synnøve Knutsen on July 1, 2022 to bring the fleet up to 18 vessels and adding a block of forward revenue and charter coverage.
• All five vessel drydocks scheduled in 2022 have been completed.
• We made further progress in agreeing contracts to fill gaps and close some longer-term employment contracts:
• • Our Sponsor Knutsen NYK Offshore Tankers AS ("Knutsen NYK") have exercised all of their one-month options for the Bodil Knutsen to date; and have further one-month options to extend the charter until June 2023.
  • In late August 2022, the Partnership signed a new time charter contract for the Windsor Knutsen with Shell to commence in or around January 2023 for a fixed period of one year, with charterer's option to extend the charter for one additional year.
  • As previously announced, on August 16, 2022, the Partnership entered into a new time charter agreement for the Lena Knutsen with a subsidiary of TotalEnergies which commenced on August 21, 2022. The charter is for a fixed period of six months with charterer's options to extend the charter by up to six further months.
  • As previously announced, the Hilda Knutsen was expected to be redelivered to the Partnership, and this occurred on September 3, 2022. Although the Partnership is now marketing the vessel for new time charter employment, in the interim period, Knutsen NYK have agreed to time charter the vessel from the Partnership for a 90-day period plus three further 30- day option periods. This charter, at a reduced rate, commenced on September 3, 2022, and, if all options are taken by Knutsen NYK, would expire on or around March 2, 2023.
  • The previously announced time charter agreement for the Tordis Knutsen with TotalEnergies commenced on September 10, 2022 for a fixed period of three months, with charterer's options to extend the charter by up to two further three-month periods. TotalEnergies has exercised the first of its two three-month option periods and, if both options are taken by TotalEnergies, the charter would expire on or around June 10, 2023.

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Third Quarter 2022 and Subsequent Highlights - 2

• • The current time charter for the Brasil Knutsen with Galp Sinopec Brazil Services B.V. ("Galp") expired in November 2022; however, the Partnership has entered into a new time charter contract with Galp, in direct continuation, for a period of one year, extending the vessel's firm employment to November 2023.
  • In the first quarter of 2022, the Partnership entered into a new time charter contract with Equinor for the Bodil Knutsen to commence on or around the end of 2023. This charter was for either one year firm plus two one-year options, or two years firm with two one-year options. In November 2022 Equinor confirmed their intention to fix the initial charter period at two years, meaning that if all options are taken by Equinor, the charter will be for four years and will expire around the end of 2027.
• Other news:
• • On November 17, 2022, the charterer of the Torill Knutsen, Eni, notified the Partnership of its intention to redeliver the vessel and, as a consequence, the vessel is currently expected to be returned to the Partnership on or around December 17, 2022. The Partnership is now marketing the vessel for new time charter employment.
  • In accordance with the previously announced time charter agreement with Eni for the Ingrid Knutsen, the Partnership is expecting redelivery of the vessel on or around December 7, 2022. The Partnership is continuing to market the vessel for new time charter employment during 2023, in anticipation of the commencement of the new three-year Eni time charter contract in January 2024.
• The upturn in market activity in Brazil, where 14 of our 18 vessels operate, has continued in the third quarter and we believe this will continue further based on current market parameters and conditions.
• The North Sea market, where currently 4 of our 18 vessels operate, is taking longer to return to the predicted higher levels of oil production and shuttle tanker demand and this could take several quarters to resolve.
• The conventional tanker market is an option for our North Sea-based vessels while they wait for new offshore loading business, however despite strong headline rates, the all-in returns from this type of employment may be insufficient after considering utilisation and fuel costs.
• At the end of September 2022 we had $644 million of contracted forward revenue excluding options, up from $487 million at the end of June 2022; plus $74.6 million in available liquidity, which included cash and cash equivalents of $49.6 million.

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Income Statement

Unaudited, USD thousands	3Q 2022	2Q 2022	1Q 2022	4Q 2021	3Q 2021	FY 2021
Time charter and bareboat revenues	67,738	63,788	65,187	70,637	66,559	269,306
Loss of hire insurance recoveries	-	-	-	1,154	17	11,450
Other income	78	171	9	342	3	373
Total revenues	67,816	63,959	65,196	72,133	66,579	281,129
Vessel operating expenses	(23,127)	(23,024)	(20,061)	(18,501)	(17,659)	(72,114)
Depreciation	(27,638)	(26,059)	(25,937)	(25,974)	(26,070)	(99,559)
Impairment (1)	-	-	-	-	-	(29,421)
General and administrative expenses	(1,366)	(1,428)	(1,698)	(1,633)	(1,716)	(6,461)
Total operating expenses	(52,131)	(50,511)	(47,696)	(46,108)	(45,445)	(207,555)
Operating income (loss)	15,685	13,448	17,500	26,025	21,134	73,574
Interest income	289	59	2	-	2	2
Interest expense	(12,220)	(8,301)	(6,725)	(6,646)	(7,243)	(28,065)
Realized and unrealized gain / (loss)	12,374	5,116	16,357	4,146	69	9,960
on derivative instruments
Other financial items	24	(268)	(142)	(277)	(326)	(1,107)
Income (loss) before income taxes	16,152	10,054	26,992	23,248	13,636	54,364
Income tax benefit / (expense)	(180)	(166)	(212)	(115)	(109)	(488)
Net income (loss)	15,972	9,888	26,780	23,133	13,527	53,876

1. The carrying value of the Windsor Knutsen was written down to its estimated fair value as of June 30, 2021, principally as the carrying value of the vessel in the Partnership's accounts included both the cost of the vessel and the cost of conversion of the vessel to a shuttle tanker from a conventional tanker. There are no other similar converted vessels in the Partnership's fleet.

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