KNOT Offshore Partners LP (NYSE:KNOP) Q1 2023 Earnings Conference May 26, 2023 9:30 AM ET
Company Participants
Gary Chapman - Chief Executive Officer and Chief Financial Officer
Conference Call Participants
Liam Burke - B. Riley
Poe Fratt - Alliance Global Partners
Jim Altschul - Aviation Advisory Service
Robert Silvera - R.E. Silvera & Associates Marine Surveyors
Operator
Ladies and gentlemen, thank you for standing by for the KNOT Offshore Partners’ First Quarter 2023 Earnings Results Conference Call. My name is Candice, and I will be your moderator for today's call. [Operator Instructions].
I would now like to hand the conference call over to our host, Gary Chapman, CEO and CFO to begin.
Gary Chapman
Thank you and welcome to our first quarter 2023 earnings call. The earnings release and this presentation are available on our website at knotoffshorepartners.com.
Slide 2, gives guidance on the inclusion of forward-looking statements in today's presentation that are made in good faith and reflect management's current view, 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 our control.
Actual results may differ materially from those expressed or implied forward-looking statements and the Partnership does not have or undertake a duty to update any such forward-looking statements made as of the date of this presentation. And for further information, please consult our Annual and Quarterly SEC filings. Today's presentation also includes certain non-U.S. GAAP measures and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures.
On Slide 3, 4 and 5 are highlights from the first quarter of 2023 and subsequent. We announced our 40th consecutive quarterly cash distribution since our IPO in respect to the first quarter of 2023, and which was paid in May 2023 under our 1099 structure. Our fleet in the first quarter operated with 100% utilization for scheduled operations, and 96.6% utilization taking into account the scheduled drydocking of the Carmen Knutsen.
We secured credit approval on similar terms for the $320 million senior secured credit facility and the $55 million revolving credit facility, which mature in September 2023, and which debt finances six of the Partnership's vessels. We're anticipating to close this in June 2023, subject only to execution of documentation and other customary closing conditions.
It's worth noting that the $172.5 million senior secured loan facilities maturing in September 2023 and January 2024 secured by the Dan Cisne and Dan Sabia, respectively, will be fully repaid on maturity. So there is no need for a refinance plan at this stage, and we have no immediate plans to incur additional borrowings secured by these two vessels until such time as the Partnership has better visibility on their future employment.