KNOT Offshore Partners LP (NYSE:KNOP) Q3 2023 Results Conference Call December 14, 2023 9:30 AM ET
Company Participants
Derek Lowe - Chief Executive Officer and Chief Financial Officer
Conference Call Participants
Liam Burke - B. Riley
Robert Silvera - R. E. Silvera
Operator
Hello everyone. My name is Drew and I will be your conference operator today. At this time, I would like to welcome everyone to the KNOT’s Third Quarter 2023 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
I will now turn the call over to your host, Derek Lowe. Please go ahead.
Derek Lowe
Thank you, Drew, and good morning, ladies and gentlemen. My name is Derek Lowe, and I have recently joined KNOT Offshore Partners, taking office as Chief Executive and Chief Financial Officer in September 2023. It is my pleasure for the first time to welcome you to an earnings call for the partnership. Our website is knotoffshorepartners.com, and you can find there the earnings release for the third quarter of 2023 and also this presentation.
On Slide 2, you will find guidance on the inclusion of forward-looking statements in today's presentation, these are made in good faith and reflect management's current views, known and unknown risks and are based on 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 in 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.
For further information, please consult our SEC filings, especially in relation to of annual and quarterly results. 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 the Slide 3, we have the financial and operational headlines for Q3. Revenues were $72.7 million, operating income $20.6 million, net income $12.6 million, and adjusted EBITDA $48.1 million.
We closed Q3 with $58.2 million in available liquidity, which comprised $53.2 million of cash and equivalents, plus $5 million in undrawn capacity and our debt facilities. We operated with 98.8% utilization of the vessel time available for scheduled operations, which is equivalent to 97.4% of total fleet time after accounting for the planned dry dockings of the Brasil Knutsen and Hilda Knutsen.