KNOT Offshore Partners LP (NYSE:KNOP) Q4 2023 Earnings Conference Call February 27, 2024 9:30 AM ET
Company Participants
Derek Lowe - Chief Executive Officer & Chief Financial Officer
Conference Call Participants
Liam Burke - B. Riley
Poe Fratt - Alliance Global Partners
Jim Altschul - Aviation Advisory Service
Operator
Hello. My name is Drew and I will be your conference operator today. At this time, I would like to welcome everyone to the KNOT Offshore Partners Fourth 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]
Derek Lowe, you now may begin your conference.
Derek Lowe
Thank you, and good morning, ladies and gentlemen. My name is Derek Lowe, and I'm the Chief Executive and Chief Financial Officer of KNOT Offshore Partners. Welcome to the Partnership's earnings call for the fourth quarter of 2023. Our website is knotoffshorepartners.com and you can find the earnings release there along with 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 our annual and quarterly results. Today's presentation also includes certain non-US GAAP measures and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures.
On Slide 3, we have the financial and operational headlines for Q4. Revenues were $73 million, operating income $18.1 million. There was a net loss of $5.3 million after accounting for an unrealized. In other words, non-cash loss of $8.9 million on derivatives and adjusted EBITDA of $45.7 million.
We closed Q4 with $63.9 million in available liquidity made up wholly of cash and cash equivalents. We operated with 99.6% utilization of the vessel time available for scheduled operations, which is equivalent to 96% of total fleet time after accounting for the planned dry dockings of Torill Knutsen and Ingrid Knutsen. Following the end of Q4, we declared a cash distribution of US$0.026 per common unit, which was paid in early February.