KNOT Offshore Partners LP’s (NYSE: KNOP) board of directors has authorized the Partnership to repurchase up to 666,667 common units. The board of directors of KNOT Offshore Partners GP LLC (the General Partner) has concurrently authorized the General Partner to purchase up to 333,333 common units of the Partnership.
All purchases of common units will be at prevailing prices on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. All purchases will be made pursuant to a single program and will be allocated two-thirds to the Partnership and one-third to the General Partner. The program will conclude by Aug. 31, 2016. There is no obligation to purchase any specific number of common units and the program may be modified, suspended, extended, or terminated be at any time. Any common units repurchased by the Partnership under the program will be cancelled.
Common units will be purchased only during periods where the Partnership and the General Partner are not aware of material inside information that would likely affect a seller's decision to sell.
The Partnership owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. The Partnership is structured as a master limited partnership, and its common units trade on the New York Stock Exchange under the symbol “KNOP.”