1 July 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised KNOT Offshore Partners LP (“KNOP”) on its public offering of 4.6 million common units. The offering is valued at approximately US$133m. In addition to the 4.6m common units, representing limited partner interests, KNOP granted the underwriters a 30-day option to purchase a further 690,000 common units.
The net proceeds from the offering will be used to help fund its previously announced acquisitions of two shuttle tankers, and general partnership purposes.
WFW advised KNOP on aspects relating to Marshall Islands law on the transaction.
KNOP is a limited partnership formed in February 2013, which operates and acquires shuttle tankers under long-term charters. KNOP is majority-owned by Knutsen NYK Offshore Tankers AS, which in turn is jointly owned by TS Shipping Invest AS, and Nippon Yusen Kaisha.
The WFW team was led by New York corporate partner Steven Hollander, assisted by associate C.J. Chido.
WFW New York partner Steven Hollander, commented: “This public offering will provide KNOP with the means to further expand its shuttle tanker fleet. Our ability to advise on Marshall Islands law sets us apart from other firms in the market and helped ensure our client was able to complete this significant deal. ”