KNOT Offshore Partners LP (the "Partnership") (NYSE:KNOP) announced today that it has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Raquel Knutsen for an aggregate purchase price of $116.5 million less $103.5 million of outstanding indebtedness ($29.0 million of which was repaid at closing), subject to post-closing adjustments. The purchase price will be settled by way of seller's credit in the amount of approximately $13.0 million. In connection with the acquisition, the sponsor, Knutsen NYK will provide to KNOT Shuttle Tankers AS a loan in the amount of approximately $12.0 million. The Raquel Knutsen is an 152,000-deadweight ton shuttle tanker, built by Cosco Nantong in China and delivered in March 2015. The vessel is operating in the Brazil under a ten-year time charter with Repsol Sinopec Brasil, B.V., which will expire in the expire second quarter of 2025. The charterer has options to extend the charter for up to one three-year period and one two-year period. Including the Raquel Knutsen, the Partnership now has a fleet of eleven vessels with an average age of 4.7 years and a fixed average employment of 5.1 years. About KNOT Offshore Partners LP The Partnership owns, operates and acquires shuttle tankers under long-term charters in the deep-water offshore oil production regions of the North Sea and Brazil. The Partnership is structured as a master limited partnership. The Partnership's common units trade on the New York Stock Exchange under the symbol "KNOP."