05:47 PM EDT, 07/02/2025 (MT Newswires) -- Knot Offshore Partners ( KNOP ) said Wednesday its board authorized a $10 million common unit repurchase program over the next 12 months.

The company also maintained its Q2 cash distribution at $0.026 per unit, payable Aug. 7 to unitholders of record as of July 28.

Knot said its subsidiary, Knot Shuttle Tankers, will acquire the shuttle tanker Daqing Knutsen from Knutsen NYK Offshore Tankers for $95 million, offset by $70.5 million in assumed debt and $0.3 million in related fees. The vessel is chartered to PetroChina in Brazil through July 2027, with Knot guaranteeing the hire rate through July 2032.

Additionally, Knot's Knutsen Shuttle Tankers 34 unit expects to refinance the Tove Knutsen through a sale and leaseback with a Japan-based lessor. The company expects about $32 million in net proceeds after debt repayment and related costs, with the deal expected to close by mid-September.