OREANDA-NEWS. August 30, 2016. KNOT Offshore Partners LP (the "Partnership") (NYSE:KNOP) announced
today that the boards of directors of the Partnership and KNOT Offshore
Partners GP LLC (the “General Partner”) have each authorized an
extension of the common unit purchase program. Originally approved on
August 12, 2015, the program authorized the Partnership to repurchase up
to 666,667 of its common units and the General Partner to purchase up to
333,333 common units of the Partnership. The program was originally
scheduled to expire on August 31, 2016, and the extended program will
conclude on August 31, 2017. To date, the Partnership and the General
Partner have purchased 180,906 and 90,368 common units, respectively,
pursuant to the program. The Partnership and the General Partner may
therefore purchase up to an additional 485,761 and 242,965 common units,
respectively, under the extended program.
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. 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. The Partnership’s common units trade on the New York Stock
Exchange under the symbol “KNOP.”
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