(RTTNews) - Shares of KNOT Offshore Partners LP (KNOP) are climbing more than 12 percent in Wednesday's trading at $10.80. The stock has traded in a range of $8.67 to $20.97 in the past 52 weeks.
KNOT Offshore Partners owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. Tuesday, the company said its board of directors declared a quarterly cash distribution for the quarter ended March 31, 2020 of $0.52 per common unit, which corresponds to $2.08 per outstanding common unit on an annualized basis.
The cash distribution will be paid on May 14, 2020 to all unitholders of record as of the close of business on May 1, 2020.
KNOT Offshore noted that despite the global impact of the Covid-19 virus and the decline in oil prices, its underlying business continued to perform well in the first quarter of 2020.
The partnership's vessels operated throughout the first quarter of 2020 with 99.6 percent utilization for scheduled operations and 95.2 percent utilization taking into account the scheduled 5-year special survey drydocking of the Raquel Knutsen.
Raquel Knutsen went back on charter on March 5, 2020. The company noted that no further drydockings are scheduled for any of the partnership's fleet for the remainder of 2020.