Investor Presentation MLPA Conference - Las Vegas

May, 2019

2

Notice to Recipients

This presentation is not a prospectus and is not an offer to sell, nor a solicitation of an offer to buy, securities. This presentation contains certain forward-looking

statements concerning future events and KNOT Offshore Partners LP’s (“KNOP”) operations, performance and financial condition. Forward-looking statements

include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words

“believe,” “anticipate,” “expect,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” “plan,” “intend” or words or phrases of similar meanings. These

statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties

and contingencies, many of which are beyond KNOP’s control. Actual results may differ materially from those expressed or implied by such forward-looking

statements. Forward-looking statements include statements with respect to, among other things: market trends in the shuttle tanker or general tanker industries,

including hire rates, factors affecting supply and demand, and opportunities for the profitable operations of shuttle tankers; the ability of Knutsen NYK Offshore

Tankers AS (“Knutsen NYK”) and KNOP to build shuttle tankers and the timing of the delivery and acceptance of any such vessels by their respective charterers;

forecasts of KNOP ability to make or increase distributions on its common units and to make distributions on its Series A Preferred Units and the amount of any

such distributions; KNOP’s anticipated growth strategies; the effects of a worldwide or regional economic slowdown; turmoil in the global financial markets;

fluctuations in currencies and interest rates; fluctuations in the price of oil; general market conditions, including fluctuations in hire rates and vessel values; changes

in KNOP’s operating expenses, including drydocking and insurance costs and bunker prices; KNOP’s future financial condition or results of operations and future

revenues and expenses; the repayment of debt and settling of any interest rate swaps; KNOP’s ability to make additional borrowings and to access debt and equity

markets; planned capital expenditures and availability of capital resources to fund capital expenditures; KNOP’s ability to maintain long-term relationships with

major users of shuttle tonnage; KNOP’s ability to leverage Knutsen NYK’s relationships and reputation in the shipping industry; KNOP’s ability to purchase vessels

from Knutsen NYK in the future; KNOP’s continued ability to enter into long-term charters, which KNOP defines as charters of five years or more; KNOP’s ability to

maximize the use of its vessels, including the re-deployment or disposition of vessels no longer under long-term charter; the financial condition of KNOP’s existing

or future customers and their ability to fulfill their charter obligations; timely purchases and deliveries of newbuilds; future purchase prices of newbuilds and

secondhand vessels; any impairment of the value of KNOP’s vessels; KNOP’s ability to compete successfully for future chartering and newbuild opportunities;

acceptance of a vessel by its charterer; termination dates and extensions of charters; the expected cost of, and KNOP’s ability to, comply with governmental

regulations, maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to KNOP’s business; availability of

skilled labor, vessel crews and management; KNOP’s general and administrative expenses and its fees and expenses payable under the technical management

agreements, the management and administration agreements and the administrative services agreement; modifications to the Norwegian Tonnage Tax regime; the

anticipated taxation of KNOP and distributions to KNOP’s unitholders; estimated future maintenance and replacement capital expenditures; KNOP’s ability to retain

key employees; customers’ increasing emphasis on environmental and safety concerns; potential liability from any pending or future litigation; potential disruption of

shipping routes due to accidents, political events, piracy or acts by terrorists; future sales of KNOP’s securities in the public market; KNOP’s business strategy and

other plans and objectives for future operations; and other factors listed from time to time in the reports and other documents that KNOP files with the U.S

Securities and Exchange Commission (“SEC”), including its Annual Report on Form 20-F for the year ended December 31, 2017 and reports on Form 6K.

All forward-looking statements included in this presentation are made only as of the date of this presentation. New factors emerge from time to time, and it is not

possible for KNOP to predict all of these factors. Further, KNOP cannot assess the impact of each such factor on its business or the extent to which any factor, or

combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. KNOP does not intend to release

publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOP’s expectations with respect thereto or any

change in events, conditions or circumstances on which any such statement is based.

3

Back by sponsors with 255 years of shipping experience

▪ 10+4 LNG carriers

▪ 3 Product tankers

33%• KBAL®+KVOC®+PNG®+PCO2®

▪ 1 LNG “bunkering” vessel

NYSE ticker: KNOP

▪ 401 Bulk Carriers

▪ 118 Pure Car Carriers

▪ 56 Tankers

▪ 75 LNG Carrier

▪ 42 Multi-purpose

Carriers

▪ 1 Cruise ship

▪ 1 Other Ship

▪ 1 Drill Ship

▪ 3 FPSOs

▪ 13 Air Craft Carrier

Operating Fleets

since 2013

since 2010▪ 13 + 3 Shuttle Tankers

▪ 2 FSOs

▪ 16 Shuttle Tankers

27.84%

100%

38%

50% 50%

KNUTSEN NYK LNG

Holding AS

▪ 5 LNG Carriers

50% 50%

Attractive 1099 structure

4

Seismic Drilling Subsea Production Storage Transport

A Critical Component of Operator Infrastructure:

Shuttle Tankers are substituting pipelines in Deep Sea oil production

▪ Superior, more economical alternative with lower initial

investment in certain fields based on:

- Distance from infrastructure

- Water depth

- Seabed terrain

- Field size

- Field life

▪ Destination flexibility

▪ Less capital expenditures

▪ Lease and services contracts

▪ Mobility of “pipeline”

▪ Specially designed tankers with sophisticated loading system

and dynamic positioning systems

- Dynamic Positioning (DP) systems enable the vessel to stay on

location in high seas and in harsh environments

- >50% higher investment cost than conventional tankers

▪ Tender-based business drives newbuilds (versus speculative

ordering)

▪ Longer-term contracts

▪ Stricter standards and specialized crewing

Advantages vs. PipelinesKey Differences vs. Conventional Tankers

Cost for field operator Revenue for field operator

5

Still a concentrated and disciplined market with a healthy age profile

21 1

8

4

2 23 3

2 21

2

67

14

3

1

6

12

12

2

-1

1

3

5

7

9

11

13

15

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

# o

f V

es

se

ls

Over 20 years old 15 - 19 years old▪ Global fleet average age of approx. 11 years(1)

▪ KNOP has one of the youngest fleet with

average age of 5.7 years(1) with modern

dynamic position system, DP 2

▪ Approx. 30% of the global fleet will be over 20

years within 2023

▪ As of today the shuttle tanker market is

extremely tight

Age profile | global fleet

Operator in the Shuttle tanker market

▪ Niche market where new capacity is based on

long term contracts.

▪ Global shuttle tanker fleet consist of

approximately 71 vessels

▪ Knutsen NYK, the market leading shuttle tanker

operator with over 30 years of experience in

offshore loading and dynamic positioning

operation

2924

4 5 3 2 2 1 1

3

6

7

0

5

10

15

20

25

30

35

# o

f ve

ss

els

Existing On Order

(1) Calculated as of 31/03/2019

6

Strong shuttle tanker outlook for North Sea and Brazil

Source: Rystad energy

Historical /forecasted production from Shuttle tanker fields

0

1 000

2 000

3 000

4 000

5 000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

‘000b/d

North Sea Brazil

▪ Brazil:

Production in the Pre-salt continue to impress – currently production ¨1.5m barrels per day

Petrobras business plan 2019-2023 calls for three FPSO starts up in 2019, one in 2020 and for 2021-2023 it plans

for total nine FPSO start-ups

Major developments moving forward and Petrobras opening up for operatorship by international oil majors

▪ North Sea:

Ageing tonnage in North Sea need to be replaced

The Barents Sea has the largest potential - is estimated that approx. half of the undiscovered resources on the

Norwegian continental shelf are in the Barents Sea.

7

Stable operational performance results in stable financial performance

ADJUSTED EBITDA (USD million)

100%98,9%

99,7% 99,9% 100,0%99,6% 99,9% 99,9%

Q1

2017

Q2 Q3 Q4 Q1

2018

Q2 Q3 Q4

UTILIZATION (%)

33,2

43,5 45,1 45,1

53,5 54,4 54,1 55,4

Q1

2017

Q2 Q3 Q4 Q1

2018

Q2 Q3 Q4

Average of 99.6 % since IPO

Attractive value proposition with quarterly distribution of $0.52 per unit and

healthy cover ratio

8

Strong Balance with no committed capex

73,6 84,5 85,9 86,571,2

25,018,4

257,7

70,8

236,5

0

50

100

150

200

250

300

350

400

2018 2019 2020 2021 2022

Debt Instalments Debt Unsecured Revolver Credit Balloon Refinanced balloon Debt Balloon Payments

$276.1 million balloon maturity

moved beyond 2022

USD m

All figures in USD million

Debt maturity profile

9

Long-term Contracts Backed by Leading Energy Companies

KNOP fleet has average remaining fixed contract duration of 3.4(2) years

Additional 4.4 years on average in Charterers option

Fixed contract Option period

(1) Time charter with Shell is suspended for 10-12 months, in the suspension period the vessel is charted out to the KNOT for same commercial condition as

existing time charter with Shell

(2) Remaining contract life is calculated as of 31/03/2019

Vessel name 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Windsor Knutsen

Bodil Knutsen

Fortaleza Knutsen

Recife Knutsen

Carmen Knutsen

Hilda Knutsen

Torill Knutsen

Dan Cisne

Dan Sabia

Ingrid Knutsen

Raquel Knutsen

Tordis Knusten

Vigdis Knutsen

Lena Knutsen

Brasil Knutsen

Anna Knutsen

(1)

10

Dropdown inventory: Two potential acquisitions(1)

Fixed contract periods for the dropdown fleet are 6.0 years on average

Charterers also have the option to extend these charters by 14.0 years on average

(1) The acquisition by KNOP of any dropdown vessels in the future is subject to the approval of the board of directors of each of KNOP and Knutsen NYK.

There can be no assurance that any potential dropdowns will occur..

Fixed contract Option period Yard

Name 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2040

Hull 3114

Hull 3115

11

Summary

Solid contract base with strong counterparties all on fixed fee

revenue contracts

1

Modern shuttle tanker fleet, average age 5.7 years vs. industry

average of 12.5 years excluding KNOP fleet(1)

Excellent operating results – 99.6%(2) average utilisation since IPO

Future strong outlook for the shuttle tanker business

1

2

3

4

(1) As of March 31, 2019

(2) Of the fleet for scheduled operation, adjusted for planned off hire the average utilization rate is 98.7%

12

Shuttle Tanker Market Overview