| Vessels and Equipment |
10)Vessels and Equipment As of June 30, 2026 and December 31, 2025, Vessels with a book value of $1,489 million and $1,557 million, respectively, are pledged as security for the Partnership’s long-term debt. See Note 13—Long-term debt. | | | | | | | | | | | | | | | Vessels & | | Accumulated | | Accumulated | | | | (U.S. Dollars in thousands) | | equipment | | depreciation | | impairment | | Net Vessels | Vessels, December 31, 2024 | | $ | 2,421,556 | | $ | (894,210) | | $ | (65,154) | | $ | 1,462,192 | Additions (1) | | | 244,669 | | | — | | | — | | | 244,669 | Drydock costs | | | 14,690 | | | — | | | — | | | 14,690 | Disposals (2) | | | (115,824) | | | 55,522 | | | 35,734 | | | (24,568) | Depreciation and impairment for the period (3) | | | — | | | (119,703) | | | (20,259) | | | (139,962) | Vessels, December 31, 2025 | | $ | 2,565,091 | | $ | (958,391) | | $ | (49,679) | | $ | 1,557,021 | Additions | | | 1,163 | | | — | | | — | | | 1,163 | Drydock costs | | | 14,435 | | | — | | | — | | | 14,435 | Disposals | | | (7,728) | | | 7,728 | | | — | | | — | Depreciation for the period | | | — | | | (83,939) | | | — | | | (83,939) | Vessels, June 30, 2026 | | $ | 2,572,961 | | $ | (1,034,602) | | $ | (49,679) | | $ | 1,488,680 |
| (1) | On March 3, 2025, the Partnership acquired KNOT’s 100% interest in KNOT Shuttle Tankers 27 AS, the company that owns and operates the Live Knutsen. On July 2, 2025, the Partnership acquired KNOT’s 100% interest in KNOT Shuttle Tankers 37 AS, the company that owns and operates the Daqing Knutsen. These acquisitions were accounted for as acquisition of assets. |
| (2) | On March 3, 2025, the Partnership sold to KNOT its 100% interest in KNOT Shuttle Tankers 21 AS, the company that owns and operates the Dan Sabia. This sale transaction was part of an asset swap with the Live Knutsen. See footnote (1) above. |
| (3) | The carrying value of the Bodil Knutsen was written down to its estimated fair value as of December 31, 2025. |
Drydocking activity as of June 30, 2026 and December 31, 2025 is summarized as follows: | | | | | | | | (U.S. Dollars in thousands) | | At June 30, 2026 | | At December 31, 2025 | | Balance at the beginning of the year | | $ | 29,323 | | $ | 28,661 | | Costs incurred for drydocking | | | 14,435 | | | 14,690 | | Costs allocated to drydocking as part of acquisition of asset | | | — | | | 2,340 | | Drydock amortization as part of sale of asset | | | — | | | (1,526) | | Drydock amortization | | | (7,873) | | | (14,842) | | Balance at period end | | $ | 35,885 | | $ | 29,323 | |
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