Knutsen NYK Offshore Tankers (“KNOT”) is the leading shuttle tanker operator in the world with 26 shuttle tankers in operation and four newbuildings under construction as of 15 January 2015. KNOT also has one FSO in operation and is in the process of converting its existing shuttle tanker Hanne Knutsen to FSO for the Martin Linge field in the North Sea. KNOT is a fully integrated industrial shipping company. This means that we controll and manage our whole value chain of activities which includes newbuilding, chartering, vetting, crewing, tecnhical and commerical management, financing, procurement and general administration. The strategy of KNOT has been and continues to be to offer advanced shuttle tankers on long-term charters to first class charters. We are commited to operating our vessels safely in order to avoid any harm to our seamen or the environment. KNOT is a joint venture by TS Shipping Invest (“TSSI”) and Nippon Yusen Kabushiki Kaisha (“NYK”) which was established in 2010 following NYK’s acquisition of 50 per cent of the shuttle tanker fleet . TSSI is owned by CEO Trygve Seglem and his family while NYK is one of the largest shipping companies in the world with a fleet of more than 800 vessels. In April 2013, KNOT spun-off its subsidiary KNOT Offshore Partners LP (“KNOP”) in a USD 180m IPO at New York Stock Exchange (NYSE). KNOP is a Master Limited Partnership which owns the new vessels on long-term charter. As of 31 December 2014, KNOP owns eight specialised DP2 shuttle tankers and has a MCap of about USD 500m. As of year-end 2014, KNOT owns 40 per cent of the partnership (including 2 per cent General Partner) while public investors owns 60 per cent of the partnership. Head office of KNOT is in Haugesund on the west coast of Norway.