Total revenue at Shuttle tanker operator KNOT Offshore Partners was $70.5 million for the three months ended March 31, 2019 compared to $70.9 million for the three months ended December 31, 2018.
KNOT owns and operates a fleet of sixteen offshore shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil.
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Vessel operating expenses for the first quarter of 2019 were $14.5 million, an increase of $0.3 million from $14.2 million in the fourth quarter of 2018.
General and administrative expenses were $1.3 million for the first quarter of 2019, which is unchanged from the fourth quarter of 2018.
Depreciation was $22.4 million for the first quarter of 2019, a decrease of $0.1 million from $22.5 million in the fourth quarter of 2018.
As a result, operating income for the first quarter of 2019 was $32.4 million compared to $33.0 million in the fourth quarter of 2018.
Net income for the first quarter of 2019 was $12.9 million compared to $8.8 million for the fourth quarter of 2018.
Net income for the first quarter of 2019 decreased by $17.8 million from net income of $30.7 million for the three months ended March 31, 2018 to net income of $12.9 million for the three months ended March 31, 2019.
