The Knutsen Shipping Group – more than 120 years of proud history.
Mr. Knut Knutsen O.A.S. (Ole Andreas’ Son) established his own shipping company in Haugesund, Norway. The company developed into being the third largest tanker owner in Norway in the 1930’s and kept its strong position up to the 1970’s.
After the shipping crisis in the late 1970’s and in the beginning of the 1980’s, the company was restructured, and Knutsen OAS Shipping AS was established in 1984 by Bergen Bank, the Knutsen family and Mr. Jens Ulltveit-Moe. Shortly after the company being established, Mr. Trygve Seglem was appointed Technical Director, became part owner, and was instrumental in the first shuttle tanker contracts. The Knutsen family and Bergen Bank subsequently sold their shares, and Mr. Ulltveit-Moe and Mr. Seglem became joint owners.
The first two Suezmax shuttle tankers with dynamic positioning systems were delivered in 1987.
The Knutsen Group has since the early 1990’s been known for being in the forefront of maritime technological developments – particularly in the shuttle tanker segment along with our conservative strategy of advanced vessels on long term charters to first class charterers. Our customer base has and still is mainly the oil and energy companies.
The Knutsen group was the first to use the flexible coupling for bow loading operations in the North Sea and contributed with the development of the submerged turret loading system. The group became the first to use this system for direct shuttle tanker loading in 1994. Knutsen was also the first operator of a VOC recovery unit on a shuttle tanker.
During the 1990’s the Knutsen fleet grew to 10 shuttle tankers and 7 product and chemical tankers of which 8 vessels with ice class 1A. A new niche in shuttle tanker operations with 35 000 M3 vessels was also introduced to serve smaller oil fields in the North Sea. Knutsen was at that time already one of the leading shuttle tanker operators worldwide.
In 2000 one of the large shuttle tankers, Jorunn Knutsen, was converted to a FSO directly after delivery from new building yard at Sestao Shipyard in Spain. Jorunn Knutsen was connected to the Åsgard C field as a floating storage and offloading unit the same year.
In year 2001, the first two LNG contracts were awarded, and by 2011 the LNG fleet comprised of four 138 000 M3 and four 173 400 M3 LNG carriers as well as the world’s smallest coastal LNG carrier: 1100 M3. The four 173.400 M3 TFDE LNG carriers were delivered in 2010.
By 2010 the total fleet had increased to 46 vessels in operation of which 22 shuttle tankers,15 product/chemical tankers and 9 LNG carriers.
By 2010 Trygve Seglem was the sole owner of the Knutsen shuttle tanker fleet.
December 2010 Knutsen joined forces with NYK (Nippon Yusen Kaisha) and established a new company, Knutsen NYK Offshore Tankers AS (KNOT), which at the time included 20 vessels in operation and 3 vessels under construction.
In 2013, Knutsen NYK Offshore Tankers (KNOT) established the limited partnership KNOT Offshore Partners LP (KNOP), with 4 shuttle tankers. The very same year, KNOP went public at NYSE (New York Stock Exchange).
At the end of 2018 KNOT has 15 shuttle tankers including 2 FSOs in operation and 3 vessels under construction. The stock-listed KNOP has in addition a fleet of 16 advanced shuttle tankers with a market capitalization of 600 million USD and an enterprise value of 2,2 billion USD.
The LNG fleet has grown to 11 vessels in operation and 4 vessels under construction and we operate 4 product/chemical tankers.
At the end of 2018 the total Knutsen fleet consists of 46 vessels in operation and 7 vessels under construction with a total insurance value of 5,6 billion USD and a total firm forward time charter contract book of 6,1 billion USD.