KNOT Offshore Partners LP Announces Fourth Quarter 2017 Cash Distribution

ABERDEEN, Scotland–(BUSINESS WIRE)–KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)

Distribution

The Partnership announced today that its Board of Directors has declared
a quarterly cash distribution with respect to the quarter ended December
31, 2017, of $0.52 per unit.

This corresponds to $2.08 per outstanding unit on an annualized basis.

This cash distribution will be paid on February 15, 2018 to all
unitholders of record as of the close of business on February 2, 2018.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers
under long-term charters in the offshore oil production regions of the
North Sea and Brazil. KNOT Offshore Partners LP is structured as a
publicly traded master limited partnership. KNOT Offshore Partners LP’s
common units’ trade on the New York Stock Exchange under the symbol
“KNOP.”

Forward looking statements

This press release includes statements that may constitute
forward-looking statements. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management’s control. Factors that can affect future results are
discussed in the Annual Report on Form 20-F filed by the Partnership
with SEC. The Partnership undertakes no obligation to update or revise
any forward-looking statement to reflect new information or events.

Contacts

KNOT Offshore Partners LP
John Costain, 44 749 6170 620
Chief
Executive Officer and Chief Financial Officer