# EDGAR Filing Document

**Accession Number:** 0001564180
**File Stem:** 0000919574-25-007240
**Filing Date:** 2025-12
**Character Count:** 16901
**Document Hash:** d7059e54df2563f7e067b18c016d198f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-25-007240.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0000919574-25-007240

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KNOT Offshore Partners LP
- **CENTRAL INDEX KEY:** 0001564180
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87436
- **FILM NUMBER:** 251550635

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2 QUEEN'S CROSS
- **CITY:** ABERDEEN
- **PROVINCE COUNTRY:** X0
- **ZIP:** AB15 4YB
- **BUSINESS PHONE:** 44 1224 618420

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2 QUEEN'S CROSS
- **CITY:** ABERDEEN
- **PROVINCE COUNTRY:** X0
- **ZIP:** AB15 4YB
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Astaris Capital Management LLP
- **CENTRAL INDEX KEY:** 0002040734

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 3 TILNEY STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1K1BQ
- **BUSINESS PHONE:** 44 20 7590 5400

**MAIL ADDRESS:**
- **STREET 1:** 3 TILNEY STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1K1BQ

## Ex-99

Exhibit A

<u>AGREEMENT</u>

The undersigned agree that this Schedule 13D Amendment No. 2, dated December 4, 2025, relating to the Common Units Representing Limited Partner Interests, of KNOT Offshore Partners LP shall be filed on behalf of the undersigned.

<u>December 4, 2025</u> <br> (Date)

---

| |
|:---|
| &nbsp;&nbsp; ASTARIS CAPITAL MANAGEMENT LLP<br>By: /s/ Martin Beck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Martin Beck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Partner & Designated Member |

---

---

| |
|:---|
| &nbsp;&nbsp; ASTARIS CAPITAL MANAGEMENT (UK) LIMITED<br>By: /s/ Martin Beck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Martin Beck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director |

---

---

| |
|:---|
| &nbsp;&nbsp; ASTARIS CAPITAL MANAGEMENT (CAYMAN) LIMITED<br>By: /s/ Martin Beck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Martin Beck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director |

---

&nbsp;&nbsp; MARTIN BECK<br>By: /s/ Martin Beck<br>

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**KNOT Offshore Partners LP**

*(Name of Issuer)*

**Common Units Representing Limited Partner Interests**

*(Title of Class of Securities)*

**Y48125101**

*(CUSIP Number)*

**Martin Beck**<br>Astaris Capital Management LLP<br>3 Tilney Street<br>London X0 W1K 1BQ<br>44-20-7590-5401

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/28/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **Y48125101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Astaris Capital Management LLP** | Name of reporting person<br>**Astaris Capital Management LLP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2332676.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2332676.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **Y48125101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Astaris Capital Management (UK) Limited** | Name of reporting person<br>**Astaris Capital Management (UK) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2332676.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2332676.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **Y48125101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Astaris Capital Management (Cayman) Limited** | Name of reporting person<br>**Astaris Capital Management (Cayman) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2332676.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2332676.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **Y48125101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Martin Beck** | Name of reporting person<br>**Martin Beck** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2332676.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2332676.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | Aggregate amount beneficially owned by each reporting person<br>**2332676.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Units Representing Limited Partner Interests

**(b) Name of Issuer:**
KNOT Offshore Partners LP

**(c) Address of Issuer's Principal Executive Offices:**
2 Queen's Cross, Aberdeen, X0, AB15 4YB

The name of the issuer is KNOT Offshore Partners LP, a Marshall Islands limited partnership (the "Issuer").  The address of the Issuer's principal executive offices is 2 Queens Cross, Aberdeen, AB15 4YB, United Kingdom.  This Schedule 13D Amendment No. 2 relates to the Issuer's Common Units Representing Limited Partner Interests (the "Common Units").

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the securities reported herein for investment purposes and intend to review their investments in the Issuer on a continuing basis. Subject to various factors, including but not limited to the Issuer's financial position and strategic direction, price levels of the Common Units, conditions in the securities markets, various laws and regulations applicable to the Issuer and companies in its industry and the Reporting Persons' ownership in the Issuer, and general economic and industry conditions, the Reporting Persons may in the future take actions with respect to their investment in the Issuer as they deem appropriate, including changing their current intentions, with respect to any or all matters required to be disclosed in this Schedule 13D. The Reporting Persons may, from time to time, acquire, or cause affiliates to acquire, additional Common Units or other securities of the Issuer (including any combination or derivative thereof), dispose, or cause affiliates to dispose, of some or all of their Common Units or other securities of the Issuer or continue to hold, or cause affiliates to hold, Common Units or other securities of the Issuer (or any combination or derivative thereof). In addition, on October 31, 2025, Knutsen NYK Offshore Tankers AS, a Norway limited company ("KNOT"), delivered a non-binding offer (the "Offer Letter") to the board of directors of the Issuer (the "Board"), to acquire all of the issued and outstanding Common Units that are not already beneficially owned by KNOT in exchange for cash.  The Reporting Persons have discussed and/or may discuss from time to time, with management, the Board and any of its committees, other shareholders of the Issuer and/or other third parties about the Offer Letter or any subsequent proposed or negotiated transaction, and the proposed terms contained therein, and the Issuer's business, operations, strategy (including with respect to capital allocation policies and procedures), plans and prospects and governance matters generally and in relation to the Reporting Persons' investment in the Issuer and requesting information from the Issuer related thereto.

Except as described in this Schedule 13D, none of the Reporting Persons has any present plans or proposals that relate to or would result in any of the actions described in Item 4 of this Schedule 13D, although, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or purpose and/or develop such plans and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the date hereof, each of the Reporting Persons may be deemed to be the beneficial owner of 2,332,676 Common Units, constituting 6.9% of the Common Units of the Issuer, based on 33,818,707 Common Units outstanding as of November 6, 2025, as reported in the Exhibit 99.1 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2025.

**(b)**
Each of the Reporting Persons has the sole power to vote or direct the vote of, and the sole power to dispose or direct the disposition of 0 Common Units.

Each of the Reporting Persons has the shared power to vote or direct the vote of, and the shared power to dispose or direct the disposition of 2,332,676 Common Units.

**(c)**
There have been no transactions by the Reporting Persons in the securities of the Issuer during the past sixty days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons' response to Item 4 is incorporated by reference into this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Astaris Capital Management LLP

**Signature:** /s/ Martin Beck

**Name/Title:** Martin Beck, Partner & Designated Member

**Date:** 12/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Astaris Capital Management (UK) Limited

**Signature:** /s/ Martin Beck

**Name/Title:** Martin Beck, Director

**Date:** 12/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Astaris Capital Management (Cayman) Limited

**Signature:** /s/ Martin Beck

**Name/Title:** Martin Beck, Director

**Date:** 12/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Martin Beck

**Signature:** /s/ Martin Beck

**Name/Title:** Martin Beck

**Date:** 12/04/2025