Ladies and gentlemen, thank you for joining us, and welcome to the KNOP Third Quarter 2025 Earnings Call. [Operator Instructions] I will now hand the conference over to Derek Lowe. Please go ahead, sir.

Thank you, Karina, and good morning, ladies and gentlemen. My name is Derek Lowe, and I'm the Chief Executive and Chief Financial Officer of KNOT Offshore Partners. Welcome to the Partnership's earnings call for the third quarter of 2025. Our website is knotoffshorepartners.com, and you can find the earnings release there along with this presentation. On Slide 2, you will find guidance on the inclusion of forward-looking statements in today's presentation. These are made in good faith and reflect management's current views, known and unknown risks and are based on assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements, and the partnership does not have or undertake a duty to update any such forward-looking statements made as of the date of this presentation. For further information, please consult our SEC filings, especially in relation to our annual and quarterly results. Today's presentation also includes certain non-U.S. GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures. We begin on Slide 3 with clearly the most material development during and since Q3 2025, which is our receipt of an unsolicited and nonbinding offer from our sponsor, KNOT, to buy the publicly owned common units for $10 per common unit. The offer is currently being evaluated by the Conflicts Committee of the Board, which is comprised of directors who are not affiliated to KNOT, and they have appointed Evercore and Richards Layton & Finger as their independent professional advisers. Given the outstanding nature of that process, I will not be addressing that matter on today's call and would refer you to the press release that we issued on the 3rd of…

[Operator Instructions] Your first question comes from the line of Poe Fratt from Alliance Global Partners.

Just a couple of questions. One on the Fortaleza. Can you give me an appreciation for the potential rate change versus the current time charter with Transpetro when it moves over to KNOT?

We don't comment on individual rates, I'm afraid, but I can say that we're certainly satisfied with the rate that we'll be getting.

Okay. Can I assume it's a higher rate then or directionally, Derek?

Yes, we don't comment on particular rates. I mean you'll appreciate the timing of when this new contract has been signed by comparison with when the previous one was signed some years ago. And obviously, there will be a change in market conditions between the 2 times.

Okay. And then looking at '26 for dry dockings, it looks like it's a pretty active year with at least what, probably 4, potentially 5 dry docks?

Yes, that's right.

Okay. And then you added the additional -- I can't pronounce the name, but the Daqing. But G&A didn't go up at all. Is that something we should continue to look at sort of the G&A at the $1.6 million per quarter range?

Yes, we're not expecting that to change materially. I mean if you're thinking that, that ought to or question whether that should have changed with acquisition of one vessel out of turning 18 into 19, we don't see any material increase in the administrative burdens of 1 vessel...

Yes.

As seen in the G&A.

Yes. Just wanted to double check. And then did I hear you correctly that -- or did I hear you say that the buyback -- the unit buyback program had concluded?

That's right, yes.

So you've -- so you stopped at 3 instead of going to the full $10 million...

That's right.

$10 million authorization?

Yes.

Okay. And then -- no, that's it for me. Derek, and I just have to ask, I know you said you couldn't comment it, but can you at least give us a ballpark time frame when you think this independent committee process of evaluating or potentially getting a definitive agreement in place, what a ballpark time frame for that would be?

Yes. I'm afraid all the information that's currently available is what's been announced already on the 3rd of November. And that was a press release from the partnership and a 13D filing from KNOT. But beyond those, there's nothing further that we can provide by way of comment, I'm afraid.

Yes. Okay. But just mechanically, it's just so -- we all understand what the process is. You get a definitive agreement, then you'll have to put a proxy out and then you'll have a shareholder vote, or a unitholder vote at some point in time. So it really looks more realistically, at least in my mind that this will be a first quarter event at the earliest.

Yes. I mean that's in the process that the Conflicts Committee is going through now. So it's for them to develop with their advisers and obviously in discussion with -- in response to KNOT in due course.

Great.

Thanks, Poe.

[Operator Instructions] It appears we have no further questions in queue. I will hand the call back to Derek Lowe for closing remarks.

Thank you again for joining this earnings call for KNOT Offshore Partners third quarter in 2025. I look forward to speaking with you following the fourth quarter results, and I encourage you to provide your proxy vote into the annual meeting within the next few days. Thank you.

This now concludes today's call. Thank you for attending. You may now disconnect.