New York-listed shuttle tanker owner KNOT Offshore Partners has found a successor as CEO to John Costain.
The company said that Gary Chapman will take on the role from 1 June, as well as becoming CFO like Costain.
The company announced Costain was stepping down last November to pursue other interests, but was staying on through to May while a new boss was sought.
He has been KNOT Offshore's CEO and CFO since June 2015.
Chapman is CFO of Biggin Hill Airport in London, but previously worked for NYK Energy Transport and NYK Group Europe.
He will continue as CFO at the airport until 1 December.
Profit up
Fourth-quarter profit edged up to $8.83m against $8.64m in 2017, the company said.
Total revenue from the 16 ships was $70.9m, versus $61.58m, as ships completed drydockings.
KNOT Offshore has agreed a charter suspension with Shell for the 162,000-dwt Windsor Knutsen (built 2007) of between 10 and 12 months.
This started earlier in March and allows the vessel to be operated under a time charter in the Knutsen Shuttle Tanker Pool, a subsidiary of parent Knutsen NYK Offshore Tankers.
The charter is on the same terms as the existing deal with Shell.
Looking ahead, it said there are no drydockings scheduled during 2019.
The fleet has an average remaining fixed contract duration of 3.7 years.
It said it believes demand for newbuild offshore shuttle tankers will "continue to be driven over time based on the requirement to replace older tonnage in the North Sea and Brazil and further expansion into deep water offshore oil production areas such as in pre-salt Brazil and the Barents Sea.
"Significant growth in demand exists and...this will continue for new shuttle tankers as the availability of existing vessels has reduced and modern operational demands have increased. Consequently, there should be opportunities to further grow the partnership."
