Exhibit 99.1

KNOT OFFSHORE PARTNERS LP

EARNINGS RELEASE—INTERIM RESULTS FOR THE QUARTER ENDED MARCH 31, 2016

Highlights

For the three months ended March 31, 2016, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):

In addition:

Subsequent events:

Financial Results Overview

Total revenues were $42.0 million for the three months ended March 31, 2016 (the “first quarter”) compared to $42.5 million for the three months ended December 31, 2015 (the “fourth quarter”), a decrease of $0.5 million. The decrease was mainly due to reduced revenues from the Bodil Knutsen as a result of its drydocking during the first quarter. This decrease was partially offset by the full quarterly earnings for the Ingrid Knutsen in the first quarter of 2016 compared to 77 days in fourth quarter of 2015, as the acquisition of the Ingrid Knutsen took place on October 15, 2015.

Vessel operating expenses for the first quarter of 2016 were $7.6 million, consistent with expenses in the fourth quarter of 2015 despite the fact that the Ingrid Knutsen had 15 more days of operation in first quarter of 2016. Vessel operating expenses in the first quarter of 2016 also include bunkers consumed for the mobilization before and after drydocking of the Bodil Knutsen. General and administrative expenses were at $1.3 million for the first quarter of 2016, an increase of $0.2 million compared to the fourth quarter of 2015 mainly due to year end close expenses.

As a result, operating income for the first quarter of $19.2 million compared to $20.4 million in the fourth quarter of 2015.

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Net income for the three months ended March 31, 2016 was $10.7 million compared to $17.6 million for the three months ended December 31, 2015. Net income was impacted by the recognition of realized and unrealized losses on derivative instruments of $3.2 million in the first quarter of 2016 as compared to a gain of $2.1 million in the fourth quarter of 2015. The unrealized non-cash element of the mark-to-market losses was a $2.3 million loss for the three months ended March 31, 2016 and a $4.9 million gain for the three months ended December 31, 2015. Of the unrealized loss for the first quarter of 2016, $4.4 million related to mark-to-market losses on interest rate swaps due to a decrease in long term interest rates. This loss was partially offset with an unrealized gain of $2.1 million on foreign exchange contracts due to strengthening of the Norwegian Kroner (NOK) against the U.S. Dollar.

Net income for the three months ended March 31, 2016 increased by $3.5 million compared to net income for the three months ended March 31, 2015. The increase was primarily due to (i) an increase in operating income of $3.2 million due to earnings from the Dan Sabia and the Ingrid Knutsen being included in the Partnership’s results of operations from June 15, 2015 and October 15, 2015, respectively, and (ii) a $1.2 million decrease in total finance expense primarily caused by a $3.2 million realized and unrealized loss on derivative instruments in the three months ended March 31, 2016 compared to a $5.6 million realized and unrealized loss on derivative instruments in the three months ended March 31, 2015. The overall increase in operating income was partially offset by a $1.3 million reduction in operating income due to the Bodil Knutsen drydocking during the first quarter of 2016.

All ten of the Partnership’s vessels operated well throughout the first quarter of 2015 with 99.8% utilization of the fleet for scheduled operations and 97.5% utilization taking into account the Bodil Knutsen drydocking.

Distributable cash flow was $17.9 million for the first quarter of 2016 (resulting in a coverage ratio of 1.19), compared to $18.1 million for the fourth quarter of 2015. The decrease in distributable cash flow is because of reduced earnings on the Bodil Knutsen as a result of its drydocking partially offset by a full quarter of earnings from the Ingrid Knutsen. The distribution declared for the first quarter of 2016 was $0.52 per unit, equivalent to an annual distribution of $2.08.

Financing and Liquidity

As of March 31, 2016, the Partnership had $48.8 million in available liquidity which consisted of cash and cash equivalents of $28.8 million and an undrawn revolving credit facility of $20 million. The undrawn revolving credit facility is available until June 10, 2019. The Partnership’s total interest bearing debt outstanding as of March 31, 2016 was $663.1 million ($659.4 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the quarter ended March 31, 2016 was approximately 2.3% over LIBOR.

As of March 31, 2016, the Partnership had entered into foreign exchange forward contracts, selling a total notional amount of $35.0 million against the NOK at an average exchange rate of NOK 8.28 per 1.0 U.S. Dollar. These foreign exchange forward contracts are economic hedges for certain vessel operating expenses and general expenses in NOK.

As of March 31, 2016, the Partnership had entered into various interest rate swap agreements for a total notional amount of $410.0 million to hedge against the interest rate risks of its variable rate borrowings. In March 2016, the Partnership extended $125 million of interest swap agreements and in April 2016, extended an additional $25 million of interest swap agreements. These $150 million of interest rate swaps have an average interest rate of 1.4% and extended the tenor of the Partnership’s existing interest rate swaps by an average of 2.3 years from the second half of 2018 to the second half of 2020. As of March 31, 2016, Partnership receives interest based on three or six month LIBOR and pays a weighted average interest rate of 1.54% under its interest rate swap agreements, which have an average maturity of approximately 3.6 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.

As of March 31, 2016, the Partnership’s net exposure to floating interest rate fluctuations on its outstanding debt was approximately $224.3 million based on total interest bearing debt outstanding of $663.1 million, less interest rate swaps of $410.0 million and less cash and cash equivalents of $28.8 million.

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The Partnership’s outstanding interest bearing debt of $663.1 million as of March 31, 2016 is repayable as follows:

Torill Knutsen and Hilda Knutsen - Goliat field

The Goliat field is the world’s most northerly offshore development and is the first field to come on stream in the Barents Sea. It represents an important milestone as nearly half of the undiscovered resources for the Norwegian shelf are in the Barents Sea.

According to the operator of the Goliat field, the estimated lifetime of the field is 15 years with recoverable reserves equivalent to approximately 178 million barrels of oil. Start-up production volume is expected to be approximately 100,000 barrels per day.

The Hilda Knutsen and the Torill Knutsen are two of three specially built winterized shuttle tankers which operate on the Goliat field. At the end of March 2016, the first oil from the Goliat field was loaded on to the Hilda Knutsen.

The Hilda Knutsen and Torill Knutsen are on five-year contracts with Ente Nazionale Idrocarburi S.p.A.(“ENI”). ENI has the option to extend each such charter by an additional five years. As of March 31, 2016, the remaining fixed contract durations are 2.4 years and 2.6 years for the Hilda Knutsen and Torill Knutsen respectively.

Drydocking

In February 2016, the Bodil Knutsen completed its first special survey drydocking on time and on budget.

Fortaleza Knutsen, which is on long-term bareboat charter to Petrobras Transporte S.A. (“Transpetro”) completed its first special survey drydocking in April. Under the terms of its bareboat contract, Transpetro is responsible for all vessel operating and voyage expenses including drydock costs. Thus, the drydocking has not resulted in any off-hire or any costs for the Partnership. During 2016, the Recife Knutsen and Dan Cisne are expected to complete their first special surveys, and the cost and off-hire associated with these surveys will be paid by the charterer.

Partnership Matters

On April 1, 2016, the Partnership announced that Mr. Yoshiyuki Konuma was stepping down from the board of directors of the Partnership. Mr. Takuji Banno has been appointed by the Partnership’s general partner to replace Mr. Konuma. Mr. Banno has served as the General Manager, Offshore Business Group, Energy Division of Nippon Yusen Kabushiki Kaisha since April 2012. From April 2011 to April 2012, he served as Director of Yusen Logistics (Singapore) Pte. Ltd. From October 2006 to April 2011, he was Director of NYK Logistics (Asia) Pte. Ltd. From June 2002 to October 2006, he was Manager of the LNG Group of Nippon Yusen Kabushiki Kaisha. Mr. Banno joined Nippon Yusen Kabushiki Kaisha in April 1990 and has a master’s degree in Business Administration from the University of Wisconsin-Madison.

Outlook

To date, during the second quarter of 2016, utilization of the Partnership’s fleet has been 100%. Operating income and distributable cash flow are expected to improve commencing with the second quarter of 2016, as there is no further scheduled off-hire for any of the Partnership’s vessels for the remainder of 2016.

As of March 31, 2016, the Partnership’s fleet of ten vessels had an average remaining fixed contract duration of 5.3 years. In addition, the charterers of the Partnership’s time charter vessels have options to extend their charters by an additional 2.5 years on average.

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The Partnership has or expects to receive options to acquire five vessels controlled by Knutsen NYK pursuant to the terms of the omnibus agreement. One of these vessels, the Raquel Knutsen, delivered in 2015 and is chartered to Repsol Sinopec Brazil under a time charter that expires in 2025, with options to extend until 2030. Four vessels are under construction in South Korea and China. As of March 31, 2016, the average remaining fixed contract duration for these vessels is 5.9 years. In addition, the charterers have options to extend these charters by 11.2 years on average.

Pursuant to the omnibus agreement, the Partnership also has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.

There can be no assurance that the Partnership will acquire any vessels from Knutsen NYK.

The Board believes that there may be opportunities for growth of the Partnership, which may include current identified acquisition candidates, and that the demand for offshore shuttle tankers will continue to grow over time based on identified projects. Future developments will influenced by the rate of growth of offshore oil production activities when the existing projects are completed.

The Board is pleased with the results of operations of the Partnership for the quarter ended March 31, 2016.

About KNOT Offshore Partners LP

KNOT Offshore Partners 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 owns and operates a fleet of ten offshore shuttle tankers with an average age of 4.3 years.

KNOT Offshore Partners is structured as a publicly traded master limited partnership. KNOT Offshore Partners’ common units trade on the New York Stock Exchange under the symbol “KNOP.”

The Partnership plans to host a conference call on Wednesday, May 11, 2016 at noon (Eastern Time) to discuss the results for the first quarter of 2016, and invites all unitholders and interested parties to listen to the live conference call by choosing from the following options:

May 11, 2016

KNOT Offshore Partners L.P.

Aberdeen, United Kingdom

Questions should be directed to:

John Costain (+44 7496 170 620)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS’ CAPITAL

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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APPENDIX A—RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Distributable Cash Flow (“DCF”)

Distributable cash flow represents net income adjusted for depreciation, unrealized gains and losses from derivatives, unrealized foreign exchange gains and losses, goodwill impairment charges, other non-cash items and estimated maintenance and replacement capital expenditures. Estimated maintenance and replacement capital expenditures, including estimated expenditures for drydocking, represent capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, the Partnership’s capital assets. Distributable cash flow is a quantitative standard used by investors in publicly-traded partnerships to assist in evaluating a partnership’s ability to make quarterly cash distributions. Distributable cash flow is a non-GAAP financial measure and should not be considered as an alternative to net income or any other indicator of KNOT Offshore Partners’ performance calculated in accordance with GAAP. The table below reconciles distributable cash flow to net income, the most directly comparable GAAP measure.

Adjusted EBITDA

Adjusted EBITDA refers to earnings before interest, other financial items, taxes, goodwill impairment charges and depreciation. Adjusted EBITDA is a non-GAAP financial measure used by investors to measure the Partnership’s performance.

The Partnership believes that Adjusted EBITDA assists its management and investors by increasing the comparability of its performance from period to period and against the performance of other companies in its industry that provide Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, taxes, goodwill impairment charges and depreciation, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Adjusted EBITDA as a financial measure benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership’s ongoing financial and operational strength in assessing whether to continue to hold common units. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income or any other indicator of Partnership performance calculated in accordance with GAAP. The table below reconciles Adjusted EBITDA to net income, the most directly comparable GAAP measure.

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FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and KNOT Offshore Partners’ operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” “plan,” “intend” or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond KNOT Offshore Partners’ control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include statements with respect to, among other things:

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All forward-looking statements included in this release are made only as of the date of this release on. New factors emerge from time to time, and it is not possible for KNOT Offshore Partners to predict all of these factors. Further, KNOT Offshore Partners cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. KNOT Offshore Partners does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in KNOT Offshore Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

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