Q2-20 EarningsPresentationAugust 6, 2020

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,as amended) which reflect management’s current views with respect to certain future events and performance,including, among others, the timing of the commencement of charter contracts. The following factors are among thosethat could cause actual results to differ materially from the forward-looking statements, which involve risks anduncertainties, and that should be considered in evaluating any such statement: delays in the commencement of chartercontracts; unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak); and otherfactors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for thefiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation or undertaking to releasepublicly any updates or revisions to any forward-looking statements contained herein to reflect any change in thePartnership’s expectations with respect thereto or any change in events, conditions or circumstances on which anysuch statement is based.

Forward Looking Statement

3%

48%

49%

FSO Shuttle Tanker FPSO

$4.4bn(1)Forward Revenue

(1) As of June 30, 2020. Based on existing contracts; but excluding extension options and oil-tariff revenue.

~2,000Employees

54Vessels

Blue-Chip Customers

Altera Infrastructure

Recent Highlights

Q2-20 Results

Adjusted EBITDA of $143 million in Q2-20, $11 million lower than previous quarter due to non-recurring items

E-Shuttle Newbuilds

Aurora Spirit and Rainbow Spirit commenced operations in the North Sea in April 2020 andMay 2020, respectively

Tide Spirit delivered in July 2020

Kraken CoA Contract

In June, EnQuest awarded us a 5-year CoA contract for the Kraken field. The vessel requirement is equivalent to half a shuttle tanker

Randgrid FSO Contract Extension

In June, Equinor exercised an option to extend the time-charter contract for one year until minimum October 2021

• We continue to focus on the safety of operations and have implemented a number of proactive

measures to protect the health and safety of vessel crews, as well as onshore employees

• No material business interruptions or financial impact in Q2 2020 from the COVID-19 pandemic

• Our towage business continue to suffer from general travel restrictions, resulting in low utilization

• A majority of our revenues are secured under medium-term contracts that should not be materially

affected by a short-term volatility in oil prices

• We continue to closely monitor counterparty risk associated with our vessels under contract and a

potential prolonged lower oil price environment to mitigate potential impact on the business

COVID-19 Response Update

Q2-20 ResultsAdjusted EBITDA of $143 million in Q2-20, $11 million lower than previous quarterdue to non-recurring items

FPSO SegmentAdjusted EBITDA decreased by $2 million to $74 million in Q2-20 mainly due to temporary lower uptime on the Petrojarl IFPSO

Shuttle Tanker SegmentAdjusted EBITDA increased by $4 million to $66 million in Q2-20 mainly reflecting contribution from the two newbuildings,higher earnings from the conventional market, partly offset bylower utilization following a disputed off-hire situation for ashuttle tanker

FSO SegmentAdjusted EBITDA decreased by $13 million to $11 million in Q2-20, primarily due to a $7 million one-time non-cashadjustment and a $4 million one-time provision, both related tothe Dampier Spirit FSO expected earlier end of contract

Towage SegmentAdjusted EBITDA decreased by $2 million to $(6) million in Q2-20 mainly due to lower fleet utilization

FPSO Segment

Voyageur Dispute Court RulingEconomic Uptime Adjusted EBITDA (US$ millions)

In July 2020, a dispute over amountsowed to us under the Voyageur FPSOcontract, has been concluded with a courtruling in our favor. This ruling entitles usto the full claim of $12 million andcontractual interest. The ruling may beappealed

In April 2020, we entered into a partly paidconcept study with Equinor for thepossible redeployment of the PetrojarlKnarr FPSO on the UK Rosebank field

In May 2020, we entered into a partly paid,competitive pre-FEED with Santos for anFPSO for the Australian Dorado field

Pre-FEED ActivityOperationsEconomic uptime decreased to 97% in Q2-20 from 99% in Q1-20 due to temporarylower uptime on Petrojarl I as certain oil wellswere temporarily shut in while a new watertreatment plant was being installed andcommissioned

Voyageur Decommissioning

The Voyageur Spirit FPSO completed itsfinal commercial offloading at theHuntington UK field at the end of June2020 and the FPSO is in the process ofbeing decommissioned

Shuttle Tanker SegmentE-Shuttle NewbuildsContracts Update

Technical Uptime Adjusted EBITDA (US$ millions)

In June, a 5-year CoA contract was signedwith EnQuest for the Kraken field,equivalent to half a vessel

In April, an 18-month extension was signedwith Transpetro, a subsidiary of Petrobras,to extend the Navion Stavanger bareboatcontract until October 2021

In April, a four-month time-charter contractwas signed with Suncor for Navion Anglia,which commenced in May 2020

The E-shuttles Aurora Spirit and RainbowSpirit successfully commenced operationin April and May 2020

Tide Spirit was delivered in July 2020 andis expected to commence operations inOctober 2020

The remaining three E-Shuttle newbuildsare expected to be delivered betweenAugust 2020 and January 2021

Capex

Total capex for the six E-Shuttles and thefourth East Coast Canada shuttle tanker isapproximately $920 million, excludingcapitalized interest, of which $728 million isfunded with secured financing

Remaining capex at June 30, 2020 isapproximately $459 million, of which $398million will be drawn on committed,secured financing

* Q4-18 figures excludes impact of Petrobras settlement

Operations

Technical uptime decreased to 91% in Q2-20 from 98% in Q1-20 reflecting deemedoff-hire by the customer for a shuttletanker

The off-hire is disputed and we are indiscussion with the customer

FSO SegmentDampier Spirit FSO

Technical Uptime Adjusted EBITDA (US$ millions)

Operations expected to cease in September2020, resulting in a $7 million non-recurringnon-cash adjustment related to the earlier endof contract expectation and a $4 million non-recurring provision

Trion FSO Pre-FEED for BHP

Awarded a paid, competitive pre-FEED todevelop a newbuild FSO for BHP for the Trionoil field in the Gulf of Mexico. The FEED will beawarded in 2021 and first oil is expected in2025

Randgrid FSO Option Exercised

In June, Equinor exercised the first of twelveoptions to extend the time-charter contractfor one year until minimum October 2021

Towage SegmentQ2-20 Operations

Fleet utilization decreased to 25% inQ2-20 compared to 34% in Q1-20 fromslower market activity reflecting theglobal impact of COVID-19

Utilization Adjusted EBITDA (US$ millions)

Market DevelopmentMarket activity has generally picked up inQ3 as travel restrictions has eased andprojects have been restarted

Financing Update

Knarr Refinancing

In June 2020 the Partnershipcompleted the extension of the $40million commercial bank tranche relatedto the financing of the Petrojarl KnarrFPSO with an extension to June 2023

The extension was a condition for the$390 million ECA tranche not to maturein June 2020. The related interest rateswap portfolio was extended to June2022

In relation to these extensions, certaindeposit arrangements and reductions innegative mark-to-market values of theinterest rate swaps were agreed withthe lenders

Brookfield RCF

The Partnership has agreed to amendthe existing credit agreement for anunsecured Revolving Credit Facilityprovided by Brookfield by increasing theavailable amount by $75 million to $200million and extending the maturity to 31October 2024. Closing of thetransaction is subject to customarydocumentation

End Q2 2020 Debt Maturity ScheduleIncluding both scheduled amortizations and balloon payments

• Revolving Credit Facilitiesand debt related to newbuildsshown as fully drawn

• FPSO JV debt is excluded, inline with the Balance Sheetrepresentation

• Including upsizing andextension of the BrookfieldRCF from $125 to 200 million

$156

$386

$661

$1 191

$673

$134

$0

$200

$400

$600

$800

$1 000

$1 200

$1 400

Remaining 2020 2021 2022 2023 2024 2025

MIL

LIO

NS

Brookfield RCF Scheduled Amortization Secured Debt Balloons Unsecured Debt

2020 Priorities• Maintain safety standards and operational excellence

• Maintain efficient operations in the new business environment

• Continue to identify opportunities to reduce non-essential expenditures

• Optimize the offshore and onshore organizations, tax and cost structure

• Limit capital expenditures to the committed shuttle tanker newbuilding program and mandatory vessel dry-dockings

• Secure FPSO charter extensions and redeployments

• Continue to optimize capital structure

Appendix

End Q2 2020 Shuttle Charter Summary

Vessel 2020 2021 2022 2023 2024

Peary Spirit

Samba Spirit

Lambada Spirit

Bossa Nova Spirit

Sertanejo Spirit

Beothuk Spirit

Norse Spirit

Dorset Spirit

Altera Thule

Nansen Spirit

Petroatlantic

Petronordic

Aurora Spirit

Rainbow Spirit

Navion Oceania

Time-charter

CoA

Bareboat

Spot

Vessel 2020 2021 2022 2023 2024

Tide Spirit

Current Spirit

Wind Spirit

Wave Spirit

Amundsen Spirit

Scott Spirit

Stena Natalita (50% JV)

Heather Knutsen (in-charter)

Ingrid Knutsen (in-charter)

Navion Oslo

Navion Anglia

Navion Gothenburg (50% JV)

Nordic Rio (50% JV)

Nordic Brasilia

Navion Stavanger

Navion Bergen

Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

OptionsFirm Available

Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

End Q2 2020 FPSO Charter Summary

Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Libra Brazil Petrobras

Itajai Brazil Petrobras

Knarr Norway Shell

Petrojarl 1 Brazil Enauta

Piranema Brazil Petrobras

Voyageur UK Premier Oil

Varg Norway

(1) As of June 30, 2020

OptionsFirm Available

Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

End Q2 2020 FSO Charter Summary

Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Randgrid Norway Equinor

SuksanSalamander Thailand Salamander Energy

Dampier Spirit Australia Jadestone Energy

Falcon Spirit Qatar Qatar Petroleum

Apollo Spirit UK Teekay Corporation