KNOT Offshore Partners LP CEO and CFO Gary Chapman intends to resign from his roles at the firm in order to pursue an opportunity outside of the shuttle tanker sector, according to an April 10 press release.

Chapman will remain available to assist the partnership in his current roles for up to six months while the firm appoints a successor and transitions into the role.

Trygve Seglem, board chairman, thanked Chapman for his leadership “through a challenging transitional period for the Partnership and the shuttle tanker industry.”

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil. The company is a publicly traded MLP classified as a corporation for U.S. federal income tax purposes.