2020 Bulkers Approves AHTS Acquisition & $175M Share Sale

The board of 2020 Bulkers has officially sanctioned the acquisition of anchor handling tug supply vessels, marking a pivotal strategic shift for the firm. To fund this major expansion, the company initiated a $175 million share sale. The move comes on the eve of the deal’s scheduled closing, highlighting an aggressive approach to capital raising and fleet growth.

Strategic Expansion Into The Offshore Sector

Led by chairman Magnus Halvorsen, the company signed a binding share purchase agreement to acquire AHTS AS. This pivot targets an owner-operator model for up to 15 large anchor-handling tug supply vessels. The strategy capitalizes on a constrained supply of vessels and a distinct lack of new deliveries recorded since 2018.

• Acquisition target: AHTS AS and stakes in project companies including UMAS 42 AS, UMAS 49 AS, Anchor Launcher AS, Anchor Challenger AS, and Anchor Australia AS.
• Aggregate valuation: US$264 million on a cash-free, debt-free basis for seven owned vessels and three contracted ships.
• Consideration details: Approximately US$113 million for AHTS AS shares paid entirely through new shares priced at US$0.299 each.
• Project companies cost: US$143 million total price for project company shares, with roughly US$90 million applicable to remaining interests.

Target completion for the transaction is set for approximately October 1, 2026. An October 15 long-stop date has also been established to finalize the roll-up.