2020 Bulkers Signs Binding Agreement for Anchor-Handler Acquisitions

Former bulk carrier owner 2020 Bulkers has entered into a binding share purchase agreement to acquire all the shares in AHTS AS, marking a strategic pivot into the anchor-handling vessel market. The Norwegian company, which sold six Newcastlemax bulkers in April 2026, sees the AHTS market as attractive, with an ageing fleet leaving supply structurally constrained. The deal is part of a broader move to acquire up to 15 large anchor-handling tug supply vessels, with closing planned around 1 October 2026.

 

Details of the Agreement

 

2020 Bulkers has signed a binding agreement. It is a share purchase agreement. It covers all shares in AHTS AS. The other party is that company's shareholders. This marks a strategic move.

The agreement reflects a pivot. The company was formerly a bulk carrier owner. It sold six bulkers in April 2026. It has explored value-creating opportunities. This acquisition is the result.

 

The Strategic Rationale

 

The company sees an attractive market. It views the AHTS market favourably. The fleet is ageing. This leaves supply structurally constrained. Few large vessels have been delivered recently.

This scarcity underpins the strategy. Only one large vessel arrived since 2018. This supports the market's appeal. It suggests favourable supply dynamics. The company is positioning for this.

 

The Broader Acquisition

 

The agreement is part of a larger plan. The company announced a letter of intent. This covered up to 15 large vessels. It involves several project companies. These own or have agreed to buy vessels.

The plan spans multiple entities. It includes AHTS AS itself. Several other companies are involved. Shareholders have accepted the terms. These cover a range of named vessels.

 

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The Financial Structure

 

The deal has a defined financial structure. The AHTS AS shares were valued on fleet values. The aggregate was 264 million dollars debt-free. This covers ten vessels. Adjustments apply for net debt.

The purchase uses shares as consideration. The price will be settled in new shares. These are issued to the sellers. Around 377 million shares are expected. This reflects the agreed valuation.

 

The Wider Transaction

 

The transaction extends further. AHTS AS will buy the project company shares. These total 143 million dollars. This covers committed shares. More consideration shares will be issued.

The deal reshapes ownership. Several entities will hold significant stakes. These follow the share issuance. A private placement adds to this. It supports the enlarged structure.

 

The Financing

 

The company is raising capital. It retained several bookrunners. These will effect a private placement. The aim is up to 175 million dollars. This supports the acquisitions.

Demand has been strong. Managers received investor indications. The placement is expected to be fully subscribed. The company increased its size. This gives a more solid balance sheet for growth.