2020 Bulkers to Rebrand as AHTS in $406 Million Offshore Pivot
Published on 09/19/2026 at 21:40 | Editorial boerse-global.de
Shareholders of 2020 Bulkers are being asked to sign off on a sweeping transformation that would turn the one-time dry bulk operator into a specialist offshore player, with the company set to adopt the name "AHTS" once the deal closes.
The Oslo-listed firm unveiled the plan at the Pareto Securities Energy Conference on Wednesday, outlining a letter of intent to acquire AHTS AS together with a fleet of up to 15 large anchor handling tug supply vessels. The purchase price for the offshore units stands at USD 406 million, while the total financing requirement has been pencilled in at USD 485 million. Bank facilities of as much as USD 160 million are earmarked to cover part of that sum, with the balance to be raised through an equity increase.
From Newcastlemax to Anchor Handlers
The move caps a dramatic reshaping of the company's profile. After offloading its original fleet of six Newcastlemax bulk carriers in the spring, 2020 Bulkers was left with roughly USD 4 million in liquidity. The incoming acquisition now shifts it from a pure dry bulk hauler to a dedicated offshore operator.
Should investors sell immediately? Or is it worth buying 2020 Bulkers?
AHTS AS currently owns seven vessels and holds purchase contracts for three more. Additional target companies contribute three ships plus two further purchase agreements, bringing the fleet to as many as 15 units once the transaction is completed. According to media reports, the vessels are being picked up at an estimated discount of about 40 percent to current newbuild prices.
The rationale rests on a tight supply picture in the market for heavy anchor handling vessels. Only a single large ship of this type has been built worldwide since 2018, even as the existing fleet grows steadily older. At the same time, the resumption of exploration drilling and the development of new offshore basins is underpinning demand for such workhorses, pushing charter rates higher. Tom Babinski will take the helm of AHTS AS as CEO.
Equity Raise and Quarterly Payouts
Funding the deal requires a capital increase, and Arctic Securities AS, Clarksons Securities AS, DNB Carnegie, Fearnley Securities AS and Pareto Securities AS have been lined up as joint bookrunners for the placement. The business model targets swift returns to shareholders: at prevailing market prices, an implicit free cash flow yield of around 20 percent is expected. Management intends to distribute the bulk of free cash flow to investors on a quarterly basis after servicing debt.
An extraordinary general meeting was convened on Wednesday to put the legal and financial groundwork in place. Shareholders will vote on both the acquisition and the accompanying equity raise, with the company's full rebranding to AHTS also on the agenda to reflect its new operational focus.
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