2020 Bulkers Ltd. (2020) – Announcement of a letter of intent to acquire up to 15x large AHTS vessels and intended financing of up to approximately USD 485 million

On April 25, 2020, Bulkers Ltd. (2020) announced a letter of intent to acquire up to 15 large Anchor Handling Tug Supply (AHTS) vessels from the shareholders of AHTS AS and related companies. AHTS AS began operations in 2026 and currently operates seven large AHTS vessels, with plans to purchase three more. The transaction involves acquiring all shares in AHTS AS and the targeted companies, including UMAS 42 AS, UMAS 49 AS, Anchor Launcher AS, Anchor Challenger AS, and Anchor Australia AS.

In total, the Acquisitions are valued at approximately USD 406 million on a debt-free, cash-free basis and are intended to be settled through the issuance of Consideration Shares in 2020 Bulkers. The Sponsors, Uthalden AS, MH Capital AS, and Songa Capital AS, a group of experienced industrial investors, will back the acquisition.

Following the completion of the Acquisitions, Bulkers will own up to 15 large AHTS vessels, capitalizing on the growing demand for AHTS services due to increased exploration drilling and the development of new basins. The Company expects to generate an estimated implied free cash flow to enterprise value yield of around 20% and will finance the transaction with approximately USD 485 million, combining equity-in-kind, new debt financing, and private placement equity.