2020 Bulkers varsler storsatsing - vil kjøpe inntil 15 offshoreskip

2020 Bulgers, a former dry bulk shipping company, has announced its intention to buy up to 15 offshore vessels, including AHTS (Automated Handling and Transport Ships). The company has terminated its existing fleet and paid out the full market value in dividends, leaving it with a challenging position of limited fleet capacity and high rates.

Harald Moræus-Hanssen, an investor in AHTS, is among the major shareholders of the vessels that 2020 Bulkers plans to acquire. The total purchase price for these assets is estimated at around $406 million, or 3.8 billion Norwegian Kroner, if all shares in the companies are bought. 2020 Bulkers aims to consolidate the offshore vessel market further, as it currently suffers from aging fleet, limited capacity, and only one large AHTS vessel delivered since 2018.

The company expects demand to increase due to increased offshore drilling and new area development. Based on current market rates, costs in the acquired companies, and planned financing, 2020 Bulkers estimates that the business could generate a free cash flow of around 20% of the company's value under certain assumptions. The plan is to pay out most of the free cash flow after debt service quarterly.

The group will be supported by a sponsor fund consisting of the main shareholders: Harald Moræus-Hanssen's Uthalden AS, Magnus Halvorsen MH Capital AS, and Arne Blystads Songa Capital AS. Their stake in the company will be approximately 24%, 12%, and 11% respectively. The acquisition is planned to be financed with a total of around $485 million, or 4.5 billion Norwegian Kroner, including $200 million from issuing shares to today's owners of the acquired companies and up to $160 million in new debt financing, and a rights issue of about $125 million.

2020 Bulgers is in advanced talks with banks regarding debt financing. The company also plans to change its name to AHTS by early 2021. The executive director Tom Babinski has been hired, bringing experience from Aurora Offshore Management, Viking Supply Ships, and Westshore Shipbrokers. The takeovers remain contingent on final binding agreements, capital raising, financing, and necessary corporate approvals.