Former Bulker Company to Reinvent Itself as AHTS Leader
FIn a surprise announcement, Norway-based 2020 Bulkers reports that it plans to reinvent the company as an owner-operator of large anchor-handler supply ships based on the strong opportunities in the offshore market. The company has entered into a Letter of Intent to purchase a fleet of up to 15 large AHTS vessels and, once completed, will rename itself AHTS.
Launched as an investment company in 2017, 2020 Bulkers was focused on the Newcastlemax segment of bulker operations. After a successful track record of returns and dividends for its shareholders, management announced that it intended to sell its fleet of bulkers. With the sale of one vessel in late 2025, the company was down to six vessels, all of which were delivered by April 2026 to new owners. Management had said it would explore new opportunities in the market.
AHTS AS commenced operations earlier this year and currently owns seven large anchor handler tug supply vessels. It already has agreements to purchase three additional vessels. The fleet list included in the 2020 Bulkers investor presentation shows vessels built in 2009 and 2010, mostly by Fincantieri in Italy and based on the Moss 242H design. The company highlights in its presentation that its selected segment is a “global workhorse for MODU mooring scope and international in scope.”
Under the terms of several parallel agreements, 2020 Bulkers plans to spend a total of $406 million for the acquisition of AHTS and its vessels, including many of them that are coming from United Offshore Support’s fleet. Other vessels are coming from special-purpose companies to create the combined fleet of up to 15 vessels. 2020 Bulker anticipates a total financing of up to $485 million to assemble the new operation and provide for working capital.
Management reports that, after the sale of the bulker fleet, it explored various strategic opportunities before selecting the acquisition of AHTS and the anchor handler fleet. It highlights that the segment provides key services in the offshore segment and remains in high demand. Further, it notes that only one large AHTS has been built since 2018 and that there are currently none on order. It notes that the existing industry fleet is aging.
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It says that the segment is effectively fully utilized, and believes AHTS vessels offer attractive economic returns along with further opportunity for consolidation. Furthermore, it believes the operation will generate strong free cash flows.
It has assembled a team of experienced investors as a co-sponsor group, which includes Uthalden AS, MH Capital AS and Songa Capital AS. It has also entered into a contract with an experienced industry executive, Tom Babinski, to be the CEO of AHTS AS. He comes with long industry experience from Aurora Offshore Management, Framar & Sevnor, Viking Supply Ships, and Westshore Shipbrokers.
