2020 Bulkers has recently signed a purchase agreement for all shares of AHTS AS. This contract includes seven AHTS vessels and an agreement to purchase three more, bringing the total value of this contract to $264 million without any debt.
Contract Details and Purchase Value
According to a balance sheet prepared on September 30, the purchase value of AHTS AS shares is estimated at approximately $113 million, which will be fully paid with new shares of 2020 Bulkers at a price of $0.299 per share. Additionally, AHTS AS has successfully received the necessary approvals for all shares of four related project companies and about 79% of the shares of a fifth company, thereby adding five vessels or contracts for additional vessel purchases to the structure of this contract. The agreed value for these assets is estimated at $143 million, bringing the total fleet value in this contract to approximately $407 million.
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Financing and Management Changes
To finance this expanded company, 2020 Bulkers has initiated a private offering worth up to $175 million at a price of $0.299 per share. The overall goal of the new financing is to address approximately $150 million in new debt alongside existing debts in Anchor Launcher. Following these changes, Tom Babinski has been appointed as the CEO of the new AHTS platform. His work experience includes management at Aurora Offshore Management, Viking Supply Ships, Westshore Shipbrokers, Sevnor, and Framar.
2020 Bulkers is in the process of rebranding to AHTS following the completion of restructuring phases. This change signifies a complete transformation for the company, which was previously established based on eight new Newcastlemax vessels with a washing system. 2020 Bulkers contracted this fleet from 2017 at an average cost of $47.6 million per vessel and sold the last two vessels late last year for $145.5 million.
With the final exit of the previous vessels, the company returned approximately $316 million to its shareholders through a special distribution, effectively becoming an asset-free company that investors can exploit again. The completion of the AHTS purchase process depends on private financing, shareholder approval, and other customary conditions, and it is expected to close by October 1, with a final deadline set for October 15.
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