2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Merger or Acquisition (September 2026)
20 slides from 2020 Bulkers's merger presentation, Sep 22, 2026
Slide 1: 2020 Bulkers Company presentation
=BULKERS 2020 Bulkers Company presentation
Slide 2: 4x paid in equity returned to shareholders, ready for the next chapter
4x paid in equity returned to shareholders, ready for the next chapter Background 2020 Bulkers dividend adjusted share price development • 2020 Bulkers, established in 2017 - listed on the Oslo Stock Exchange Share price (NOK) • Until 2026, a pure-play Newcastlemax owner 300 • USD 142m in equity inv
Slide 3: Introducing the next chapter: Acquisition of up to 15x large AHTS vessels
Introducing the next chapter: Acquisition of up to 15x large AHTS vessels
Slide 4: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by 2020 Bulkers Ltd. (the “Company") and AHTS AS (“AHTS”), solely for information purposes in connection with the contemplated combination between the Company and AHTS, and AHTS and companies owned i.a. by the shareholders of AHTS (
Slide 5: Transaction overview
Transaction overview Overview Simplified company structure 2020 Bulkers (post-money) • 2020 Bulkers has agreed a letter of intent to purchase 15x large AHTS vessels for USD 406 Songa Capital Other AHTS AS Existing Uthalden AS MH Capital AS New investors million on cash-free debt-free basis AS shareh
Slide 6: Creating one of the world's largest AHTS platforms with strong sponsor backing
Creating one of the world’s largest AHTS platforms with a strong sponsor backing set for further consolidation 2020 Bulkers will remain the listed entity Vessel and technical management 2020 Bulkers (Listed entity) AHTS AS AHTS AS becomes a wholly owned subsidiary on completion 15x vessels Aiming fo
Slide 7: Investment highlights
Investment highlights AHTS vessels offer attractive economic returns and an asymmetric risk/reward 1 • Leading edge rates imply a 21% unlevered cash-on-cash yield • Assets valued and estimated at a ~40% discount to newbuild parity • ~74% upside to the asset values in 2014, when term rates were at th
Slide 8: A fleet of high capacity AHTS vessels
A fleet of high capacity AHTS vessels Homogenous fleet built on high quality yards Global presence = AHTS AS vessels(1) Fleet overview # Vessel Design Built Yard Country BP (t) BHP Deck m2 1 GH Challenger MOSS 424h 2009 Fincantieri Italy 200 17,544 600 2 GH Columbia MOSS 424h 2009 Fincantieri Italy
Slide 9: Anchor handlers are a necessity for offshore activity
Anchor handlers are a necessity for offshore activity AHTS equipment and vessel specifics AHTS vessels are needed across the entire offshore energy lifecycle Offshore workhorse for moving, anchoring and supporting drilling and production Exploration Development Production Abandonment Moving drilling
Slide 10: 'Fit-for-purpose' large AHTS vessels
‘Fit-for-purpose’ large AHTS vessels Very large AHTS Large AHTS Medium AHTS Small AHTS Harsh environment rig movers for International workhorse covering MENA and SEA workhorse doing light large semis, and the only class Global workhorse for MODU mooring Description jackup moves and light mooring tow
Slide 11: The world's largest owner of "Large AHTS" vessels
The world’s largest owner of “Large AHTS” vessels The leading player within the category % of fleet (AHTS 190-260t BP) 17% The largest homogenous fleet of large AHTS vessels, creating more efficient operations through standardized crews, spares and SPS schedules 13% 11% Scale wins work and creates t
Slide 12: Discount to newbuild parity with attractive cash yields
Discount to newbuild parity with attractive cash yields AHTS AS is priced at a ~40% discount to newbuild parity(1) Illustrative earnings at leading edge rates(2) USDm Leading edge rates 100 Fixture rate USD/day 35,000 Utilization % 95 % Rate per calendar day USD/day 33,250 80 Opex rate " (12,500) Da
Slide 13: Attractive valuation compared to other listed asset companies
Attractive valuation compared to other listed asset companies Most other asset classes are priced above depreciated newbuilding cost EV/NB Parity Orderbook % of fleet 170% 118% 110% 110% The Large AHTS segment is priced 20% at a ~40% discount to NB parity 18% 15% 60% 7% 0% Tank (VLCC) PSV (Tidewater
Slide 14: Asset values are lagging rates
Asset values are lagging rates Dayrates are back at 2014 levels, implying 74% upside to asset values Implied equity value for AHTS AS based on certain valuations(2) USDk/day Global AHTS 200t BP TC Rate Asset values(1) USDm USDm 60 50 47 +62% +289% 45 1,265 50 40 +74% 35 40 525 30 27 30 25 325 20 20
Slide 15: No vessels on order, limited spare capacity
No vessels on order, limited spare capacity Only one large AHTS delivered since 2018 Limited available capacity in the market # of large AHTS vessels delivered(1) # of vessels Laid up Laid up 15 yrs 20 50 45 16 40 15 35 12 30 10 25 8 20 7 7 6 6 15 5 5 5 5 10 3 3 2 5 1 1 1 1 0 0 <2000 2005 2010 2015
Slide 16: Rates are up significantly across the board
Rates are up significantly across the board North Sea spot rates are at an all time high Global TC rates are up 3-4x from the bottom in 2018 North Sea spot rates for large AHTS(1) – Twelve months trailing avg. (GBPk/day) Global TC rates (USDk/day) 90 80 AHTS 200t BP TC Rate AHTS 240t BP TC Rate 80 7
Slide 17: Potential for significant cash distributions
Potential for significant cash distributions Normalized earnings scenarios Illustrative FCF yield sensitivity to dayrates Break Leading even edge rates 39% Fixture rate USD/day 23,250 35,000 40,000 45,000 33% Utilization % 95 % 95 % 95 % 95 % 27% Rate per calendar day USD/day 22,088 33,250 38,000 42
Slide 18: Strong market despite muted exploration drilling
Strong market despite muted exploration drilling Oil reserves are shrinking… …while exploration drilling is down dramatically from 2014 levels Average reserve life in years(1) # rig months(2) Development Exploration 14 250 13 13 200 12 150 11 100 10 10 50 9 8 0 2010 2012 2014 2016 2018 2020 2022 202
Slide 19: Large 16k+ BHP AHTS set for strong demand growth
Large 16k+ BHP AHTS set for strong demand growth Global AHTS 16k+ BHP, Actual Global AHTS 16k+ BHP, Modelled 190 181 180 177 176 170 169 170 167 161 160 155 154 150 150 143 143 Number of vessels 140 140 140 132 132 130 120 110 100 90 80 70 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 20: Investment highlights
Investment highlights 1 AHTS vessels offer attractive economic returns and an asymmetric risk/reward 2 The AHTS market is effectively fully utilized, while demand is expected to improve 3 No orderbook and an ageing fleet leave supply structurally constrained 4 Attractive financial profile with a sha
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