2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Merger or Acquisition (September 2026)
23 slides from 2020 Bulkers's merger presentation, Sep 22, 2026
Slide 1: 2020 Bulkers: Acquisition of up to 15x large AHTS vessels
2020 Bulkers Acquisition of up to 15x large AHTS vessels Company presentation – 22 September 2026
Slide 2: 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 3: Transaction overview: Introduction to the Transaction
Transaction overview Overview – Introduction to the Transaction • 2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”) has entered into a share purchase agreement with the shareholders of AHTS AS for the purchase of AHTS AS Simplified corporate structure (pro forma for the Acquisition and Private Pla
Slide 4: Transaction overview: Funding and Use of Proceeds
Transaction overview Overview – Funding and Use of Proceeds Sources & uses • The Acquisition, part refinancing of Target Companies’ existing debt and working capital Sources USDm Uses USDm requirements are expected to be financed through approximately USD 487m, comprising: Term loan 110 Equity in Ta
Slide 5: Creating one of the world's largest AHTS platforms
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) 2020 Bulkers has no remaining operations. Valued in the transaction at NAV (USD ~5m c
Slide 6: Contents
Contents 01 Investment case 02 Market 03 Appendix
Slide 7: Investment highlights
Investment highlights AHTS vessels offer attractive economic returns and an asymmetric risk/reward 1 • Leading edge rates imply a 21%(1) 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
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 vessels(1) Fleet overview # Vessel Design Built Yard Country BP (t) BHP Deck (m2) Ownership 1 GH Challenger MOSS 424h 2009 Fincantieri Italy 200 17,544 600 100% 2 GH Columbia MOSS 424h 2009 Finc
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(1) % of fleet 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 the flexibility 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 per vessel at leading edge rates(2) Newbuild parity (USDm) Leading Per vessel 100 edge rates Fixture rate USD/day 35,000 Utilization % 95% Rate per calendar day US
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(1) EV/NB Parity Orderbook % of fleet 170% 118% 110% 110% The Large AHTS segment is priced 20% at a ~40% discount to NB parity(2) 18% 15% 60% 7% 0% Tank (VLCC) PSV (US
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 per vessel based on certain valuations(2) USDk/day Global AHTS 200t BP TC Rate Asset values(1) USDm USDm 60 50 47 45 +60% +273% 50 40 84 +74% 35 40 Equity per vessel @ transactio
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 laid up vessels(2) 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
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 Illustrative earnings scenarios per vessel(1) Illustrative FCF yield sensitivity to dayrates Break Leading Per vessel 39% even edge rates Fixture rate USD/day 23,450 35,000 40,000 45,000 33% Utilization % 95% 95% 95% 95% 27% Rate per calendar day USD/day
Slide 18: Contents
Contents 01 Investment case 02 Market 03 Appendix
Slide 19: 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 20: Large 16k+ BHP AHTS set for strong demand growth
Large 16k+ BHP AHTS set for strong demand growth # of vessels Global AHTS 16k+ BHP, Actual Global AHTS 16k+ BHP, Modelled 190 181 180 177 176 170 169 170 167 161 160 154 155 150 150 143 143 140 140 140 132 132 130 120 110 100 90 80 70 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 21: 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
Slide 22: Contents
Contents 01 Investment case 02 Market 03 Appendix
Slide 23: Robust capital structure
Robust capital structure Illustrative pro forma balance sheet USDm WC Conservative financing to give operational flexibility 27 Cash Debt(1) 81 126 Credit facility with term loan up to USD 110m from a group of international banks - 4-year loan with approximately 6-year repayment profile and a coupon
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