Three60 Energy secures seven-figure deal to aid growth

Aberdeen-based energy services company Three60 Energy has secured a seven-figure funding package to support its growth strategy.

Three60 Energy said on Monday that it was advised by accountancy and business advisory firm Johnston Carmichael and backed by Simmons Private Equity.

The company stated that it was able to generate revenues of more than £50 million in 2020 through a variety of services to both the onshore and offshore oil and gas industry.

In recent times, Three60 Energy was able to secure new clients like Spirit Energy, Repsol Sinopec, EnQuest, and Neptune as well as most recently, becoming a duty holder for DNO.

Additionally, the company became the duty holder for O&M services to the FPSO Intrepid producing from the Galoc field offshore the Philippines.

All these contracts were in line with Three60’s strategy to become a major asset manager service provider for late-life assets and assume a good standing with possible lenders in early 2021.

The company said that the funding facility, provided by Arbuthnot Commercial ABL, would deliver working capital to support the anticipated growth as well as potential future acquisitions.

Three60 Energy Group CFO Kevin Sutherland said: “Securing this funding is a real game-changer for us and means we can fully capitalise on the positive 2020 we had with further expansion.

“The last year has certainly not been without its challenges but we are very pleased with the growth we have achieved so far. It’s an exciting time for our business, and we look forward to continuing to strengthen our capabilities as we identify new opportunities to support asset operators across the globe”.

Alan Hamilton, Johnston Carmichael corporate finance director, said: “This deal is a real good news story for the industry. It shows that innovative and forward-thinking businesses, like Three60, can continue to grow, even during a global pandemic.

“[…] ongoing financial performance that continues to impress made the company an enticing proposition to lenders, generating high levels of interest from the market. The team at Arbuthnot acted quickly and was in a position to provide the flexibility which the management team was looking for”.