Money

Three60 Energy Group secures seven figure deal to aid growth



Three60 Energy Group has secured a seven-figure funding package to support its growth strategy.

The Aberdeen-based energy service company was advised by accountancy firm Johnston Carmichael and backed by Simmons Private Equity.

Having generated revenues of more than £50m in 2020, secured new client wins in recent years with Spirit Energy, Repsol Sinopec, EnQuest, Neptune and DNO.

The group delivers asset management lifecycle services to its global customer base, which span five main areas: subsurface, wells, engineering, construction, commissioning and operations management.

The funding facility, provided by Arbuthnot Commercial, will deliver working capital to support the anticipated growth as well as potential future acquisitions.

Group chief financial officer 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.

“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, corporate finance director at Johnston Carmichael, said: “The quality of the management team, together with an 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.”

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