Three60 Energy, a prominent energy services firm based in Aberdeen, has recently celebrated what they describe as their
“strongest year of growth to date.”
The company, which is backed by private equity, achieved significant milestones in the past year, marking it as a breakthrough period for their operations.
In 2024, Three60 Energy experienced remarkable success with a record increase in turnover. This achievement was attributed to securing landmark decommissioning contracts in the UK and expanding their business footprint internationally. The acquisition of Pryme Group and Flexlife in 2023 significantly contributed to the firm’s accelerated growth trajectory. These strategic moves also led to an expansion of Three60 Energy’s workforce to 1,000 employees.
Moreover, the company further strengthened its position by acquiring Aberdeen-based engineering firm Samphire Subsea and establishing new offices in Abu Dhabi. Their recent establishment in Teesside demonstrates their commitment to broadening their geographical reach while enhancing service offerings across diverse markets.
Reflecting on their financial performance, Three60 Energy reported consecutive years of revenue and EBITDA growth. In 2024 alone, the company saw a remarkable 36% year-on-year revenue increase amounting to £181.7 million. Additionally, EBITDA surged by an impressive 82% to reach £11.3 million during the same period. Pre-tax profits also witnessed a notable rise from £1.4 million to £1.6 million compared to the previous fiscal year.
Looking ahead into the future with optimism, Three60 Energy anticipates sustained growth momentum with a record backlog figure of £299 million for this year – marking an 86% surge from figures recorded in 2023.
Walter Thain, the Chief Executive Officer of Three60 Energy expressed his enthusiasm about the company’s performance stating:
“2024 has been a breakthrough year for our business.”
He emphasized how their global presence and expanded service portfolio have played pivotal roles in driving success. Thain credited this achievement not only to financial performance but also underscored the importance of strategic industrial and geographic diversification that positions Three60 Energy for long-term growth within the energy services market.
Kerrie Murray, Chief Financial Officer at Three60 Energy highlighted that beyond numerical achievements lies a deeper commitment towards responsible growth strategies saying:
“This year’s performance is not just about numbers; it’s about laying the groundwork for sustained, responsible growth.”
Murray pointed out that expansion into regions like the Middle East and acquisitions such as Samphire Subsea exemplify their strategic vision of becoming a global partner offering comprehensive lifecycle solutions.
As experts analyze these developments within Three60 Energy’s operations landscape, it becomes evident that strategic acquisitions combined with geographic diversification are key drivers behind their exceptional growth story.
