THREE60 Energy Group | May 24th, 2021
We have secured a seven-figure funding package to support our growth strategy.
Advised by accountancy and business advisory firm, Johnston Carmichael, and backed by Simmons Private Equity, we have undergone a period of growth which shows no sign of abating, despite the obvious challenges that have faced the energy industry over the last 18 months.
Having generated revenues of more than £50 million in 2020, we offer a variety of services to both the onshore and offshore oil and gas industry. We deliver complete asset management lifecycle services to our global customer base which span five main areas; subsurface, wells, engineering, construction, and commissioning, and operations management. All complemented by a suite of proprietary digital technology supporting the Energy Transition.
Over a number of years, we have secured several significant new client wins including agreements with Spirit Energy, Repsol Sinopec, EnQuest and Neptune, as well as, most recently, a duty holder contract for DNO. Additionally, we secured a similar contract in the Far East, vindicating our strategy to become a leading asset manager service provider for late life assets. This meant we were in an excellent position to engage with lenders in early 2021.
The funding facility, provided by Arbuthnot Commercial ABL, will 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 support we received from the team at Johnston Carmichael was crucial to sealing the deal.
“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 in the midst of a global pandemic.
“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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