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THREE60 Energy Group secures seven-figure funding

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Oilfield Technology,

THREE60 Energy Group has secured a seven-figure funding package to support its growth strategy.

Having generated revenues of more than £50 million in 2020, the group, backed by Simmons Private Equity, offers a variety of services to both the onshore and offshore oil and gas industry that span five main areas; subsurface, wells, engineering, construction, and commissioning, and operations management.

Over a number of years, the firm has 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 it has secured a similar contract in the Far East.

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.”

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