Aberdeen-based energy services company Three60 inks acquisitions to become £200m player

Three60 says the transaction builds on its integrated capabilities in subsurface, wells, engineering, construction and operations, and enables it to grow its existing customer relationships while expanding in a range of sectors in the UK, Europe, US, South America, and Asia.

The latest move by the Aberdonian firm comes after it in 2021 secured a “game-changer” seven-figure funding package to support its growth strategy. Arbuthnot Commercial ABL provided the funding facility.

Newly acquired, Dundee-headquartered Pryme Group was founded in 2014, and is described as specialising in high-quality design, engineering and project management, as well as proprietary product lines, systems and lifecycle service support. It is said to have grown through mergers and acquisitions into an innovative, engineered services business with more than 360 staff across 11 UK sites. As is the case for Three60, Simmons Private Equity is its majority shareholder.

Flexlife, based in Ellon in Aberdeenshire and with further bases in Houston and Rio de Janeiro, is a specialist provider of lifecycle management services for flexible pipes and umbilicals in the oil, gas and offshore wind sectors. Three60 said it broadens its capabilities in subsea engineering, inspection and maintenance.

The latter firm added that, underpinned by its portfolio of digital technologies, it is supporting the development and decarbonisation of traditional industries as well as delivering energy transition services. Based in Annan House in the Granite City, with its office network also encompassing Australia, Malaysia, Singapore, and Taiwan, says its now-enlarged offering spans multiple sectors, including oil and gas, onshore and offshore wind, carbon capture and storage, geothermal, nuclear, marine, defence and industrials.

Walter Thain, chief executive of Three60, said: “This is a really exciting time for everyone involved as we bring together the combined 50-year heritage of Three60, Pryme Group and Flexlife to offer our customers innovative energy transition, engineering, operations, and project management solutions across the asset lifecycle.”

He highlighted its “continued focus on oil and gas, nuclear, onshore and offshore wind, combined with our growing expertise in carbon capture and storage, hydrogen and geothermal”, adding: “We’ve created a £200m group with the scale and capability to drive future growth, organically, and through acquisitions. Our strong relationships, geographical reach and a unique portfolio of proprietary digital technologies, create an inclusive and exciting future for everyone at Three60.”

Kerrie Murray, formerly chief executive of Pryme Group, now chief financial officer of Three60, said: “This acquisition is truly transformative, not only for our customers’ operations, but also for our people. Together, we can leverage our technology solutions across the group, new sectors and geographies, to unlock opportunities and add value.”