Johnston Carmichael has advised Three60 Energy Group, an independent energy service company offering complete asset life cycle solutions, in securing a seven-figure funding package to support its growth strategy.
The group has undergone a period of growth, having generated revenues of more than £50m in 2020. The group offers a variety of services to both the onshore and offshore oil and gas industry.
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.
The funding facility, provided by Arbuthnot Commercial ABL, will deliver working capital to support the “anticipated growth” as well as potential future acquisitions.
Alan Hamilton, corporate finance director at Johnston Carmichael, 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.”
Kevin Sutherland, CFO at Three60 Energy Group, added: “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.”