Aberdeen-based energy services firm Three60 Energy has won a major decommissioning contact in the North Sea.
The private equity-backed firm was not able to disclose contract details such as value or the name of the North Sea operator who awarded the deal.
Three60 was able to say that the multi-million-pound deal is though to be the UK’s first scope covering several assets.
The firm will provide duty holder services to deliver and support end-to-end decommissioning for multiple assets in the North Sea.
The contract covers both installation and pipeline operator scopes and initially includes three offshore assets with the option to include a further three over the six-year period.
Work will commence immediately and will span a period of six years, with all elements of the project to be delivered by the Aberdeen-based team.
Recently Three60 bought up Aberdeen-based Samphire Subsea, with a cash consideration of £1.9 million, to meet growing demand for work in decommissioning.
Samphire was established in Aberdeen 12 years ago by husband and wife team Paul and Karen Soutar.
Three60 was launched in 2017, backed by Simmons Private Equity. Last year it acquired other firms in the Simmons portfolio, Pryme Group and Flexlife.
© Supplied by Three60 EnergyLast month the group revealed revenues had increased by 24% to over £184 million, while earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 26% to over £11.6m in 2023.
The firm said its ability to co-ordinate all elements of a decommissioning project under one service provider has proven to be the key differentiator in its target business areas.
Chief executive Walter Thain said: “We are proud to take on this significant multi-platform decommissioning scope, which reflects the growing demand for our fully integrated services.
“We have co-created a specific service offering in conjunction with our customer which combines our unique capabilities to responsibly manage these projects, ensuring that we meet the highest environmental standards while delivering safe, efficient and cost-effective decommissioning.
“Decommissioning is a key enabler of the energy transition within the UK and a huge export opportunity as other basins globally reach late life.”
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