Aberdeen-headquartered THREE60 Energy saw its revenue increase by 24% to over £184 million in 2023, driven by strong performance across all service lines.
The company’s financial results for the year ending 2023 saw earnings before interest, tax, depreciation, and amortisation (EBITDA) grow by 26% to over £11.6,, reflecting a significant improvement in operational efficiency and cost management.
According to the company, THREE60 Energy’s growth was driven by a combination of organic and acquisitive growth, establishing two new service lines – subsea and product & project solutions, whilst also growing geographically with expansion into North and South America.
The company continued to grow its portfolio of renewable energy projects, aligning with its long-term sustainability goals and contributing to the global energy transition.
Increased activity in engineering, services and technologies across the energy transition saw 30% of revenues coming from energy transition projects.
In addition to global expansion, THREE60 has seen increased activity across the UK. Headcount has grown, with staff utilising their existing competency in areas such as carbon capture and storage (CCS) and offshore wind, showcasing its commitment to embracing the energy transition.
CEO of THREE60 Energy Walter Thain said: “Our operational and financial performance is testament to the hard work of our teams and the strategic decisions we’ve made over the past few years.
“We have focused on enhancing our service offerings, expanding our global footprint and ensuring operational excellence, to position ourselves as a leader delivering the next generation of energy services.
“Our commitment to delivering innovative and efficient solutions has driven our success. We have created a unique scalable platform for growth and we look forward to delivering an exciting and sustainable future.”
This year saw Three60 Energy secure a multi-million-pound deal with Sumitomo Electric for work on a planned high voltage cable factory near Inverness.
Three60 will supply cable handling equipment for the Sumitomo facility, which is planned for a site adjacent to the Port of Nigg in the Cromarty Firth.
