Bosses at Three60 Energy are targeting significant financial growth and a recruitment drive across the global energy service group.
International expansion, new contract awards and demand for its digitally-enhanced services have buoyed the Aberdeen-headquartered firm amid challenging market conditions.
Three60 expects to take on at least 50 new staff members globally in the next 12 months, building on its current headcount of 400, including 100 in north-east Scotland.
Chief executive said Walter Thain said Three60’s workforce was growing in line with demand, which he expected to remain strong.
Mr Thain, formerly of Petrofac, said the firm made “minimal” redundancies during the pandemic and had used the furlough scheme for just two engineers, who had since returned to the fold.
Three60 launched in 2016 with the backing of Simmons Private Equity before going on an acquisition spree.
It quickly snapped up Malaysia-headquartered Leap Energy in 2016, followed by Aberdeen’s Step Change Engineering and Ridge, of Stavanger.
A fourth deal followed in late-2018, when it swooped for North Sea Construction and Commissioning, which launched in the Granite City the previous year.
These transactions bolstered the group’s offering and gave it bases in Aberdeen, Kuala Lumpur, Singapore, Taiwan, Bergen, Stavanger, Brisbane and Jakarta.
Three60’s services cover five main areas – subsurface, wells, engineering, construction and commissioning and operations management.
Group revenues more than doubled to £47 million in 2019, from £22.8m in the fifteen months to December 31 2018, according to accounts lodged at Companies House.
Earnings before interest, taxes, depreciation and amortisation climbed 88% to £2.8m and pre-tax losses narrowed to £98,000 from £579,000.
Mr Thain said he was “exceptionally proud” of the group’s “strong performance”.
In the accounts, signed off on December 15, chairman Allister Langlands acknowledged 2020 was “challenging”, amid the Covid-19 outbreak and oil price slump.
But Mr Langlands said Three60 had moved quickly to adapt to working-from-home conditions and taken steps to reduce costs in line with activity levels.
He was confident the group would record a strong result in 2020, a period marked by some encouraging contract wins.
In November, Three60 announced a multi-million pound deal to provide duty holder services for Norwegian firm DNO’s two assets in the UK North Sea.
Three60 celebrated two awards in April 2020, one from Repsol Sinopec Resources UK for maintenance support services for the operator’s Beatrice facilities and the other from Spirit Energy for minor modification and repair services on its UK North Sea assets.
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