Acquisitive Three60 Energy has acquired Aberdeen-based engineering firm Samphire Subsea to meet growing demand for work in decommissioning and floating offshore wind work in the future.
Walter Thain, group CEO of Three60 Energy, said the addition of Samphire firm filled what had been a “missing part of the jigsaw” on the growing company’s capabilities, particularly subsea.
The value of the deal was not disclosed but it was a multi-million pound transaction, he confirmed.
The move comes after Three60 confirmed it had won two major contracts with Sumitomo Electric, which is building a subsea cables factory in the Highlands at Nigg.
© Supplied by Three60 EnergyHe said: “That [Sumitomo] is all about providing electrical cable for Scottish offshore wind. This subsea element for us allows that cable to be placed in the right place, allows the design of those cables to be placed on the seabed appropriately.
“For us this is a real continuation and commitment to investing in that Scottish homegrown energy transition supply chain.”
New era for Samphire
Samphire was established in Aberdeen 12 years ago by husband and wife team Paul and Karen Soutar.
Thain said they and the firm’s team of around 20 staff will integrate with the existing team and join Three60.
The latest acquisition represents a continuation of the company’s diversification strategy over the last two years.
Last year Three60, which is majority-owned by Simmons Private Equity, acquired stablemates Pryme Group and Flexlife to take its headcount to 1,000.
The rational for the integration was less about consolidation and more a “positioning for growth”, Thain said.
“It has allowed us to grow our business and take other elements of Pryme and Flexlife and move them into other geographies.
“If you consider we set up in early 2017 and now seven years later we’ve got 1,000 people across our business, it is quite a significant achievement.”
The firm now has around 20 offices and hubs in Norway, Malaysia and has plans to open a Middle East operation in Abu Dhabi.
Thain, who joined the business in 2018 from Petrofac, added 360 was not “backing away” from its oil and gas business. He said: “We also need to prepare ourselves for the future.
“We have really diversified our business to become a wider energy services company,” said Thain. “We are now 35% non-oil and gas. We have done that through acquisitions and investment in the Scottish supply chain.”
© PRESS AND JOURNALPaul Soutar, managing director of Samphire Subsea said: “We are excited for this next chapter in our growth, with the full support of Three60 and its complementary range of services and products, the acquisition will allow us to offer an enhanced service to our customers.
“Not only is the acquisition transformative for our customers, it offers enhanced opportunities for career growth for our people who have been with us on our growth journey over the past 12 years.”
This article was amended 8:41AM, 26/06/2024.
