THREE60 Energy has hailed a “breakthrough year” as it posted its strongest year of growth and reinforced its position as one of the fastest-growing companies in the energy services sector.
Operating profit for the year to the end of December 2024 rose 30% to £2.6 million on a 36% increase in revenue to £181.7m. EBITDA rose by 82% to £11.3m.
The company said it had seen growth in non-project service lines and increased tendering across project
divisions, contributing to a record backlog of £299m, up 86% from 2023.
It secured landmark decommissioning contracts with UK operators, including the first multi- asset scope, a milestone project for the UKCS.
The year also saw the opening of a regional office in Abu Dhabi, marking THREE60’s entry into the Middle East market.
The firm strengthened its integrated subsea capabilities through strategic acquisition and diversified its business with more than 20% of revenue coming from wind, defence and nuclear.
It launched THREE60 Digital, bringing advanced data and digital solutions to optimise asset performance, integrity and lifecycle planning.
Walter Thain, CEO, said: “2024 has been a breakthrough year for our business. Our results reflect our growing global presence and our expanded service offering as we are now clearly seeing the impact of the scalable platform we have created.”
Kerrie Murray, CFO, added: “This year’s performance is not just about numbers, it’s about laying the groundwork for sustained, responsible growth.
“Our expansion into the Middle East and the acquisition of Samphire Subsea reflect our strategic focus on being a global, full lifecycle partner to our customers.”
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