The firm has undergone a period of growth and remains upbeat despite the challenges that have faced the energy industry over the last 18 months.
The new funding facility, which is being provided by Arbuthnot Commercial ABL, will deliver working capital to support anticipated growth as well as potential future acquisitions.
Advised by accountancy and business advisory firm Johnston Carmichael, and backed by Simmons Private Equity, Three60 Energy offers a variety of services to both the onshore and offshore oil and gas industries. Its global customer base spans five main areas – subsurface, wells, engineering, construction and commissioning, and operations management.
Over a number of years, the firm has secured several significant new client wins including agreements with Spirit Energy, Repsol Sinopec, EnQuest and Neptune, as well as, most recently, a duty holder contract for DNO.
Group chief financial officer Kevin Sutherland said: “Securing this funding is a real game changer for us and means we can fully capitalise on the positive 2020 we had with further expansion.”
Alan Hamilton, Johnston Carmichael corporate finance director, said: “This deal is a real good news story for the industry. It shows that innovative and forward-thinking businesses, like Three60, can continue to grow, even in the midst of a global pandemic.
“The quality of the management team, together with an ongoing financial performance that continues to impress, made the company an enticing proposition to lenders, generating high levels of interest from the market.”