THREE60 Energy, a global life cycle solutions company specialising in engineering, operations and systems, has announced its financial results for the year ending 31st December 2024. The strongest year of growth to date and reinforcing its position as one of the fastest-growing companies in the energy services sector.
Revenue increased by 36% year-on-year to £181.7 million, while EBITDA rose by 82% to £11.3 million. The company also recorded an operating profit of £2.6 million, a 30% increase on the previous year, with growth in non-project service lines and increased tendering across project divisions, contributing to a record backlog of £299 million, up 86% from 2023.
2024 Financial Highlights:
- Revenue: £181.7 million (2023: £133.7 million) 36% year on year increase
- EBITDA: £11.3 million (2023: £6.2 million) 82% year on year increase
- Operating Profit: £2.6 million (2023: £2.0 million) 30% year on year increase
- Closed the year with the highest level backlog in the Group’s history 86% year on year increase
The company boasted several strategic highlights throughout 2024:
- Secured landmark decommissioning contracts with UK operators, including the first multi-asset scope, a milestone project for the UKCS.
- Opened new regional office in Abu Dhabi, marking THREE60’s entry into the Middle East market.
- Strengthened the company’s integrated subsea capabilities through strategic acquisition.
- Successfully diversified its business with over 20% revenue in wind, defence and nuclear.
- Launched THREE60 Digital, bringing advanced data and digital solutions to optimise asset performance, integrity and lifecycle planning.
Walter Thain, CEO of THREE60, commented: “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. Our continued delivery of safe, high-quality, value-driven solutions could not be achieved without our people, our customers and the many supply chain companies that support us on a day-to-day basis. We’ve combined strong financial performance with significant strategic delivery in industrial and geographical diversification, positioning THREE60 for continued long-term growth in the services market.”
In addition to revenue and earnings growth, THREE60 deepened its expertise in key transition areas including carbon capture and storage (CCS), digital, and end-to-end late life and decommissioning services.
Kerrie Murray, CFO of THREE60, 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.”
Following back-to-back years of strong revenue and EBITDA growth, THREE60 entered 2025 with confidence, a clear roadmap, and a robust pipeline of opportunities across all geographies.
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