Economic Report 2021 - OGUK
CASE STUDY: THREE60 Energy
THREE60 Energy Group is a leading independent energy service company offering complete asset life cycle solutions. The company has not only trebled in size over a four-year period, but also expanded its team and secured several significant new contracts, enabling it to grow operations in key strategic locations around the world including the UK, Norway and Southeast Asia. In addition, the company secured contracts which saw it become a duty holder on three facilities in the UK and internationally. This success acted as a catalyst for funding, and saw the group secure a seven-figure deal that would aid further global expansion through both organic growth and acquisitions. A key factor supporting THREE60 Energy’s strong position to engage with lenders earlier this year was its range of proprietary digital technology, which is supporting the energy transition. For example, its Poseidon 4D seismic software has been proven to reduce volumetric uncertainty, highlighting new
targets for increased recovery. It typically delivers an estimated 70% reduction in analysis time. Wider adoption of Poseidon across the UKCS could help unlock some of the estimated 2.1 billion barrels remaining in existing fields – enabling oil and gas diversification and the transition to net zero. Furthermore, the group’s ability to provide skills to support renewables projects around the world, in particular offshore wind developments, has positioned it well for growth and investment.
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