Today, (11 October 2023) THREE60 Energy (THREE60), a leading independent energy services company offering complete asset lifecycle solutions, has acquired Pryme Group and Flexlife to create a £200 million industrially diversified global business with huge growth potential.
The combined group will deliver innovative engineering, operations, and project management solutions across the asset lifecycle, from design through to decommissioning. Underpinned by its unique portfolio of digital technologies, THREE60 is supporting the development and decarbonisation of traditional industries as well as delivering energy transition solutions.
Headquartered in Aberdeen, Scotland, the company now has a 1,000-strong workforce worldwide. Its enlarged offering spans multiple sectors including oil and gas, onshore and offshore wind, carbon capture and storage, geothermal, nuclear, marine, defence and industrials.
Building on its integrated capabilities in subsurface, wells, engineering, construction and operations, the acquisition enables THREE60 to build on its existing strong customer relationships while expanding in a range of sectors in the UK, Europe, US, South America and Asia.
Founded in 2014, Pryme Group has grown through mergers and acquisitions into an innovative, engineered solutions business with a headcount of over 360 across 11 UK sites. Pryme Group brings high-quality design, engineering and project management, as well as proprietary product lines, systems and lifecycle service support.
Flexlife is a specialist provider of lifecycle management solutions for flexible pipes and umbilicals in the oil, gas and offshore wind sectors. Flexlife broadens THREE60’s capabilities in subsea engineering, inspection and maintenance.
Walter Thain, CEO of THREE60 said:
“This is a really exciting time for everyone involved as we bring together the combined 50-year heritage of THREE60, Pryme Group and Flexlife to offer our customers innovative energy transition, engineering, operations, and project management solutions across the asset lifecycle. Our continued focus on oil and gas, nuclear, onshore and offshore wind, combined with our growing expertise in carbon capture and storage, hydrogen and geothermal, uniquely positions us as a trusted partner to support our customers across the integrated energy mix. We’ve created a £200 million group with the scale and capability to drive future growth, organically and through acquisitions. Our strong relationships, geographical reach and a unique portfolio of proprietary digital technologies, creates an inclusive and exciting future for everyone at THREE60.”
Kerrie Murray, formerly CEO of Pryme Group, now CFO of THREE60, said:
“This acquisition is truly transformative, not only for our customers’ operations, but also for our people. Together, we can leverage our technology solutions across the group, new sectors and geographies, to unlock opportunities and add value.”
The acquisition is subject to regulatory approvals. Simmons Private Equity (“SPE”) is the majority shareholder of both Pryme Group and THREE60 Energy.