Aberdeen-based energy services company THREE60 Energy has clinched a multi-million-pound contract to lead the UK’s first multi-asset decommissioning project in the North Sea.
This groundbreaking deal, awarded by a major North Sea operator, marks a significant milestone in the offshore energy sector’s transition and decommissioning efforts. The contract encompasses the decommissioning of multiple assets in the North Sea, showcasing THREE60 Energy’s expertise and capabilities in managing complex offshore projects.
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The firm is backed by private equity and has not disclosed contract details such as value or the name of the North Sea operator who awarded the deal.
While the exact value of the contract has not been disclosed, a Three60 spokesman did describe it as a “multi-million-pound” agreement, highlighting its substantial scale and importance as the UK’s first scope covering several assets.
Chief executive Walter Thain commented: “We are proud to take on this significant multi-platform decommissioning scope, which reflects the growing demand for our fully integrated services.
“We have co-created a specific service offering in conjunction with our customer which combines our unique capabilities to responsibly manage these projects, ensuring that we meet the highest environmental standards while delivering safe, efficient and cost-effective decommissioning.
“Decommissioning is a key enabler of the energy transition within the UK and a huge export opportunity as other basins globally reach late life.”
Recently, Three60 bought up Aberdeen-based Samphire Subsea, with a cash consideration of £1.9 million, to meet growing demand for work in decommissioning.
In the previous month, the organisation disclosed that its income had risen by 24%, surpassing £184 million. Meanwhile, its profits before accounting for interest, taxes, depreciation, and amortisation (EBITDA) expanded by 26%, reaching over £11.6 million in 2023. The company mentioned that its success in managing every aspect of a decommissioning project through a single service provider has been the primary factor setting it apart in its target markets.
