Daily Newsletter

12 October 2023

Daily Newsletter

12 October 2023

THREE60 Energy buys Pryme Group and Flexlife

THREE60 said the deal will create a £200m business capable of offering engineering, operations and project management solutions for the whole asset life cycle.

Shivam Mishra October 12 2023

UK-based independent energy services provider THREE60 Energy (THREE60) has purchased Pryme Group and Flexlife for an undisclosed sum.

THREE60 said the deal will create a £200m ($246.13m) business capable of offering engineering, operations and project management solutions for the whole asset life cycle, from design to decommissioning.

Set up in 2014, Pryme is engaged in offering engineering, design and project management services to oil and gas, marine, renewable and other industries.

With a team of 360 employees, Pryme operates in 11 locations across the UK.

Flexlife offers life cycle management solutions aimed at flexible pipes and umbilicals in the oil, gas and offshore wind industry.

THREE60 said that the deal expands its headcount to 1,000 and bolsters its subsea engineering, inspection and maintenance capabilities.

Additionally, Flexlife and Pryme are expected to help THREE60 grow in a variety of sectors, including oil and gas, in the UK, Europe, the US, South America and Asia.

THREE60 Energy CEO Walter Thain 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 life cycle.

“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.”

Former CEO of Pryme, Kerrie Murray, has joined THREE60 as CFO.

Murray added: “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.”

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