TWMA Announces Strong Growth Following Annual Results

TWMA posted its annual results (year ended to December 31, 2023) reporting an increase in turnover to $70.9million from $67.8million.

20 May 2024

Specialist drilling waste management company, TWMA, has posted its annual results (year ended to December 31, 2023) reporting an increase in turnover to $70.9million from $67.8million and profit remaining consistent year on year at $15.3million. 

The Group operates globally, with a vision to turn drilling waste into a valuable resource for clients in key regions throughout the UK, Middle East, Norway, and the US.  With a record demand for TWMA’s RotoMill® offshore processing technology, the firm has seen a significant increase in uptake and utilisation during the last 12 months, specifically in the Middle East and in the North Sea.

Following the recent award of a new 5-year contract in the UAE for the world’s largest sour gas development, the Group will see its headcount increase from the current 530 to circa 750. In addition, TWMA has been awarded multi year extensions to all existing contracts in the region. These wins recognise the RotoMill’s impact on operators’ carbon footprint and operational efficiencies. 

Earlier this year, TWMA announced that it had closed a $62.5million Sustainability Linked Bond on the Nordic ABM in Oslo.

Qualifying for a Sustainability Linked Bond required third party recognition that TWMA’s sustainability framework is aligned with the principles issued by the International Capital Market Association.  This included validation of a science-based target for CO2 in line with the 1.5-degree scenario and confirms TWMA’s position as an environmental leader within the energy industry.

TWMA Chief Executive Officer, Halle Aslaksen, said: “The financial results cement the continued growth and environmental benefits that our RotoMill technology delivers to our clients’ drilling projects.  As sustainability and environmental impact rightly remain a focus for organisations, we are delighted to provide a solution to these challenges and support the industry with safety and cost savings through our technology.

“Our people and expertise in the global regions we operate in continue to allow us to expand and grow and we are looking forward to a positive 2024 with more exciting projects and investment in our business.”

TWMA is an award-winning business recently recognised at the Northern Star Business Awards for its global operations.