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TWMA announces full year 2025 results.

Specialist drilling waste management company, TWMA, has published its Full Year results for 2025, with revenue of $67.4m.

All the latest from TWMA 

View all news

All the latest from TWMA 

07/05/2026

TWMA, the global leader in drilling waste management, has announced its 2025 full year results. 

The Group reported a revenue increase from $64.4 million year end 2024 to $67.4 million year end 2025. EBITDA increased to $18.7 million. This performance reflects strong delivery across core markets, particularly in the Middle East.  

During the year, TWMA continued its focus on core strategic strengths and long-term growth.  

In the UAE, this included excellent performance under the Upper Zakum and Ghasha Mega Project contracts, growing operations to eight artificial islands and an average of three jack-up rigs. Complementing our offshore scope, 2025 also marked the successful completion of one of the world’s most advanced and self-sustaining onshore drilling waste management facilities of its kind, capable of processing up to 300 metric tonnes of drill cuttings per day from more than 100 onshore drilling rigs. 

In Egypt, we delivered a solid full year performance and have been successful in retaining core work with major IOC’s in country along with identifying growth opportunities for 2026 and beyond.  

In the North Sea, we saw solid growth in our bulk storage and transfer business on the Norwegian continental shelf, and this product line continues to generate quality opportunities heading into 2026. 

On the UK continental shelf, we experienced a decline in activity, directly correlated to the UK Government’s fiscal policies. Despite this, we have continued to maximise our market position, with our onshore facility in Peterhead delivering satisfactory results and solid offshore performance.  Looking ahead to 2026 and beyond, we see opportunities arising from increased drilling activity in the UK. 

Increased utilisation of the Group’s RotoMill assets also contributed positively to financial performance in 2025. 

Financial positioning was strengthened subsequent to year-end, through the issuance of a new three-year $72 million Nordic Bond and entering into a new Super Senior Revolving Credit Facility for $12 million to support working capital and future growth.  

TWMA continues to uphold an outstanding safety record, with zero incidents or injuries, as the Group continues to invest in further development of safety leadership. 

Looking ahead, TWMA remains focused on delivering resilient operational and financial performance, with particular emphasis on RotoMill fleet utilisation and execution of key contracts in the Middle East. The Group continues to see quality opportunities in core markets along with emerging locations in the Far East and Sub Saharan Africa. 

Commenting on the full year results, TWMA CEO, Halle Aslaken, said: “Despite an uncertain macroeconomic backdrop at times, TWMA has continued to experience solid activity levels across its core markets, particularly the UAE, Egypt and Norway. We remain committed to supporting clients with the trusted performance and expertise they have come to expect from us and are well positioned to deliver sustained growth moving into 2026.” 

The world's drilling waste specialist.