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TWMA announces Q2 2026 results

Specialist drilling waste management company TWMA has reported second-quarter 2026 revenue of $19.4 million and EBITDA from continuing operations of $6.1 million.

27 August 2026

Specialist drilling waste management company TWMA has reported second-quarter 2026 revenue of $19.4 million and EBITDA from continuing operations of $6.1 million, compared with $4.7 million in the previous quarter.  

Performance was strong and in line with expectations, with EBITDA of $6.1 million for the quarter, equivalent to approximately $24 million on an annualised basis.  This represents a substantial increase from the previous period and reflects the continued strength of the Group’s underlying operations.  

In the UAE, offshore operations remained robust and stable, with activity across all four Upper Zakum islands, all four Ghasha Mega Project islands and an average of four jack-up rigs.  

Onshore, the Habshan drill cuttings treatment facility continued to deliver strong month-on-month performance. Alongside ongoing operations, the previously announced facility expansion commenced during the period and will be completed on schedule in early Q3. Once operational, the expansion will increase the facility’s annual processing capacity to more than 100,000 MT. 

We also successfully executed the extension of the existing contract through 2027. 

Ongoing geopolitical tensions in the region continue to have no material impact on the Group’s operations or financial performance. We continue to monitor developments closely and remain well positioned to respond as circumstances evolve. 

In the North Sea, we entered a new strategic alliance in Norway that will see a RotoMill® deployed onshore in the third quarter. In the UK, as previously communicated, the award of a long-term offshore RotoMill project will commence in the third quarter, with operations expected to begin in quarter four. The UK also secured two short-term plug and abandonment projects, which is positive despite a relatively subdued market arising from continued fiscal pressures constraining oil and gas activity. 

Skip and ship and bulk operations in the UK and Norway respectively remained steady throughout the quarter. 

Our onshore facilities in the UK and Egypt both performed steadily and in line with expectations throughout the period. 

The Group maintained its strong operational discipline and commitment to safety, completing more than 1,850 workdays during the quarter without a Lost Time Incident. 

Commenting on the latest results, TWMA CEO Halle Aslaksen said: 

“Q2 was another strong quarter for TWMA, with solid operational and financial performance across the Group, underpinned by continued activity across all business units and the contribution from a full quarter of operations at our new onshore drill cuttings treatment facility at Habshan in the UAE. 

We enter the second half of 2026 with a strong platform for continued growth, supported by a healthy revenue backlog, an expanding presence across key markets and a pipeline of new opportunities. With the majority of our growth capital expenditure now complete, our focus is increasingly on maximising utilisation of our existing asset base, generating cash and reducing leverage, while continuing to deliver sustainable growth and value for our shareholders.” 

Read more about TWMA’s Quarter 2 2026 results by visiting the Investor Relations section of twma.com. 

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