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TWMA announces Q3 revenue of $18million
Specialist drilling waste management company, TWMA, has reported its third quarter 2024 revenue of $18million and an EBITDA for continuing operations of $4.9million.
28 November 2024
Specialist drilling waste management company, TWMA, has reported its third quarter 2024 revenue of $18million and an EBITDA for continuing operations of $4.9m, marking a 23% increase compared to the same period in 2023. Year-to-date EBITDA has grown to $14.4million, a $3.5million (32%) increase over 2023, reflecting the Group’s strong financial performance driven by new contract wins and enhanced utilisation of assets across the UAE and UK.
This quarter, TWMA has continued to expand its Middle East operations having secured a two-year contract extension for the Upper Zakum project, in addition to achieving full operations on the first and second islands of the Ghasha Mega Project and winning further work with an international oil operator in Egypt.
Recovering 1BBL of oil for every tonne processed, and in line with TWMA’s commitment to delivering low carbon drilling and sustainable operations across the globe, TWMA’s RotoMill® technology enables operators across the globe to reduce operational carbon footprints by 50% and NOx emissions by up to 90%. Utilisation of TWMA’s technology was 60% during this quarter as RotoMills were redeployed in preparation for the construction and operation of a major new onshore facility in the Middle East for a key client.
TWMA Chief Executive Officer, Halle Aslaksen, said: “I am pleased to report our third quarter results which demonstrate the continued demand for our sustainable solutions. As we approach the end of the year, we anticipate continued growth in the Middle East and stable operations across the North Sea, with promising opportunities emerging in the Norwegian sector.
“Our high standards of safety have once again delivered zero lost time incidents and injuries this quarter.”
Earlier this year, TWMA announced that it has 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.
All the latest from TWMA
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All the latest from TWMA
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News
TWMA announces Q3 revenue of $18million
Specialist drilling waste management company, TWMA, has reported its third quarter 2024 revenue of $18million and an EBITDA for continuing operations of $4.9million.
28 November 2024 -
News
TWMA Expands Middle East Operations Following $70 Million Contract Win.
Drilling waste management specialist, TWMA, has announced a significant contract win with a leading UAE operator.
30 October 2024 -
News
Meet the TWMA Team.
Pierre-Marie Hinden shares his valuable insights and wealth of experience in a recent Q&A:
18 October 2024 -
News
TWMA Opens New Office in Cairo, Egypt.
TWMA is pleased to announce the opening of its new office in Cairo, Egypt, further solidifying our presence in the country and reinforcing our commitment to the MENA region.
03 October 2024 -
News
Meet the TWMA Team.
Ryan Bowron shares his valuable insights and wealth of experience in a recent Q&A:
10 September 2024 -
News
TWMA to Showcase Innovations at Pareto Securities' 31st Annual Energy Conference.
05 September 2024 -
News
TWMA Announces Second-Quarter Profit of $4.9million.
Specialist drilling waste management company, TWMA, has posted its second quarter 2024 earnings of $19.5million and operating profit of $4.9million.
02 September 2024 -
News
TWMA Secures Contract Extension with Equinor.
TWMA has successfully secured the first of five available contract extensions with Equinor, a major development that could extend their collaborative efforts until May 31, 2034.
13 June 2024 -
News
TWMA Announces Continued Growth with First-Quarter 2024 Results.
Specialist drilling waste management company, TWMA, has posted its first quarter 2024 earnings of $18.3million and EBITDA of $4.7million.
31 May 2024 -
News
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 -
News
TWMA Celebrate Award Success for Global Impact.
Drilling waste management specialist, TWMA, has been announced as this year’s Going Global winner at the prestigious Northern Star Business Awards.
22 April 2024 -
News
TWMA Announces Closing of $62.5 Million Sustainability Linked Bond.
Specialist drilling waste management company, TWMA, announced that it has closed on a $62.5 million Sustainability Linked Bond on the Nordic ABM in Oslo.
13 February 2024 -
News
Middle East Award Nomination for RotoMill Technology.
Specialist drilling waste management company, TWMA, has been announced as a finalist in the prestigious Oil and Gas Middle East Awards for its latest generation of RotoMill technology.
06 February 2024 -
News
TWMA named as Going Global Finalist for 2024 Northern Star Business Awards.
Specialist drilling waste management company, TWMA, has been shortlisted for the Going Global Award at the 2024 Northern Star Business Awards.
22 November 2023 -
News
TWMA to double Middle East operations following $100 million contract win.
Specialist drilling waste management company TWMA has secured a $100 million contract for a major sour gas development in Abu Dhabi.
03 October 2023 -
News
Join the Specialists at ADIPEC.
Join TWMA at ADIPEC in hall 8 on stand #8410 from 2-5 October in Abu Dhabi.
28 September 2023 -
News
TWMA secures major contract with Norwegian giant Equinor.
20 September 2023 -
News
TWMA to present innovations at Pareto Securities' 30th Annual Energy Conference.
19 September 2023 -
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TWMA launches RotoMill 2.0 wellsite processing solution.
07 September 2023 -
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TWMA secures bp Egypt contract worth $15 million.
TWMA has been awarded a contract worth up to $15 million to support a large-scale oil and gas project for bp in Egypt.
14 August 2023 -
News
TWMA Middle East celebrates milestone of 5 million work hours without lost time incident (LTI).
TWMA, the specialist drilling waste management company, has achieved 5 million work hours lost time incident (LTI) free across its Middle East operations.
02 August 2023 -
News
TWMA decarbonisation efforts recognised with win at Offshore Achievement Awards.
TWMA, the drilling waste management specialist, received the Carbon Reduction in Conventional Assets award at the 2023 Offshore Achievement Awards.
20 March 2023 -
News
TWMA secures seven-figure contract with North Sea operator.
Specialist drilling waste management company, TWMA, has secured a seven-figure contract with a major North Sea oil and gas operator.
02 March 2023 -
News
TWMA celebrates reaching 4.5 million work hours LTI free in the Middle East.
TWMA, the specialist drilling waste management company, has achieved 4.5 million work hours lost time incident (LTI) free across its Middle East operations.
02 February 2023 -
News
TWMA named as Carbon Reduction in Conventional Assets finalist for 2023 SPE Offshore Achievement Awards.
Specialist drilling waste management company, TWMA, has been shortlisted for the Carbon Reduction in Conventional Assets Award at this year’s SPE Offshore Achievement Awards.
18 January 2023 -
News
TWMA launches XLink™ real time monitoring and automation solution at ONS.
TWMA, has launched its new XLink™ solution, designed to provide oil and gas operators with increased automation, deeper insights and real time data monitoring to improve the efficiency of their wellsite drill cuttings processing system
31 August 2022 -
News
Drill Cuttings Treatment Alternatives - A Comparative Emissions Assessment.
A case study assessing the CO2 footprint and NO2 emissions for different drill cuttings treatment alternatives.
02 February 2022 -
News
TWMA reaches key UAE milestone as it achieves API Q2 Certification.
Specialist drilling waste management company TWMA has secured the American Petroleum Institute (API) Q2 accreditation for its UAE operation, the first quality management system (QMS) certification for service suppliers in the oil and gas industry.
18 January 2022 -
News
Case Study: A wellsite processing solution proven to lower carbon emissions.
Specialist drilling waste management company TWMA highlights how its wellsite processing solution has been proven to reduce the carbon emissions of oil and gas drilling operations by 50%.
10 January 2022 -
News
TWMA’s wellsite processing solution proven to reduce carbon emissions of drilling operations by 50%.
Specialist drilling waste management company, TWMA, will highlight how its wellsite processing solution has been proven to reduce the carbon emissions of drilling operations by 50% at this year’s ADIPEC.
16 November 2021 -
News
TWMA Celebrates 20 Years of Offshore Processing.
TWMA celebrates 20 years of offshore processing, delivering the gold standard in wellsite technology application and operational excellence.
15 July 2021 -
News
TWMA awarded three-year extension for Aker BP's Valhall Flank Project.
TWMA, the specialist drilling waste management company, has been awarded a three-year contract extension to supply integrated waste management services for Aker BP’s Valhall Flank North and Hod B field development projects on the Norwegian Continental Shelf (NCS).
16 June 2021 -
News
TWMA Named as Net Zero Award Finalist for SPE Offshore Achievement Awards.
Specialist drilling waste management company, TWMA, has been shortlisted in the Net Zero category at this year’s SPE Offshore Achievement Awards.
06 May 2021 -
News
TWMA secures first contract with Spirit Energy at Grove field.
Specialist drilling waste management company, TWMA, has secured a seven-figure contract with leading exploration and production company, Spirit Energy.
25 February 2021 -
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TWMA’s move to new global HQ in Aberdeen to support growth plans and new technology roll outs.
Specialist drilling waste management company, TWMA, has secured new headquarters in Aberdeen to support business growth and deliver remote operations for its customers.
04 February 2021 -
News
TWMA secures £20 million of North Sea contracts
Specialist drilling waste management company, TWMA, has secured new contracts valued at £20 million in the North Sea in the first eight months of 2019.
04 September 2019 -
News
TWMA named as Great Company (Large) at 2019 Offshore Achievement Awards
TWMA, provider of specialised drilling waste management services, has won the Great Company (Large) Award at this year’s Society of Petroleum Engineers (SPE) Offshore Achievement Awards (OAA).
22 March 2019 -
News
TWMA Maintains Growth Strategy, Acquires US Service Company
TWMA, provider of specialised drilling waste management services, has announced its acquisition of US-based Dynamic Oilfield Services in an eight-figure deal.
20 June 2018 -
News
TWMA achieves 12 months LTI free
Specialist drilling waste management company, TWMA, has reached 12 months lost time incident (LTI) free operations.
27 June 2019 -
News
North east classrooms refreshed and charities uplifted by TWMA’s office donations
TWMA has used an office upgrade as an opportunity to uplift local schools and charities.
03 December 2020 -
News
Drill into the low carbon benefits of processing at source
31 August 2020 -
News
TWMA reaches 9 years LTI free operations in Egypt
Drilling waste specialist, TWMA, has reached the milestone of nine years Lost Time Incident (LTI) free operations in Egypt across its sites in Cairo and Alexandria.
11 May 2020 -
News
TWMA adapts equipment to provide critical service to major operator in UAE
Drilling waste specialist, TWMA, has adapted its onsite drilling waste handling equipment to support safe operations for a major operator as it manages through the current crisis.
29 April 2020 -
News
The benefits of processing drill cuttings at the rig site
When it comes to defining the methodology for drill cuttings treatment, it is now possible to materially reduce costs, improve safety, and lower the carbon emissions of drilling projects.
19 March 2020 -
News
TWMA appoints new CEO
Specialist drilling waste management company, TWMA, has announced the appointment of Halle Aslaksen as its new CEO.
19 February 2020 -
News
Optimising financial and environmental gains with at source drilling waste management
Water-based and non-aqueous drilling fluids (NAF) and associated drill cuttings are the largest waste streams generated from global offshore drilling operations.
21 November 2019