TWMA expands in the Middle East

Drilling waste management company, TWMA, is expanding in the Middle East following the recent award of a five-year contract in the UAE relating to the world’s largest sour gas development

TWMA has also been awarded multi year expansions to all existing contracts in the region.

TWMA has recorded a significant growth in demand in the last year, with its annual results reporting an increase in turnover to US$70.9mn from US$67.8mn and profit remaining consistent year on year at US$15.3mn. 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.

Sustainability Linked Bond

Earlier this year, TWMA announced that it has closed a $62.5mn Sustainability Linked Bond on the Nordic ABM in Oslo, confirming its 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.”