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.

Strengthening TWMA’s position as a market leader supporting operators to reduce carbon emissions and increase efficiency, the company has seen a year-on-year revenue increase of more than $2million. Global utilisation of TWMA’s RotoMill**technology, which can reduce operational carbon footprints by 50%, has reached 70% this year, demonstrating the strong demand for the offshore waste recovery system.

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.

TWMA Chief Executive Officer, Halle Aslaksen, said: “At TWMA, we are passionate about supporting operators to streamline waste management processes, so we are pleased to report that our second-quarter results demonstrate the growing demand for our solutions. Alongside the increased adoption of the RotoMill** technology, we are proud to have upheld our high standards of safety, resulting in another year of zero lost time incidents and injuries.”

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.

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