Specialist drilling waste management company, TWMA*, has published its fourth quarter results for 2024, with revenue of $18million and EBITDA of $5m. In revenue terms, this is 13% higher than the previous quarter and a year-on-year increase of 18%. EBITDA from continuing operations was $5million for the quarter compared to $4.9million in Q3 and $3.7million in 2023.
For the full year, TWMA delivered revenue of $64.4million and an EBITDA of $18.5million. This compares to revenue of $54.8million and an EBITDA of $13.4million in 2023, representing an increase of 17.5% and 38.1% respectively.
This follows TWMA’s announcement that it had secured a two-year contract extension to its existing operations on the ‘Upper Zakum’ field, as well as the provision of additional personnel and equipment for skip and ship services on up to ten jack-up rigs. With construction on the recently announced major onshore facility also starting in February 2025, TWMA is expected to receive the first cuttings on site by Q3, and soon thereafter it will start processing the drilling waste using its pioneering RotoMill** technology.
While Offshore UK saw an expected decrease in activity in H2 2024, TWMA processed record levels of slops and drill cuttings in the North Sea. Steps have been made to increase the onshore processing capacity by a further 30% in 2025 in preparation for increased decommissioning demand. Global utilisation of TWMA’s RotoMill technology increased by 4% from the previous quarter, reaching 64%. Annual utilisation of the RotoMill assets was 66% compared to 64% in 2023.
TWMA chief executive officer, Halle Aslaksen, said: “I am pleased to report our fourth quarter results which exemplify the increased demand for our offshore drilling waste management solutions. This quarter has been a period of significant progress and strategic decision making for the group.
“Looking to 2025, our focus will be exploring opportunities with existing key clients as they branch out into new international markets where tightening regulations are driving demand for advanced drilling waste management solutions.”