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 $14.4 million, a $3.5 million (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 RotoMill’s 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.