Latest news with #TWMA
Zawya
27-02-2025
- Business
- Zawya
TWMA announces 18% rise in Q4 revenue to $18mln
Specialist drilling waste management company, TWMA, has reported a revenue of $18 million and EBITDA of $5 million for the fourth quarter of 2024. In revenue terms, this is 13% higher than the previous quarter and a year-on-year increase of 18%. EBITDA from continuing operations was $5 million for the quarter compared to $4.9 million in Q3 and $3.7 million in Q4 2023. For the full year, TWMA delivered revenue of $64.4 million and an EBITDA of $18.5 million. This compares to revenue of $54.8 million and an EBITDA of $13.4 million 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 10 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 solution,' Aslaksen said. – Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
27-02-2025
- Business
- Trade Arabia
TWMA announces 18% rise in Q4 revenue to $18m
Specialist drilling waste management company, TWMA, has reported a revenue of $18 million and EBITDA of $5 million for the fourth quarter of 2024. In revenue terms, this is 13% higher than the previous quarter and a year-on-year increase of 18%. EBITDA from continuing operations was $5 million for the quarter compared to $4.9 million in Q3 and $3.7 million in Q4 2023. For the full year, TWMA delivered revenue of $64.4 million and an EBITDA of $18.5 million. This compares to revenue of $54.8 million and an EBITDA of $13.4 million 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 10 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 solution,' Aslaksen said. – TradeArabia News Service
Trade Arabia
26-02-2025
- Business
- Trade Arabia
TWMA breaks ground on Abu Dhabi drilling waste management facility
TWMA, a global leader in drilling waste management, has officially broken ground on its latest facility in Habshan, Abu Dhabi. The milestone marks the beginning of construction for the world's most advanced, self-sustainable drilling waste management site. Scheduled for completion later this year, the cutting-edge facility is expected to be operational by summer 2025, said a statement from TWMA. Designed to streamline the management, transportation, and treatment of drill cuttings, the site will have the capacity to process up to 300 tonnes of drill cuttings per day. Additionally, it will recover up to one barrel of oil or diesel per tonne processed, enabling self-sufficiency through recovered fluids, it stated. With the ability to service up to 100 rigs, the facility will adhere to the highest Health, Safety, Environment and Quality (HSEQ) standards, supported by TWMA's innovative XLink system which provides operators with real-time drilling insights, including detailed carbon emission tracking to enhance environmental efficiency. According to TWMA, the facility will feature its latest RotoMill technology, which incorporates advanced energy-efficient features, an electric drive, and remote monitoring via XLink. These innovations will enhance the processing of drilling waste, while the electric drive significantly reduces CO2 emissions. This expansion will contribute to an increase in TWMA's total processing capacity, exceeding 120,000 metric tons of drill cuttings annually at locations worldwide, it stated. The site is set to create approximately 60 new jobs in the region, reinforcing TWMA's commitment to local economic growth and sustainability. Speaking at the groundbreaking ceremony, CEO Halle Aslaksen said: "This facility represents a significant step forward in sustainable drilling waste management." "By integrating our latest technologies, we are improving operational efficiency while significantly reducing carbon emissions. This investment underscores our commitment to innovation, sustainability, and strengthening our service capabilities across the Middle East," he added. Headquartered in Dyce, Aberdeen, TWMA is the world's drilling waste specialist, pioneering the best solutions and technology to turn waste into value.
Zawya
30-01-2025
- Business
- Zawya
TWMA's regional impact recognised in prestigious awards
Offshore drilling waste management specialist, TWMA Middle East Limited (TWMA*), has been announced as a finalist in the 2025 Oil & Gas Middle East Awards. Nominated for Sustainability Initiative of the Year – Upstream and Digital Enabler of the Year, this recognition exemplifies TWMA's commitment to turning waste into value through innovation. Testament to the regional impact of TWMA's pioneering RotoMill** and XLink Solutions, these nominations reinforce the company's commitment to low carbon drilling. RotoMill is a world-first rig-based technology that separates drill cuttings and associated materials for recycling and reuse, reducing carbon emissions by more than 50%. Coupled with XLink, RotoMill gives operators full control of the drilling waste handling process from a rig-based control point in addition to providing a client portal with direct access to daily reporting, asset data, and live-streamed KPIs that can be accessed anywhere in the world. Through automation, TWMA's solutions mitigate the need for manual intervention and reduce Personnel on Board (PoB) by up to two operators per day, significantly lowering risk and cost while improving operational efficiency. TWMA processes over 70,000 metric tons of drill cuttings annually at well sites, reducing CO2 emissions by more than 14,000 metric tons. This is equivalent to removing 3,000 passenger vehicles from the road for one year. Commenting on the nominations, TWMA's UAE General Manager, Pierre-Marie Hinden said: 'Our RotoMill technology enables 50% of drilling waste to be processed and recycled at the well site, enabling operators to reduce emissions by up to 95%. At TWMA, we are dedicated to turning waste into value and these nominations are a testament to the work we have done to drive sustainability through digitalisation.' Group Commercial Director, Jonathan Parkes added: 'Having operated in the region for more than a decade, we are immensely proud to receive this recognition for the work we have done to support operators in the Middle East achieve their sustainability goals. Thank you to the judges for this honour, and congratulations to our fellow finalists.' Now in its 14th year, the prestigious awards honour companies and initiatives that have helped shaped the region's upstream and downstream sectors over the past twelve months. Winners of the Oil and Gas Middle East Awards will be announced at a ceremony on Tuesday 18th February 2025 at The Ritz-Carlton, Dubai, United Arab Emirates. About TWMA TWMA is the world's drilling waste specialist, pioneering the best solutions and technology to turn waste into value. Developing safe and efficient solutions for the transfer, storage and processing of drilling waste, slops and other associated materials generated from drilling operations, TWMA supports a portfolio of global clients to reduce carbon emissions, improve safety, and remain compliant with local legislation. Footnotes: *TWMA® is a registered trademark and the brand name for the TWMA group of companies including Total Waste Management Alliance Limited. **RotoMill® is a registered trademark of Total Waste Management Alliance Limited ('TWMA'). Issued on behalf of TWMA by ThinkPR. For further information contact Becky Orlinski on becky@
