TWMA earned near £15 million in Q2 amid ‘growing demand’

Aberdeen drilling waste management firm TWMA has announced earnings of $19.5million (£14.85m) in the second quarter of 2024, showcasing “growing demand” the firm’s CEO claimed.

Combined with its Q1 figures, the firm has earned $37.8m (£28.77m) throughout the first half of 2024.

Profits for Q2 stood at $4.9m (£3.73m), compared with the $4.7m (£3.58) reported in the first three months of the 2024 financial year.

Total Waste Management Alliance Limited (TWMA) has clients throughout the UK, the Middle East, Norway, and the US.

For the first half of the year work in the UK made up 42% of TWMA’s activities with the Middle East making up 39% and the US accounting for 19%.

Despite no work being undertaken in Norway in the first and second quarters, the firm’s CEO Halle Aslaksen remains confident.

He told Energy Voice: “In Norway, after a quiet first half of the year, preparations for the restart of our operations in September 2024 are proceeding and are in line with plans.”

Earlier this year, TWMA announced that it had closed a £47.57 million Sustainability Linked Bond on the Nordic ABM in Oslo.

This included validation of a science-based target for carbon dioxide in line with the 1.5-degree scenario.

TWMA’s global presence

This firm is headquartered in Dyce and has bases in Peterhead, Stavanger, Houston, Cairo, and Abu Dhabi.

Last year TWMA secured a £82.73 million contract for a major sour gas development in Abu Dhabi.

At the time, the Dyce business said that the five-year “game-changing” contract prompted it to set out plans to double its regional headcount to more than 400 personnel to support the work.

It also deployed its RotoMill technology on a harsh environment semi-submersible unit in the Central North Sea as part of a seven-figure contract last year.

TWMA claims that its RotoMill allows drilling waste to be processed at source, eliminating the need to transport drilling waste long distances for treatment or disposal through its well processing solution.

Aslaksen added: “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.”

The private equity-backed firm was acquired by Buckthorn Partners in 2017. The firm estimates that TWMA handles around 60,000 barrels of recycled oil per year.