TWMA announces second quarter profit of $4.9million
TWMA’s RotoMill 2.0 technology
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.
About TWMA
Headquartered in Dyce, Aberdeen, 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.
