Specialist drilling waste management company, TWMA, announced that it has closed on a $62.5million Sustainability Linked Bond on the Nordic ABM in Oslo.
With recent large contract awards in the Middle East and record high demand for TWMA’s RotoMill® offshore processing technology in the North Sea, the sustainability linked bond issue underpins TWMA’s expansion in key markets as well as replacing existing debt holders.
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.
Commenting on the announcement, TWMA Chief Executive Officer, Halle Aslaksen, said: “The successful closing of the Sustainability Linked Bond supports our investment into major projects in the Middle East and on the Norwegian and British Continental Shelf. This is particularly important as demand for our wellsite RotoMill® waste processing technology continues to increase.
Our customers understand the cost saving, safety, and environmental benefits that our RotoMill® technology delivers to their drilling projects, and this bond issuance further demonstrates our commitment to improving sustainability across all parts of our business.”
TWMA continues to be recognised as a leading provider of drilling waste solutions to the oil and gas industry following a nomination by the Oil & Gas Middle East Awards for innovation and Northern Star Business Awards for its global operations.