Specialist drilling waste management company, TWMA, has published its first quarter results for 2025, including revenue of $16.4million and EBITDA of $4.1m.
The results follow a period of progress on key Group strategic initiatives, positioning TWMA for future expansion.
Contributing to 67% utilisation of TWMA’s RotoMill** fleet, UAE operations have continued to expand. Key successes include a one-plus one-year contract extension for the ‘Upper Zakum’ project’ and a new call-off to provide drilling waste management services to an additional new island on the ‘Lower Zakum’ field. Additionally, construction of the world’s largest onshore processing facility of its kind continues with receipt of the first drill cuttings expected in Q3 2025.
Operations in the Norwegian market have accelerated, with TWMA expanding its work scope for a major operator through the award of additional services for an international services provider. Also, market stabilisation in Egypt led to increased activity that is set to continue rising in line with the return of major international operators in the coming years.
The Group is currently exploring several new geomarkets where TWMA’s RotoMill technology is primed to support with changing environmental regulations, increased visibility of carbon reduction methodologies, and lengthy drilling campaigns in remote locations.
Commenting on the latest results, TWMA chief executive officer, Halle Aslaksen, said: “I am pleased to report a busy start to the year. We continue to monitor the general macroeconomic climate which remains challenging, together with the impact of the introduction of tariffs; however, operations in our core markets remain largely unaffected by these. We are excited with progress on key strategic initiatives, which will position the Group for future expansion.”