Drilling waste management company TWMA, of Aberdeen, has said it is growing headcount by more than 40% on the back of a new contract in the Middle East.
The firm expects the size of its workforce around the world to mushroom to about 750 people, from 520 currently.
TWMA’s recruitment update came as it also reported “continued strong growth” as turnover grew by more than £2.4 million to £55.8m last year.
Firm says acquisition-related impairment hit its bottom line
Headline profits were “consistent” year-on-year at £12m, the company said.
But pre-tax losses widened to nearly £16.4m, from about £5,8m in 2022.
TWMA said the bigger losses were due to a goodwill impairment relating to the acquisition of a US business in 2017.
TWMA’s Shetland roots
The company has its roots in a business founded in Shetland by brothers Douglas, Ronnie and Davie Garrick, but has been headquartered in Aberdeen since 2000.
Since May 2017 it has been owned by London-based investor Buckthorn Partners.
TWMA stands for Total Waste Management Alliance.
The firm turns drilling waste into a valuable resource for clients in key locations throughout the UK, as well as in the Middle East, Norway and the US.
It told The Press and Journal it is seeing record demand for its RotoMill offshore processing technology.
Total sales have been boosted by a “significant” increase in uptake and utilisation of RotoMill during the past year, specifically in the Middle East and North Sea, it added.
TWMA’s headcount-boosting contract win in the Middle East – worth nearly £83m – is a five-year deal for work on a gas project in the United Arab Emirates (UAE). It is the firm’s largest contract in the region to date.
The company said it had also been awarded multi-year contract extensions in the Middle East.
According to chief executive Halle Aslaksen, TWMA’s latest financial results “cement the continued growth and environmental benefits that our RotoMill technology delivers to our clients’ drilling projects”
He added: “As sustainability and environmental impact rightly remain a focus for organisations, we are delighted to provide a solution to these challenges, and support the industry with safety and cost savings through our technology. Our people and expertise in the global regions we operate in continue to allow us to expand and grow.”
TWMA won the “going global” gong at the Northern Star Business Awards last month.
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