TWMA Finance AS reports Q3 2025 results amid strategic shift

TWMA Finance AS reported Q3 2025 revenue of $16.8 million, up from $15.9 million in Q3 2024. Despite this, EBITDA from continuing operations decreased slightly to $4.6 million from $4.9 million, mainly due to reduced UK activity and asset redeployment to the UAE. The company posted a net loss of $(1.815) million for the quarter.

The company's chief executive, Halle Aslaksen, highlighted strong operational performance in the UAE, with full operations on the Ghasha Mega Project, and stable performance in Norway and Egypt. The company also commissioned its largest onshore drilling waste processing plant in the UAE, capable of processing over 65,000 MT annually. UK operations faced a forecasted activity decrease due to an onerous fiscal regime, leading to postponed or cancelled drilling operations.

Total assets stood at $104.578 million, up from $102.076 million at the end of 2024. Net Debt was $(65.989) million, with unrestricted cash balances of $3.4 million and unutilised credit facilities of $3.0 million. The report also noted the company's commitment to safety, achieving over 1,500 workdays without a Lost Time Incident.