TWMA is focused on growing its overseas markets after exceeding £30million turnover for the first time in 2010 and landing £40million worth of UK North Sea contracts in the last nine months.
The Aberdeen-headquartered firm managed to increase its turnover by 15% to £31million in 2010, despite the difficult economic climate and the completion of two major contracts within the year.
TWMA expects annual turnover to rise to over £40million this year.
TWMA operates in the UK, Norway, Americas, Africa and Middle East. Last year it increased its market share in each of these regions and anticipates around 40% of work will take place outwith the UK in the current trading year.
During the last nine months, new or extended contracts in the UK offshore sector have been secured with oil companies including BP, Maersk, ExxonMobil, Chevron, Total and ADTI, primarily involving processing, containing and recycling offshore drill cuttings in the UK North Sea using TWMA's industry leading TCCRotoMill technology alongside its cuttings containment and distribution system (CCDS).
The company will invest around £8million this year to increase its rental fleet of TCCRotoMill thermal processing equipment for offshore drilling projects overseas.
This investment will bring the firm's cuttings processing capacity to an industry record high of one million tonnes per year.
The new TCCRotoMills will be manufactured at TWMA's onshore processing and manufacturing facility in Peterhead and the first unit is expected to be commissioned this month.
TWMA's technology delivers multi-million pound cost savings to the offshore oil and gas industry worldwide by avoiding vast quantities of drilling wastes going to landfill.
The firm employs around 300 people worldwide and it plans to grow its workforce by adding up to 50 people in 2011.
Ronnie Garrick, managing director of TWMA, said, "We have firmly established TWMA as the world leader in providing environmentally friendly, safe and cost-effective methods for handling drill cuttings offshore at source. Our strong performance at home and overseas during difficult economic times reinforces our strength in this sector.
"We move forward in 2011 with confidence that we can continue to expand our operations and increase our international sales, which is a key priority for TWMA this year."
"We also made multi-million pound investments in our office and manufacturing facilities here in the UK and in Norway, and are increasing our TCCRotoMill rental fleet to keep pace with demand overseas and fulfill our growing order book for international work.
"The Norwegian sector of the North Sea, Libya, the Middle East and the Americas are regions with massive scope for our TCCRotoMill technology. Recycling drilling wastes on-site using our thermal processing technology saves transporting large volumes of drill cuttings to land for treatment or for landfill. We are, at the moment, the only company in the world able to offer this complete waste management capability offshore."
Mr Garrick said he believed North Sea decommissioning activities will also provide opportunities for TWMA in 2011 and beyond, "We are gearing up to supply offshore waste handling, recycling and bulk containment services to operators and contractors involved in decommissioning North Sea assets.
"Where cuttings piles are to be removed from the seabed, getting these to the surface for processing is going to be a massive operation, especially given the potential for contamination of the marine environment. Our expertise in this process lies in deploying our environmental systems on the rig site to recycle the cuttings on-site rather than bringing ashore."
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