The significant investment for the Aberdeen-based drilling waste management specialist comes from Lime Rock Partners (LRP), a private equity firm focused on the global energy industry. This will also allow the purchase of additional equipment, the development of new technologies and a local and international recruitment drive for key personnel.
TWMA managing director Ronnie Garrick said: New technologies, systems and services must be continuously developed to maintain our market-leading position in this dynamic sector of the oilfield industry.
We are confident that in partnership with Lime Rock we will be able to continue with our innovations while raising the standards in this important market.
The move will also enhance TWMAs ability to meet the energy industrys increasing need for innovative solutions to environmental challenges and allow it to build on recent successes in domestic and international markets.
It is LRPs fifith investment in an Aberdeen-based company since May 2003. Its managing director Lawrence Ross said: We were very impressed by TWMAs record of innovation and its plan for growth.
We are excited about being a long-term investment partner with TWMA and helping it to expand its global reach and meet its full potential.