TWMA, a waste management company for the oil and gas industry, has received growth capital from US private equity firm Lime Rock Partners worth $50 million (£25.9 million).

TWMA, a waste management company for the oil and gas industry, has received growth capital from US private equity firm Lime Rock Partners worth $50 million (£25.9 million).

Managing director Ronald Garrick tells Growth Business that TWMA is looking to expand by acquiring more contract work, premises, equipment and technology.

The company specialises in the handling and treatment of drill cuttings and drilling waste materials. The waste is processed offshore using thermal technology and is then recycled. TWMA made a turnover of some £8.5 million and a pre-tax loss of about £1.06 million for year-end June 2005.

Lime Rock focuses on the global energy market. TWMA is the fifth Aberdeen-based company that Lime Rock has invested in since May 2003.

Simmons & Company International acted for TWMA’s shareholders.