The A330 doesn't have fuel dumping nozzles as standard equipment so that may not have been an option.
Edit:
From a slightly dodgy source http://www.pprune.org/tech-log/117765-a330-fuel-consumption.... they'd burn 6 tonnes on takeoff and another ~7 in the 1.5 hours before the engine failed, and approx another 7 before landing but I don't know what the consumption would be like for a single engine return.
That gives 20 tonnes total fuel burn. At those figures the 5:40 flight would take 41.5 tonnes of fuel, plus a bit extra.