McNulty Offshore in South Shields in administration with the loss of 100 jobs
South Shields-based McNulty Offshore has gone into administration with the loss of 100 jobs.
The firm, which has traded since 1906, was once one of the largest of its kind in the North East specialising in the oil and gas industry.
A spokeswoman for administrators KPMG said the company had been struggling to gain new orders in the face of an increasingly tough global market.
She said 32 staff remained on site and a buyer was being sought.'Attractive acquisition'
She added: "The Tyneside-based business, which also has an Aberdeen operation, has suffered from the uncertain and challenging global economic environment which has particularly impacted the supply chain for significant capital expenditure projects."
Mark Firmin, joint administrator and KPMG's Northern head of restructuring, said: "While this business has struggled with tightening global trading conditions for some time, it has a long history of delivering successful projects.
"This, teamed with its prime freehold Tyneside location, give us reasons to consider it an attractive acquisition opportunity. Therefore we are marketing the business and are hopeful of securing a sale."
No redundancies have so far been made in Aberdeen.