A SOUTH Tyneside marine company is set to boost production after landing a £1.4m offshore contract.
MCPS Ltd, based in Middlefields Industrial Estate, South Shields, will complete the order with Spanish offshore construction outfit, Dragados Offshore.
The borough firm, which was named South Tyneside Business of the Year in 2012, manufactures and supplies protection components for the offshore and gas industry.
With funding from NatWest, administered by UK Export Finance, the contract is set to boost the company’s turnover in the final quarter of its 2013-2014 accounts by 35 per cent.
The contract has also helped increase the total workforce to almost 50 staff.
Managing director Glenn English and financial controller David Bennett secured bonding facilities worth more than £200k to allow work to begin without cash outlay.
Mr Bennett said: “We have had the support of NatWest for many years, but knowing that MCPS now has the combined support of the bank and a Government-run organisation like UK Export Finance, gives potential foreign clients added confidence when in contract negotiations with MCPS.
“Export contracts equate to about 70 per cent of our work.
“Looking forward, we anticipate that 2014 will be a pivotal year for the business, with plans to relocate to larger premises, which could effectively create the potential for production to treble. We plan to recruit more staff to facilitate this growth.”
NatWest relationship manager Paul Blakey said: “I am so pleased to have been in a position to be able to support MCPS Ltd and work closely with UK Export Finance.”