MOVES to secure a buyer for a struggling South Tyneside offshore yard have been applauded by a borough MP.
A buyer is still being sought for McNulty Offshore, South Shields, which was placed in administration on February 28 after a fall in orders.
The move sparked 100 redundancies, including some apprentices at the yard.
South Shields MP David Miliband has thanked administrators KPMG for showing “determination” in attempting to find a buyer for McNulty Offshore.
Although 93 staff have now been re-employed to complete outstanding orders at the yard, in Commercial Road, the search continues for a buyer to take over the offshore facility as a going concern.
Mr Miliband said: “I welcome any news of serious bidders with quality, long-term plans for the yard.
“Obviously, the more serious bidders the better, because it makes for a better future for the yard.
“I spoke to the administrators last week and they continue to show determination on this case, which is good news.” McNulty has successfully secured major offshore contracts, but started to struggle last summer, after a reduction in major capital projects.
A specialist offshore and gas contractor, McNulty’s services include construction engineering, pipe and structural fabrication and project management.
Dating back to 1906, the former shipmaking and ship repair yard moved over to offshore work about 30 years ago.
But the tough global economic market has hit the supply chain for significant capital expenditure projects.
A spokesman for administrators KPMG said: “We are continuing to make every effort to achieve a sale of the business.”