Council bosses have welcomed plans to create hundreds of new jobs in South Tyneside.
Hebburn-based CFS Offshore Engineering Ltd has been taken over by engineering and technology specialist Texo Group .
The firm, which will become Texo CFS, employs around 20 people directly, with around another 120 contractors, and bosses hope to quadruple the workforce over the next four years.
Coun John Anglin, South Tyneside Borough Council’s Lead Member for Regeneration and Economy, said the move was a massive vote of confidence in the boroufgh as a place to do business.
"This is great news for the Borough," he said.
"It demonstrates confidence in South Tyneside as a place to invest and do business as well as bringing a jobs boost for local people."
CFS provides full class approved fabrications, vessel mobilisation and demobilisation services, and engineering solutions to the Oil and Gas and renewables sectors from its riverside plant in Hebburn and is currently building a new additional facility at the Port of Blyth.
With the support of the wider group, Texo CFS will be able to provide clients with an integrated concept design through to installation service.
Texo Group has been formed to meet the demand for integrated engineering services within critical infrastructure and provides leading Inspection, Engineering, Procurement and Construction (iEPC) services for multiple sectors.
The group is headquartered in its purpose-built facility in Westhill, Aberdeen, alongside strategically placed fabrication facilities at the Port of Dundee.