An engineering company which sells services to the oil and gas industry is to close, with the loss of more than 100 jobs.
AKD Engineering in Lowestoft, Suffolk, announced its intention to close the business from the end of June, following several years of “substantial“ losses, compounded by the current downturn in the oil and gas sector.
Managing director Andrew Quayle said: “Despite a restructuring programme last year to keep the business going, market conditions mean that this is no longer realistic.
“Our thoughts are with our dedicated employees and their families and we will do whatever we can to assist them through this very difficult period.”
The 113 staff were told about the closure today.
The firm has been in operation for 60 years, originally manufacturing diesel engines for the local ship building industry, before becoming an engineering services provider to the oil and gas industry.
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