Offshore construction firm McNulty’s site on the Tyne in South Shields has been bought from administrators by the Port of Tyne, which said it would continue to be used in the offshore sector.
McNulty Offshore Group Holdings fell into the hands of administrators in February this year. In the deal Port of Tyne will acquire 10 acres of land adjoining its Tyne Dock estate.
CEO Andrew Moffat said: “The site is well known to those in the offshore sector and provides potential for developments in the associated wind, oil and gas sectors.
“We are now talking to several interested parties who would find the location extremely attractive for immediate contracts.”
Mark Firmin, KPMG’s northern head of restructuring and joint administrator of McNulty Group Holdings, said: “In the short term the sale includes the provision for the administrators to complete existing contracts being fulfilled by McNulty, which is currently creating employment for about 60 people.”