THE future of a troubled offshore yard was secured last night.
McNulty Offshore Contractors went into voluntary administration early last month, after a contract row with a client led to a cash flow crisis.
Administrator KPMG has since laid off more than 200 workers, but kept on a core of 45 while it tried to sell the yard as a going concern.
Yesterday, joint administrators Julian Whale and Richard Fleming confirmed that a buyer had been found for the yard in South Shields, South Tyneside.
Geoff Race, chairman of the Northern Offshore Federation, which represents 220 of the region's offshore firms, including McNulty, said: "McNulty is a well-respected and highly-regarded company, with a worldwide reputation for quality.
"Whoever has bought the yard has bought a first class facility and the workforce to go with it."
Bosses at McNulty called in administrators after becoming embroiled in a row over payment for a multi-million pound contract with French firm Technip. Administrators struck a deal with Technip and the contract, for part of a gas module bound for Nigeria, was completed last week.
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