Tyneside company secures £150m oil rig deal
A Tyneside-based company has won a £150m contract to build a North Sea oil platform.
Offshore Group Newcastle (OGN) said the work would create 1,000 jobs at its Hadrian Yard site, in Wallsend, over the next two years.
The company has made the deal with the US-based Apache Corporation.
OGN Chairman Dennis Clark said: "The North Sea oil and gas market is coming back to life and infrastructure investment looks set to increase."
The new platform is for the Forties oil field.
Newcastle East MP Nick Brown, said: "Congratulations to OGN on winning this contract. This is a big boost for jobs on the north bank of the River Tyne. It's a great achievement."
Energy Minister Charles Hendry added: "This is welcome news, as well as bringing investment and jobs to the North East.
"Projects like this play a vital role in ensuring we have secure energy supplies throughout the UK.
"Although we are moving towards a low-carbon future, we will remain dependent on oil and gas for years to come, and this Government is resolved in encouraging the safe development of our resources in the North Sea."