Member Article

New jobs as South Shields marine engineers scoop €1.4 million contract

South Shields-based marine engineers MCPS Ltd will start work on a €1.4 million contract with Spanish offshore construction outfit, Dragados Offshore.

MCPS manufacture and supply protection components for the offshore oil and gas industry and will use funding from NatWest administered by UK Export finance to deliver on the contract.

The contract is estimated to boost MCPS’ turnover in the final quarter of its 2013-2014 accounts by 35% and the firm say new jobs are likely this year.

Managing director Glenn English and financial controller David Bennett secured bonding facilities worth more than €200k to allow work to begin without cash outlay.

David Bennett said: “We have had the support of NatWest for many years but knowing that MCPS now has the combined support of the bank and a government run organisation like UK Export Finance, gives potential foreign clients added confidence when in contract negotiations with MCPS. Export contracts equate to around 70 per cent of our work.

“Looking forward, we anticipate that 2014 will be a pivotal year for the business with plans to relocate to larger premises which could effectively create the potential for production to treble. We plan to recruit more staff to facilitate this growth.”

NatWest relationship manager Paul Blakey added: “I am so pleased to have been in a position to be able to support MCPS Ltd and work closely with UK Export Finance.

“It’s important the bank works with government bodies such as these to facilitate the needs of its customers. I look forward to seeing MCPS continue its growth in the next year.”

This was posted in Bdaily's Members' News section by Tom Keighley .