Figures released today have shown that the country is officially out of the recession, with the economy growing 1 percent in the last quarter.
Tyneside is also set to have 400 more jobs in the next 18 months, after an offshore engineering company won a contract to help maintain oil rigs, and received funding from the Regional Growth Fund.
Offshore Group Newcastle (OGN); an offshore engineering company has won a new contract which it says will create up to 400 new jobs on North Tyneside.
A statement on the OGN website said:
In a multi-million pound deal, the jacket which weighs circa 5400 tonnes, measuring 118 metres in length will be due for delivery in March 2014. The project will require a skilled workforce... In total over 400 jobs will be created at the Hadrian Yard facility.
A company on North Tyneside has won a £50 million contract to held extend the life of oil platforms, which will create 400 jobs.
Offshore Group Newcastle (OGN) will engineer and make a structure known as a 'jacket', the base for a drilling rig, for the oil company Talisman, at its yard in Wallsend.
Companies in OGN's supply chain will also benefit from the new contract.
OGN received a grant from the government's Regional Growth Fund, and will begin manufacturing the jacket in the coming months.
Earlier this year the company announced it would create 800 new jobs to make similar structures for offshore wind turbines at a new factory at Wallsend.
– David Edwards, Chief Executive, OGN
"The North Sea oil and gas market is thriving at the moment with substantial investment due to take place in the near future, and we hope these recent awards are the first of many with Talisman in the coming months and years."