One of the region's largest offshore engineering firms, OGN, says its had to shed 2 and a half thousand jobs, in just 3 months.
The company, based on Tyneside, says global investment in the sector has dried up.
One industry expert has warned that the North East must brace itself for a difficult few years.
Jonny Blair reports on the state of the industry:
Police are appealing for help to trace a missing man from North Tyneside.
Michael Bianchi, 22, was reported as missing after leaving his home in Wallsend on Sunday, January 17.
Michael is around 5ft 8ins tall, of slim build with long straight brown hair and wears black metal rimmed glasses. He is believed to be wearing blue jeans, black leather bomber jacket with blue Adidas Samba trainers.
Enquiries are ongoing to locate Michael and police are urging him to contact police or his family and let them know he is ok.
Police are warning people to be careful where they keep their car keys after a number of burglaries where cars were stolen.
It follows reports of three burglaries in Wallsend since January 16 where car keys were taken. Areas in Wallsend such as Hadrian Lodge, Holy Cross and Willington Quay have seen offences.
In some cases, suspects have gone in through an unlocked door while in others they have smashed a porch or doors window to reach inside.
Keys stolen have either been left with house keys in the back of the door left on a nearby table or in the hallway.
Police are advising that people:
- be aware of where your car keys are stored
- make sure doors and windows are locked
- don't leave keys in view or within reach
- detatch car keys from house keys and store out of sight
Wallsend Neighbourhood Inspector Mark Storey said:
We've seen an increase in offences across Wallsend where car keys have been targeted during burglaries to homes.
We're seeing a variety of methods from burglars - some are sneaking in through unlocked doors and on other occasions windows are being smashed. But they common factor is they only have to be in the house a matter of seconds to find the keys and make off in a vehicle.
It's vital people secure their property and are conscious of where they are keeping their car keys. Make sure doors and windows are locked and don't leave keys in view or within reach.
Don't leave them in the back of the door - detach them from your house keys and store them somewhere out of sight. By taking a few simple steps to secure your keys it could prevent a lot of distress and frustration, not to mention cost."
A controlled explosion has been carried out at Longsands beach in Tynemouth after a possible WW2 munition was found at the Swan Hunter Shipyard in Wallsend.
Extra officers are in the area speaking with people and offering reassurance.
A security guard was threatened with a knife as the pair stole a black cash box before making off in a waiting car.Read the full story ›
40 firefighters were called to a large blaze at the derelict Wallsend Leisure Centre in North Tyneside tonight.Read the full story ›
Police investigating a suspicious death in North Tyneside are continuing to hold a man in custody.
Officers and ambulance staff were called to David Street, Wallsend at 8pm on October 5, following reports that a man had been found with head injuries in the street.
The 39-year-old man was given medical treatment at the scene by ambulance staff and taken to the Royal Victoria Infirmary where he died.
A 40-year-old man arrested in connection with the incident remains in custody. Officers are treating this as an isolated incident. It is believed that the victim and the arrested man are known to each other.
"We particularly want to hear from anyone who was in the area of David Street who may have seen or heard anything suspicious earlier that evening. "We have officers in the area carrying out house to house enquiries and we would ask that people stop and speak to these officers if they have any information or any concerns."
Police are investigating following the suspicious death of a North Tyneside man.
Officers and ambulance staff were called an address in Wallsend at 8.05pm on Monday, October 5, following reports of a man, found with head injuries in the street.
The man beleived to be in his 30s, was given medical treatment at the scene and was taken to the Royal Victoria Infirmary by ambulance.
He was declared dead a short time later.
A 40-year-old man has been arrested in connection with the incident and remains in custody.
It is believed that the victim and the arrested man are known to each other.
Police investigating two attempted armed robberies in Wallsend have made an arrest.
The first happened at 7.37pm on September 21, at Michael's shop, Churchill Street. A man entered the store and demanded money before threatening staff with a knife and making off empty handed.
The second happened at 9.34pm on September 21, at Hyare News, Park Road, when an offender attempted to steal money.
Officers have arrested a 29-year-old man on suspicion of robbery.
"We would like to reassure people that we have a 29-year-old man in police custody.
"Enquiries into both robberies are ongoing and we appeal for anyone who may have information to help to contact police."
A shop worker in North Tyneside has suffered cuts to his face after being attacked by a man he believed was behaving suspiciously.Read the full story ›