The boss of closed offshore manufacturer TAG Energy Solutions has told The Journal his firm is going through a sale process and that he fully expects production to start again once a deal is complete.
Stuart Oakley, chief executive officer of the Teesside firm, confirmed TAG had laid off 74 staff in September as orders ground to a halt.
TAG’s Haverton Hill Yard operation was closed due to lack of orders, but a sale process behind closed doors is now said to be reaching conclusion.
Mr Oakley told The Journal: “The business is going through a sales process and once this is complete I fully expect it to re-open and be back in action.
“Due to no further orders we were forced to lay off the workforce in September. The facility is now closed, but not in administration.”
Mr Oakley gave no indication as to when a deal was likely to complete other than to reaffirm his confidence the Billingham operations would be back in action.
The manufacturers of tubular foundations for the offshore energy industry recently supplied the monopile foundations to the Humber Gateway offshore wind farm project, 8km off the Yorkshire Coast.
It was part of a £20m contract with Humber Gateway developers E.ON.
In late 2013 former chief executive Alex Dawson stood down after three years driving growth at TAG. He was replaced by Mr Oakley, who has previously held senior roles at Subsea 7, Stolt-Neilsen Seaway Group and McDermott.
The company had been operating from its Cleveland base since 2010, following a £20m management buyout backed by London-based investors Platina Partners and Environmental Technologies Fund.
At the time Sam Goss, senior investment manager at Platina said: “The supply chain for offshore wind and other renewable energy technologies is an area of particular interest for Platina buyout funds.
“The UK’s Round Three for offshore wind will create huge opportunities and we’re delighted to have invested in the country’s first offshore wind foundation manufacturer to have its own tubular can rolling capacity.”
TAG also received £3m in grants from Department for Energy and Climate Change and regional development agency One North East.