MORE than 100 workers have been made redundant at an engineering company, administrators have confirmed.

Cordell Group has let 117 people go after contract losses caused financial problems.

The business, based in Stockton, is known for providing a range of services across the petrochemical, chemical, oil and gas, steel, power generation, transport and commercial building sectors.

According to administrator Begbies Traynor, 50 people were made redundant prior to the business entering administration.

A further 57 went when the company was taken under management, with another ten going in its Cordell Southern Technical Services Limited subsidiary.

Administrators are continuing to trade with the group’s major customers to complete a number of existing projects while they consider the options for the business and the remaining 170 staff.

Lee Lockwood, joint administrator, said: “Unfortunately, the group has suffered from the decline in the oil and gas sector over the past couple of years, and whilst seeking to diversify into other sectors, it suffered losses on two contracts from which its financial problems arose.

“Significant interest in the group has been expressed by potential buyers or investors, but no sale or investment has been concluded to date.”