A SPEEDY management buyout of McNulty Offshore aims to bring back the boom times of the 1990s for one of Tyneside's best known names.

Managing director Steve Keyworth is on the trail of new national and international contracts, which should lead to job numbers increasing into the thousands.

Lawyers from Watson Burton completed the complex deal in under four weeks.

Mr Keyworth announced his team of directors yesterday - commercial director will be Steve Langley and financial director is Gunnar Oma.

The team is focusing on providing long-term employment for South Tyneside and the region from the yard.

Technip Coflexip, a global offshore business, bought McNulty Offshore as part of its acquisition of the Aker Deepwater Company last year.

The company recently decided to concentrate on its core business of engineering and production, and planned to sell McNulty Offshore.

Mr Keyworth, as managing director and shareholder, was offered first refusal of the yard. He helped to drive forward the North East Maritime Group with trade unions to agree uniform rates and conditions for workers for all companies along the Tyne.

The agreement opens up business to help workers move freely between firms for large projects, and increases the ready supply of experienced labour for future work.

Kevin Curran, general secretary of the GMB Union, said: "The successful buy-out by McNulty Offshore is fantastic news for the industry and the people who depend on a thriving offshore sector."