AKD Engineering Ltd, a UK company offering engineering, manufacturing and offshore services will close its business this year.
According to Camellia PLC, a parent company of AKD, AKD Engineering has today announced its intention to close with effect from the end of June 2015.
“The decision to close the business has been made reluctantly following several years of substantial losses, which have been further compounded by the current downturn in the oil and gas sector,” said the company in a statement.
AKD Engineering’s loss before taxation for the year ended 31 December 2014 is expected to be approximately £7.7 million (2013 – loss of £5.5 million).
AKD Engineering employs 113 staff at Horn Hill, Lowestoft. It has been in operation for 60 years, originally manufacturing diesel engines for the local ship building industry, before becoming an engineering services provider to the oil and gas industry.