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Engineering Business of Northumberland has been acquired by Dutch shipbuilder IHC Merwede for about £30m, and EB's 150-strong workforce is expected to double over the next two years.
The Engineering Business is to invest £1.2m in the development of new workshops at the former Amec yard on the Tyne, with the creation of 50 jobs for engineers and managers over the next three years.
The Engineering Business has secured an additional £2.1m government grant to fund the development of its Stingray Tidal Stream Generator, which will be reinstalled in Yell Sound in Shetland this summer.
The Engineering Business is to set up a new base next to its Northumberland headquarters to help with the expansion of its gas pipelines business, and more than 50 new jobs are expected to be created.