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Wellstream, the oil and gas services firm with 400 staff in Newcastle and 550 in Brazil, is to be acquired by General Electric of the US for £800m.

Wellstream International is to build a new oil and gas technology centre at its Walker Riverside site on Tyneside, in order to consolidate 50 staff into one building and create ten new jobs.

Wellstream is to invest £35m in the expansion of its flexible pipeline factories in Newcastle and Brazil.

Wellstream of the US is planning a £55m factory to make offshore pipes at Walker Riverside Park, Newcastle, creating over 200 jobs.