A SUBSEA oil and gas firm says it will target further global markets after changing its name.

Duco Limited, based on the River Tyne, is now known as Technip Umbilicals.

Technip designs and makes steel tube and thermoplastic umbilicals, used to connect subsea equipment to platforms in the oil and gas market.

Earlier this year, it opened a steel tube plant, which it said is the most advanced of its kind in the world.

The factory, at Walker Riverside, Newcastle, is backed by the Government's Regional Growth Fund, and is supporting more than 150 jobs.

Jean-Louis Rostaing, Technip Umbilicals’ managing director, said: “The Duco brand will remain a strong part of our heritage, but the name change is exciting for us.

“We will continue to further our industry-leading technologies; however, our growth wouldn’t be possible without our dedicated employees.

“Our Tyneside roots mean the North-East has been the ideal place to invest and Newcastle has been the perfect location for our investment plan.”