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The decision made by its conglomerate parent Camellia, and was communicated to AKD's 113-strong workforce yesterday afternoon.
"Despite a restructuring programme last year to keep the business going, market conditions mean that this is no longer realistic," AKD managing director Andrew Quayle said
"Our thoughts are with our dedicated employees and their families and we will do whatever we can to assist them through this very difficult period."
In terms of its oil and gas services, AKD provided welding specialists plus had the capacity to fabricate structures of up to 500 tonnes for offshore operations.
AKD has operated for six decades and was initially making diesel engines for the local ship building industry.
