McDermott International Inc. Layoffs

Topics regarding layoffs at McDermott International Inc.

Jail time for ExCom

We're going from future is bright to bankruptcy in what has to be record time. SEC is investigating the disclosures around Cameron LNG. I wonder if DD, SS or others will end up in jail for fraud. Whistle blowers?

by
| 233 views | |
Post ID: @126txggZ

Circling the drain now

I think we're going to find out fairly soon what the other side of bankruptcy looks like. Life will go on.

by
| 794 views | |
Post ID: @121Ugyem

None of these posts are from McDermott Employees

I just heard about the existence of this website......This is hilarious. For the people on here who actually work with me at McDermott, they would know that our Executives just got stock bonuses. If our management team were planning on filing for... —  read more 

by
| 2083 views | |
Post ID: @120jdp0I

Vessels were arrested

https://www.upstreamonline.com/rigs-and-vessels/mcdermott-vessel-pair-briefly-faces-arrest/2-1-705313 Upstream reports Helix obtained arrest warrents on McDermott subsea construction support vessels North Ocean-102 and -105. Warrants were placed by... —  read more 

by
| 2080 views | |
Post ID: @1200MLik

What's up with this?!

https://www.wsj.com/articles/mcdermott-investors-lent-1-7-billion-without-knowing-of-sec-probe-11573603223 Nov. 12, 2019 7:00 pm ET McDermott International Inc. investors knew they were investing in a faltering business when they extended $1.7... —  read more 

by
| 1620 views | |
Post ID: @120kJhZJ

Institutional Selling

One of the largest holders of MDR stock ( AMG Managers Fairpointe Mid Cap Fund) has eliminated its position ( 6.5 million shares) at the end of the third quarter. They took a 75 percent loss. Other institutional holders are expected to follow. The... —  read more 

by
| 1019 views | |
Post ID: @11YqHsWT

What to do?

When you have family, mortgage and worked hard to provide for them come home only to tell them you don’t know if you will have a job by Christmas it feels like you are worthless. When you see others that are much younger who drive the company... —  read more 

by
| 1321 views | |
Post ID: @11YR5fpQ

"Take a deep breath and relax..."

Messaging. Told move was delayed because of punch list items unfinished. But now we find out that that the contractor stopped work because they haven't been paid $14mn. Messaging. Told that MDR received unsolicited OFFERS (more than one?) valuing... —  read more 

by
| 1332 views | |
Post ID: @11XJWLM1

How much to finish the Focus LNGs?

On Nov 11, DD has to submit the final plan outlining cost to finish the focus projects. I have a feeling that if this plan is wrong, then MDR goes under. So what is the latest estimate to finish Cam & Free? What about Pemex? Any hope the bridge... —  read more 

by
| 910 views | |
Post ID: @11X1CQyb

Is it time to go full on enron

So is it time to start taking home coffee, Creamer’s and anything else of value in leu of payment. Starting to envy those already let go with their 2 weeks severance.

by
| 983 views | |
Post ID: @11Ve49vD

MDR has NOT sold LUMMUS

For the fake post couple days before, LUMMUS has not been sold. The earnings release and no conference call scheduled should tell you something by the "alternative process evaluation" for Lummus. The potential buyer we had couple or the management... —  read more 

by
| 1454 views | |
Post ID: @11VSiq45

Can we hear from employees please?

What office are you at? How do the hallways feel? Any layoffs today , this week? Any new hires today, this week? Any news? On anything! Is your boss in the office?

by
| 1056 views | |
Post ID: @11VlVffK

Almost feel bad for DD

Fell bad for him because he got sold a bag fo c-ap from guys like P. Mullin And as Herman remember his whole crew: scorsone, Ho, etc etc... unfortunately we all have to live with the bad decisions of a small few. Gonna be hard to get a job with... —  read more 

by
| 1120 views | |
Post ID: @11VzFsQm

Happy Blue Jeans Friday!

You've earned it. Yeah, it's extravagant & a burden on the co but it shows how important The People really are in this New Kind of Company! We celebrate you.

by
| 449 views | |
Post ID: @11VG6R2C

Construction on McDermott's HQ Comes to a Halt

Remember when they told us a couple of weeks ago that the move was being delayed because there were a few punch list items to be taken care of and they wanted to wait until construction was completely finished before we moved? Well, the part they... —  read more 

by
| 1542 views | |
Post ID: @11UzZwTr

Bankruptcy Risk Rising

https://seekingalpha.com/news/3514716-mcdermott-bankruptcy-risk-rising-citi-analyst-says

by
| 1262 views | |
Post ID: @11UW8E1N

Next 90 Days - Lummus, Chapter 11 and Uncertainty

The following is based on prior events, reading the 2019 Q3 Earnings and conversations with McDermott employees. Company hires multiple restructuring firms Company secured $650M Bridge Loan (despite CATASTROPHIC terms) Board issues Retention... —  read more 

by
| 2012 views | |
Post ID: @11UQaa6c

McDermott Finally Publishes Earnings (with no call)

First time I’ve ever seen a company of this size (and high level of visibility) post earnings and not hold an earnings call. Translation: they don’t want to take any questions and they don’t want to go off script Just take a look at this from... —  read more 

by
| 683 views | |
Post ID: @11TjiCFK

McDermottToday

November 4, 2019: "This morning we announced our Q3 2019 financial and operational results which reflected solid operational performance across the majority of our business." This was the CEO's interpretation of a sharper than expected Q3 loss... —  read more 

by
| 908 views | |
Post ID: @11SPx7m1

"Bartender! Another round of bonuses..."

"...on the shareholders! Let the good times roll!" Q's out. Look at the line, total stockholder equity. Negative 1.38bn. & working capital is negative 5bn. I am still puzzled. Why did MDR get 300mn in equity last year? All gone now but what... —  read more 

by
| 793 views | |
Post ID: @11SzYEDE

Will We Survive

Here is the situation. I in top-level finance at MDR. I am even posting this from some random PC. MDR has sold LUMMUS. They are postponing earning till they finalize details. It will be good temporarily for the stock price. Shares should get... —  read more 

by
| 2491 views | |
Post ID: @11OdEx0G

What Is Going On

It is sad to see people you have worked with for years saying goodbye. This week has been rough.

by
| 849 views | |
Post ID: @11OPd68U

COST REDUCTION SHOULD BE IN SUPPLY CHAIN

LAYOFFS SHOULD START WITH SUPPLY CHAIN FUNCTION. THEY HAVE PROBABLY MORE THAN 30 DIRECTORS (OR SENIOR DIRECTORS). EVERYONE IN THAT DEPARTMENT IS DIRECTOR, SENIOR DIRECTOR OR SENIOR MANAGER. IT IS RIDICULOUS. WHY HR ALLOWS THIS?. IN MY NEXT LIFE I... —  read more 

by
| 1305 views | |
Post ID: @11NKtJ8m

Start a new thread - post a news comment, question or message:

: