So is everyone motivated and enlightened by the management teams podcast. They can now tell us how great they are and how lucky we are.
Topics regarding layoffs at McDermott International Inc.
Office is done and gone. Everyone was laid off this week.
Repetition of same expecting a different outcome-
Some things never change.
I heard they are going to go to a 4-10 workweek policy and any holidays on Fridays, Saturdays and Sundays wont be paid holidays unless you are at least manager level. A lot of the other engineering companies are doing the same thing.
I've heard there might be layoffs sometime this month, can anyone confirm this?
For first quarter, under Chapter-11 bankruptcy protection McDermott reports $1.4 billion loss on $1.9 billion revenues. Latest period did include $884 million impairments on property and equipment and further $94 million on goodwill. Total Tyra... — read more
Does anyone know the truth about the sale of the US fabrication shops. All we are told at all the meetings first quarter. I wonder why they keep laying off skilled labor and not office workers or managers. Instead they move people around to try to... — read more
Once upon a time McDermott were a bright shining star in the offshore construction industry, market leaders, developed a global presence and garnered global respect. Sadly, there is no happy ending to this cautionary tale of a once great company... — read more
Do we need DD's expertise that badly ??????
There is another bankruptcy hearing tomorrow with the United States Trustee. Any idea what this is about?
Gist of the email... no more hiring & no more raises for the foreseeable future... I better not see one more stinking cent or one more transfer of stocks to the already grossly overcompensated BOD or Executives for running the company in the... — read more
I cant get a straight answer from corporate.
Bellyaching about the buses helps noone !
that last email from DD sounds ominous, but is not surprising. Oil is in the 20s... that means it is time to cut jobs. You got to wonder if MDR will make it out of chapter 11.
What are your thoguhts?
DD needs more funding.
Workers on the Hackberry Louisiana LNG site are still being crammed on buses to and from the jobsite as of yesterday. So much for social distancing...
The SEC is investigating statements made by the company before its bankruptcy. "Federal regulator objects to clause in McDermott bankruptcy "Commission has filed an objection to part of Houston-based McDermott International Inc.’s bankruptcy... — read more
Why would the stock be fully canceled and be worth nothing? The company will continue to operate, and new stock will be issued, so why would it not transfer to the new stock? Don’t know much about stock, this is unfortunately from my time with... — read more
So - what was your first clue....the optimistic town halls followed by dismal earning reports; promises to change things up on "challenged" projects then seeing no change or get worse; spending months "studying" software only to discontinue any that... — read more
Heard some corporate do nothings are going to get cut this week. If you don’t have a charge number then you’re gone.
Yep. Sounds about right.
Regardless if it’s customary or not. DD should renounce his bonus. He already received one last year. Him giving up his bonus could save some jobs. Layoffs still... — read more
What's the biggest location, what's the overall employee count and how many employees work at Houston?
For all of the individual investors in MDR common stock where your investment shares are being cancelled and made ZERO value, you can opt out of the resolutions to hold all parties harmless. By doing this all of Bad Actors in the demise of MDR stock... — read more
All said and done its the individual shareholders, hard working employees, and the suppliers who don't get paid are the real victims. Management walks away with golden parachutes, retention bonus' and other perks they feel entitled to. McDermott and... — read more
Unbelievable that he is still here. How? Banks own and run the company now. Anyone start a pool yet on when his last day will be and how many more millions he will get? I’d buy a couple of squares.
How much more will we lose on the way down to final liquidation ????????
PA is responsible for all of this. DD did the same thing he did when he merged with CBI. Just like PA did when he bought Shaw.