McDermott International Inc. Layoffs

Topics regarding layoffs at McDermott International Inc.

Podcasts

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.

Insanity

Repetition of same expecting a different outcome-

Holidays

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.

Q1 Loss Summary

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 

US fabrication shops

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 

McDermott: Bullied to Oblivion.

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 

a hearing tomorrow

There is another bankruptcy hearing tomorrow with the United States Trustee. Any idea what this is about?

Hiring & Merit Actions Email

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 

chop chop

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.

Sunlight is the best disinfectant. Next to Purell

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 

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Stock

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 

Layoffs this week

Heard some corporate do nothings are going to get cut this week. If you don’t have a charge number then you’re gone.

Opt out forms due by Feb 19

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 

These are the real victims

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 

Remember

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.

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