Thread regarding McDermott International Inc. layoffs

So what happens with the upcoming moves (already postponed once)?

Especially from the locations like Eldridge and OP where the leases are almost up anyway?

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Post ID: @11XSlh2U

10 replies (most recent on top)

Investors are being told we’re all moving into new offices Monday. Apparently I miss the memo.

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Post ID: @11XSlh2U-6emg

Facts:

  • 6 floors are complete at Energy Center 5.
  • MDR does not employ enough office staff to occupy all 18 floors (at Energy Center 5) at full capacity

Opinion: I don’t know why MDR leased all 18 floors of EC5? Wishful thinking? Hubris?

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Post ID: @11XSlh2U-1vps

and how many floors are actually finished in the new building?

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Post ID: @11XSlh2U-slp

Eldridge employees will be moved into floors that are ready in the new building.
This will make room for the employees from the other leases that are expiring to sit temporarily.

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Post ID: @11XSlh2U-sia

Our management isn't saying much about the move. I think this is such a mess that our mgmt does't know what is going on. It seems like we will move to Eldridge eventually, but nobody knows when, and we have a lease expiring soon. I think we will end up working at McDonalds or Starbucks or anywhere else there is free wifi. That is, those employees that don't resign.

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Post ID: @11XSlh2U-sfs
  • But Bechtel is taking over Eldridge after we get evicted!!
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Post ID: @11XSlh2U-xka

I am happy we get to stay in West Chase for our group. Once they move to Eldridge, Im done. I almost resigned but when it got postponed, I am good. Just a note for ya'll that Bechtel is hiring. They are a little slow on the onboarding, but they have work.

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Post ID: @11XSlh2U-dyj

But where will the people go from OP where the lease is up end of Dec and not extendable since the space is already leased out to a new tenant? And what about BP?

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Post ID: @11XSlh2U-mxz

Yeah, I have to agree with the last post below. I don't have any idea either.

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Post ID: @11XSlh2U-gyc

The moves will continue. Life after bankruptcy will need an address. McDermott will not file Chapter 7. It will be a restructuring thru a Chapter 11.

There are many assets and large backlog.

I think MDR management purposely overinflated their backlog as a strategic move to fight off a Chapter 7 (liquidation) to favor a Chapter 11.

Good news, MDR will exist in some form for years to come. It would have to be world class, Fukushima meltdown of a disaster for MDR to cease to exist.

Because if that, I believe the moves into the new building will continue. However, those moves will be delayed until after they figure out how to pay the bills. (Bankruptcy, Tranche B, moving funds from projects to DE Harvey, etc.)

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Post ID: @11XSlh2U-vsd

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