Thread regarding McDermott International Inc. layoffs

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 Helix/Canyon for non-payment of invoices.
Frontrunner reports that McDermott-chartered Amazon has not entered yard for upgrade and conversion work in preparation for 2020 BP Senegal Tortue construction programme. In August upgrade was originally due to commence. Issue there relates to increased size of guarantees banks involved in ship are demanding.

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Post ID: @1200MLik

18 replies (most recent on top)

I saw this coming 2 years ago, even before MDR bought CB&I. I spent 95% of my time trying to get suppliers paid. MDR cell phone service was shut off do to non payment. Trucks repoed! I’m glad I left when I did!

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Post ID: @1200MLik-mjlf

I think I remember EMAS having a vessel arrested just before bankruptcy...

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Post ID: @1200MLik-7zaq

Yes, management let this get critical before fixing the problem. But come on, there's no jail cell big enough to hold the vessel! So we've always been holding the winning hand. You guys need to stop pu–ying out to the creditors. Stand firm. Just because someone wants to get paid, deserves to be paid, doesn't mean you have to pay them! "Interest payment due? F— the banks! Come and get me! I'm going to MENA to give a speech on digitalization!"

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Post ID: @1200MLik-6pih

To...i the dummy who says not to worry about ch 11... what fo you think happened to shareholders? Their shares go to the OTC and rarely are honor when the new tickets is created.. after bk ch11.

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Post ID: @1200MLik-5wfz

"Bankruptcy is not liquidation and things will continue for the vast majority of workers. Screaming fire in a crowded theater is not moral."

Chapt 7 bk is liquidation. Chapt 11 bk is "reorganization." Enron went through Ch 11. Worldom went through Ch 11.

Falsely yelling fire in a theatre to create panic is not moral. Operative word, falsely.

Falsely reassuring people that there is no need to take action to protect themselves and their family from an imminent harm is not moral.

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Post ID: @1200MLik-3ize

And the report that the Amazon is 3 months behind schedule. Seems that the yard wants the money upfront before they start the work, plus the HQ building contractor is owed 14m. Everyday the news gets worse...what gets me mad is that the C suite brought this great company down and the MDR employees are the ones that are going to suffer. The ones with mortgage, kids should have gotten the retention bonus not the guys that got MDR in this mess....

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Post ID: @1200MLik-1rsw

Helix had to threaten MDR with arresting the vessels to get $3M. That's a sign of how bad the cash flow is. Since Helix did that, I assume they will not be providing ROV services to MDR. So who will? All other ROV contractors will want to be paid in full, which doesn't seem to be a realistic possibility. So if the vessel doesn't have ROVs, it's useless....

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Post ID: @1200MLik-1xmk

Helix provided ROV support on all our construction vessels. They no longer do. They pulled all their rov’s for failure to pay for services. Offshore vessels without rovs are useless. Apparently to try and avoid bad press they were paid in full but refused to continue providing rov services.

Other subcontractors have experienced the same treatment.

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Post ID: @1200MLik-amb

Okay, this event alone is not a fire to most employees, to the employees involved, or to the company as a whole even if potrayed in the most negative light. Hopefully nobody panicked and summarily quit just based on this post. But, big picture, the theatre does appear to be on fire, the ship is taking on water, winter is coming. Maybe this kind of event happens all the time and we just don't know, maybe it's a nonevent.

Mngt seem not to be straight with employees. Maybe cause mngt are a group of uncoordinated individuals. Maybe cause mngt want to keep employees from acting in their own self own self interest and in mngt's interest. Can you trust what you are being told? Is it the whole truth? Or should we all take a deep breath and relax?

But even in it's best light, mngt seem to let this vessel situation get critical risis before they stepped in and came up with some money to fix it. And our suppliers are filing complaints against us. WTF?

If you smell smoke, it is moral to alert theatre patrons, point to theatre exits, and allow for an orderly exit.

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Post ID: @1200MLik-vni

Fair point on employees should be fully informed. But the supplier was paid of quickly and "news" was highlighted in the most negative light possible. Bankruptcy is not liquidation and things will continue for the vast majority of workers. Screaming fire in a crowded theater is not moral.

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Post ID: @1200MLik-rvk

wasn't that COO sued in court for stealing Technip's digital data? No wonder he is fond of digital stuff.

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Post ID: @1200MLik-hvx

"meanwhile DD is in Abu Dhabi giving a talk on Digitalization...that just blows my mind...."

I've heard his pal from Technip, the COO, is fond of having everything digitalised.

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Post ID: @1200MLik-pcp

Article states that Helix got arrest warrants but voluntarily removed the warrants after they were paid on Nov 1

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Post ID: @1200MLik-xpx
  • meanwhile DD is in Abu Dhabi giving a talk on Digitalization...that just blows my mind....
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Post ID: @1200MLik-bip

Is the story true? If yes, it's Stew-pid's fault and repeating here will have no impact on the viability of this company. Employees need to know how bad things are.

Meanwhile, DD gets a retention bonus.

What f—ers.

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Post ID: @1200MLik-vjk

I don't have access to the article, but the byline includes: "Helix Robotics Solutions files claim against vessels on unpaid bills, but files to dismiss the cases in less than a week."

Things are tough right now, but the original post seems to be a "hit" piece. There is a special place in hell for those that kick a guy when they're down. You know, jobs, families...

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Post ID: @1200MLik-qsm

The article is dated today Nov. 12.

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Post ID: @1200MLik-rjz

what is the date for this?

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Post ID: @1200MLik-qzm

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