Thread regarding Oceaneering International Inc. layoffs

At least OI isn't MDR

Are you guys seeing the train wreck happening at MDR? Unbelievable....

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Post ID: @OP+121uKpkB

4 replies (most recent on top)

Don’t forget about AGR, which was another terrible acquisition at $230m.....total waste of money, time & effort......and the same management acquired C & C only 18 months later. $460m for the biggest pair of donkey company’s ever, then we wonder why OI is struggling!

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Post ID: @bajf+121uKpkB

The C&C purchase was a HUGE waste of money. The C&C operations manager knew nothing about survey/geophysical, was fired embarrassingly in the lobby of Shell blding after an embarrassing presentation not quite a yr. after the purchase. OI wasted 230 million. OI could have hired knowledgeable survey/geophysical professionals to accomplish the same for much less money and been much more successful. It was the beginning of the decline. Bad decisions by inept leaders, the continued decline of offshore and lack of innovative leadership is continuing the hardship.

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Post ID: @1gmj+121uKpkB

Well it’s pretty obvious that they didn’t do their due diligence before buying CB&I. OII is pretty bad about that too, but thankfully they haven’t managed to screw something up that badly. The C&C acquisition was pretty bone-headed. Or at least the price they paid was stupid.

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Post ID: @1eyj+121uKpkB

Given our current management this could easily happen to OI.

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Post ID: @hgf+121uKpkB

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