This is so Crazy.
Oil prices are at an all time low.
There's no way they are not going to lay off.
14 replies (most recent on top)
Laughable over inflated assets. Offshore vessels,ROV's, Dive Systems have about zip in real value in today's market
Rod, stop playing games, go back to what made Oceaneering money!
Go figure, even with all these layoffs, people are looking to pull rip cords left and right! GTFO while you can. If you can! That place is on a kamikazee mission for the depths of hell!
A $300 million dollar company with a $10 billion dollar Corporate infrastructure, that would be a good place to start. Get rid off all the SVP’s in Houston sitting on there Corporate thrones, competing for there share of worthless stock options, and let the Regional VP’s manage their business. At the very least it would be interesting to see if they could, and there would be no one to blame but themselves.
So true but they can still manage to hire two new SVP’s to join the Company.
It will be a close call the longer this goes on, but one thing for sure is there are many more job losses to come but I cannot honestly see where those jobs can be cut. I never thought I would see a once strong company in our business sector become so weak with no direction whatsoever. Our Management is weak and there is no growth strategy at all.
But will the lights stay on?
Time to start playing a funeral dirge for OII.
10 years at Chesapeake VA and never seen such a sickening place to work so I’m getting out. The pay and overtime was great if a person didn’t mind to have nothing in their life besides work. Also so much for their motto 1 Oceaneering, yeah right all BS.
OII- MSD the layoffs have started .
AI will not survive.
Assuming that this is over by the end of the 2nd quarter, the company will survive, but all bets are off after that.
Every single oil company with more than 50 employees will be doing layoffs. Those that dont will be struggling to last the year.
Crazy times. At $3 a share, and a much lower market cap it will be interesting to see how they keep the doors open.