Pretty deep cuts in the Houston office.
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15% 10% are an insult to every single OII employee. Most oilfield company c-suites have taken at least a 25% pay cut If not more. Many employees have taken the same just to try to hang on. Typical OII.
So RL finally got around to to reducing senior exec, BOD, C-suite comp by 10% or so. BFD. OII has been under performing for years and the stock has been in the toilet just as long and he now finally thinks management needs to share some of the pain?! What a joke. They need to clean house starting at the top and including the board.
Instead of spending $500M on companies that brought nothing to the table, OII should've leveraged it's ROV equipment/tech for deep sea mining in the near-term and space mining in the long-term (yeah, I know, a bit out there, but getting a lead on it now could pay dividends later). The value proposition for subsea O&G is fading along with the projects with it.
I have heard Nexxus ROV is not a success because of noise problems. Bad time to build garage build ROV! Another reason for revenues being down RL!!!!!! Good show
Totally agree, Oceaneering is now a donkey which is all down to the current CEO & SVP’s. Bring back Marvin M, this wouldn’t have happened on his watch.
Yes, sir. Oceaneering is a joke. RL is letting go of all the people that had there for over 20 years. He is hiring all his buddy from Baker Hughes. I say 80 percent of the SVP is Ex-Baker Hughes cause Baker Hughes has no use for them. Just a waste of money.
how many were let go in houston?
Wasted money right before the downturn on worthless 2nd rate companies. Wiser decision would be to hire knowledgable personnel and develop in house to max profit. It appears administration was snookered. Completely in the dark. The 500+ million would have be better spent on knowledgable employee retention. Wasted a lot of money on outdated equipment and inexperienced personnel. Looks like all the smart money makers have been let go. Who the heck is going to run the place? Don't think RL is the guy. Where is the leadership? Or will they just shut down? Scary stuff. OII was a great company. Should have been able to weather the storm. This is just sad. In the past 5 years I have watched many smart employees leave/laid off. Cheap and inexperienced are left to man the ship (wherever it sails).
Morgan City also. They have cut the backbone out of this company with the people that have built it with executive management that came from the outside that think they know best on how to run a company. Their attitude -,if you don't have a degree, you don't know what you are doing.
Lots of 20-30 year emps are gone. These are the guys that have the blood, sweat and tears that built the OII Legacy.