Thread regarding McDermott International Inc. layoffs

When was the best time to be here?

I haven’t been here long, but I’m already looking for a new job. Obviously I had some bad information when I applied for a job at this company because I thought the situation was much better than it is.
Now here on the forum I see someone saying that everything went downhill in 2013, and someone again says that it was not good even before that. So when was it actually good here?

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| 2615 views | | 7 replies (last )
Post ID: @OP+1afQnwRL

7 replies (most recent on top)

I started with CBI in 2004, we were growing. Had some hiccups along the way but bought Lummus and continued to grow. Old timers say Lummus was the beginning of the end, but it was Shaw. What a disaster. CBI was having financial trouble and McDermott was suckered in. No raises for a couple of years, benefit prices through the roof, and 401k match - what is that? Agree with previous post - PPE was given out constantly just don’t get caught with a pocket kn–e

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Post ID: @7zto+1afQnwRL

But hey, the Amazon upgrades were great fodder in the weekly Global News Roundup! I can't wait for the next edition! Maybe it'll talk about more bonus money coming to the Boys, while the peons have their hours cut b/c management can't win a F-ing project and continue to bleed this corpse until there's nothing left.

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Post ID: @3ubv+1afQnwRL

agree with the poster below.... add in the OPI and Secunda purchases...... and the unending Amazon upgrades........

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Post ID: @3siq+1afQnwRL

Best time to be at CB&I was during the Asherman years. We were winning business left and right. Every week we got new polo shirts for different projects and SAFETY. I'll never have to buy PPE gear again. Seems like they were force feeding you with PPE. Got a smug on your gloves? get another pair.

The best day for CB&I management was when MDR took over along with all the projects. All of a sudden the projects could not be profitable :) hahaha jokes on you DD.

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Post ID: @2eri+1afQnwRL

McDermott, like the rest of the US based offshore contractors, failed to invest in the late 1990's/early 200's which led to the influx of European contractors who basically hovered up the deepwater GOM work, due to their equipment and experience. McDermott had Batam and Dubai, which soldiered on, mainly due to lack of competition in those shallow water areas. Short sightedness saw them sell off some assets which would later prove to have been what they really needed. The investment that was made in the purchase of "Deep Sea" was ludicrous, and the 102 and 105 leases were too little, too late. They have a litany of CEO's who were not up to the job, from the late 80's onward, all failed to identify and stop the rot, but the latest, and possibly last, CEO of this once great company stands alone in both ineptitude and arrogance.

So, to answer your question: ...........it's been a while.

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Post ID: @1qns+1afQnwRL

Good question.... as I gather from older McD employees, don't know about CBI
The best times were:
1976-1986 (high oil prices due to oil embargos).
2004 -2009 (rise in oil prices and massive asset sales)

The rest was sorta OK but mostly bad.
1986-1992, low oil prices, no benefits, no vacation, no bonuses etc.
1993-1994 little recovery so so
1995-1998 asbestos related bankruptcy, no raises
1999-2004 endless spar business losses brink of bankruptcy, eliminated pension fund, health care
2009-2013 inept management which led to DD...while oil was still rising
2014-2019 more inept management and other bankruptcy DD made it worse...

in 2009 WIlkinson (exCOB) and Deason (exCEO) walked away with significantly more money than DD can ever get. That money grab did not help either.

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Post ID: @1uqw+1afQnwRL

Never.

Unless you were one of "The Boys"

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Post ID: @wem+1afQnwRL

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