When they made the first massive purchase of C&C for $200 mil, right as the downturn was really gaining steam, it was justified as showing Wall Street that Oceaneering was still on the move and aggressive, and thus totally a solid company to bet on. I'm not sure how they justified the $300 mil or so in other purchases after that. I'd love to see how senior management plays blackjack and poker. They probably just yell "hit me!" and "double down!" at the dealer. Damn the torpedoes/business case. Burning through the plentiful cash reserve to now having to get a line of credit, just shameful mismanagement. Starting to pickup the vibe that another layoff is brewing. I guess it's been like 7 months since the last one, so we're due.
Perfectly put, @Ojj9BQa-vnx. I could understand the initial thinking, but everything since then reeks of major incompetence. Which, of course, we will pay for with more layoffs.