Thread regarding McDermott International Inc. layoffs

New Palace for the king

So our stock is near worthless, we’re losing money on every major project. We’re cutting another 200m in employee costs. And shipping them overseas But we now have a long term lease on a brand new office complex in a high rent district.

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Post ID: @WHGuiPr
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16 replies (most recent on top)

Maybe, kind of like asking overpaid - undegreed people to do engineering jobs and wonder why everything’s late. One of the top excuses- I’ve been doing it for years. You’ve also been f’n up jobs for years. Wake up. Stocks in he toilet cause of poor management and YOU.

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Post ID: @WHGuiPr-5eig

'Although they didn’t sound like you and me - they had high command of the English language and still deliver to this day'. So your hires understood English, that's not the complaint. The complaint is that MDR sometimes hire workers which do not speak English because it can pay them less. This is fine if not required to operate in English but that was not the case. Sorry, the complaint has merit.

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Post ID: @WHGuiPr-5bgn

'outworked anyone I could have hired in Houston' And so much cheaper too right? That kind of prejudice sounds just like McDermott. Shame!

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Post ID: @WHGuiPr-3gjp

The ‘barely speak English’ comment Sounds ignorant on many levels and needs to stop. I hired 3 foreigners (among other hires) in my career and they outworked anyone I could have hired in Houston. Although they didn’t sound like you and me - they had high command of the English language and still deliver to this day. More importantly they sounded exactly like the people in the countries where we are executing projects and trying to land more projects. Think before you post.

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Post ID: @WHGuiPr-3dbj

When MDR bought CB&I Houston they bought a international moving company. They move their people around like sheep. Plenty of moving experience and lots of foreigners. Some of them can barely speak English. There is no stability and they do not own anything.

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Post ID: @WHGuiPr-3zyt

DD thinks hes a turnaround artist. But he just kept turning. He did a 360 and ended up in the same position he started. Not very good.

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Post ID: @WHGuiPr-2scf

"d---son told me so in the confessional while he adjusted his halo. i looked into his eyes and saw his soul, just like you can do with vlad putin. he's so good diogenes lives in his guest room!" really? what will your new investor do with their pipe and warrants? sell them to slb or hal? the end game is already afoot, wake up and smell the pink slips.

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Post ID: @WHGuiPr-1wln

Thanks Capt Oblivious.

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Post ID: @WHGuiPr-1nwz

d---son came into McDermott and turned it around. He didn’t do it just to put it up for sale and give it to someone else.

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Post ID: @WHGuiPr-1grr

Or as we used to say in Silicon Valley, fake it till you make it. Look successful until the dollars catch up. Dress the part. Your customers and Wall Street are too dumb to figure it out, until they figure it out. But it's not about reality, not about quality. It's about keeping the cash coming, keeping your burn rate low, until you get bought out. And maxxing the exec comp until then.

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Post ID: @WHGuiPr-1yye

Gotta spend money to ummm (fill in the blank)-

Loose money

Line the pockets

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Post ID: @WHGuiPr-1tfg

Who cares?

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Post ID: @WHGuiPr-ywr

Phil was not the only one. See how much otherd did make too.

https://www1.salary.com/CHICAGO-BRIDGE-IRON-CO-Executive-Salaries.html

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Post ID: @WHGuiPr-jmp

MDR shareholders are fools. A company that operates off of fear, lies and deceit. When you bought CB&I that is what you are buying into.

No stability, rent everything you own. Offshore skilled labor, everyone is a widget. Just give me a bonus.

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Post ID: @WHGuiPr-sml

Phil was a smart man, don't be a hater, your just mad because you didn't walk away with $13.1 Million dollars. lol :P - He worked hard for that money.

https://www1.salary.com/Philip-K-Asherman-Salary-Bonus-Stock-Options-for-CHICAGO-BRIDGE-IRON-CO.html

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Post ID: @WHGuiPr-cdz

That’s nothin. We had 2 towers overlooking prime real estate and the lake in the woodlands. Useless departments like HR and innovation used to have lunches brought in every day. Phil used to make all our customers driving in from the energy corridor walk past all the fancy cars in the parking lot. Then through the super car lot - then latest Porsche’s, Audi’s, bmws, mazzeraties etc etc. now that was a palace.

At least this is a lease.

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Post ID: @WHGuiPr-ioj

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