Word on the street is that CB has hit the bricks. Who will lead the power projects to finish? Go hound new clients?

The DD and the board must be rich beyond their wildest dreams.

One of the largest holders of MDR stock ( AMG Managers Fairpointe Mid Cap Fund) has eliminated its position ( 6.5 million shares) at the end of the third quarter. They took a 75 percent loss. Other institutional holders are expected to follow. The... — read more 

Well, at least I have a neat story to tell my kids how I got taken to the cleaners.

When you have family, mortgage and worked hard to provide for them come home only to tell them you don’t know if you will have a job by Christmas it feels like you are worthless. When you see others that are much younger who drive the company... — read more 

Messaging. Told move was delayed because of punch list items unfinished. But now we find out that that the contractor stopped work because they haven't been paid $14mn. Messaging. Told that MDR received unsolicited OFFERS (more than one?) valuing... — read more 

On Nov 11, DD has to submit the final plan outlining cost to finish the focus projects. I have a feeling that if this plan is wrong, then MDR goes under. So what is the latest estimate to finish Cam & Free? What about Pemex? Any hope the bridge... — read more 

What a pickle they are in.

Especially from the locations like Eldridge and OP where the leases are almost up anyway?

So is it time to start taking home coffee, Creamer’s and anything else of value in leu of payment. Starting to envy those already let go with their 2 weeks severance.

For the fake post couple days before, LUMMUS has not been sold. The earnings release and no conference call scheduled should tell you something by the "alternative process evaluation" for Lummus. The potential buyer we had couple or the management... — read more 

What office are you at? How do the hallways feel? Any layoffs today , this week? Any new hires today, this week? Any news? On anything! Is your boss in the office?

Fell bad for him because he got sold a bag fo c-ap from guys like P. Mullin And as Herman remember his whole crew: scorsone, Ho, etc etc... unfortunately we all have to live with the bad decisions of a small few. Gonna be hard to get a job with... — read more 

You've earned it. Yeah, it's extravagant & a burden on the co but it shows how important The People really are in this New Kind of Company! We celebrate you.

Explain this to me please... Once we go under a buck, we'll get delisted...

Remember when they told us a couple of weeks ago that the move was being delayed because there were a few punch list items to be taken care of and they wanted to wait until construction was completely finished before we moved? Well, the part they... — read more 

https://seekingalpha.com/news/3514716-mcdermott-bankruptcy-risk-rising-citi-analyst-says

The following is based on prior events, reading the 2019 Q3 Earnings and conversations with McDermott employees. Company hires multiple restructuring firms Company secured $650M Bridge Loan (despite CATASTROPHIC terms) Board issues Retention... — read more 

First time I’ve ever seen a company of this size (and high level of visibility) post earnings and not hold an earnings call. Translation: they don’t want to take any questions and they don’t want to go off script Just take a look at this from... — read more 

Has all the drama scared off potential Lummus buyers or JV partners? We're in a tight spot here and people are losing faith.

https://www.bizjournals.com/houston/news/2019/11/05/mcdermott-names-new-cfo-reports-1-9b-net-loss.html?iana=hpmvp_hstn_news_headline

November 4, 2019: "This morning we announced our Q3 2019 financial and operational results which reflected solid operational performance across the majority of our business." This was the CEO's interpretation of a sharper than expected Q3 loss... — read more 

"...on the shareholders! Let the good times roll!" Q's out. Look at the line, total stockholder equity. Negative 1.38bn. & working capital is negative 5bn. I am still puzzled. Why did MDR get 300mn in equity last year? All gone now but what... — read more 

I think it's unlikely. But, that's my hope. Also, I think that some of the competitors are hiring right now and all folks who were planning to jump th eship and leave McDermott may want to do it now. Good luck!!!

Here is the situation. I in top-level finance at MDR. I am even posting this from some random PC. MDR has sold LUMMUS. They are postponing earning till they finalize details. It will be good temporarily for the stock price. Shares should get... — read more 

It is sad to see people you have worked with for years saying goodbye. This week has been rough.

LAYOFFS SHOULD START WITH SUPPLY CHAIN FUNCTION. THEY HAVE PROBABLY MORE THAN 30 DIRECTORS (OR SENIOR DIRECTORS). EVERYONE IN THAT DEPARTMENT IS DIRECTOR, SENIOR DIRECTOR OR SENIOR MANAGER. IT IS RIDICULOUS. WHY HR ALLOWS THIS?. IN MY NEXT LIFE I... — read more 

Used to work at McD. Left in 2015, never looked back. Look folks, this company was the best of the world at one time. I chose to come to work there for that reason and did so for 25 years. We did some of the best offshore projects. When we... — read more 

Just be glad that your paycheck will be direct deposited on time. We are also paying vendors as qiuckly as we can.

Management is still struggling with the prospect of bankruptcy given the shortfall of cash in the long term. Remember, the recent loan ($650M) gets paid first before any other debts, liens, invoices, payroll, etc. These struggles are preventing... — read more 

Not working at McDermott but a supplier for the Tank Division in Houston. We're being paid, not entirely according to schedule but still paid. Contract value of USD 5 Mio +.

Executives have given their marching orders to lower levels of management to prepare for an eventual bankruptcy. They have given the probability of bankruptcy at 49%. I thought that was a corporate speak for “we have a higher chance of not filing... — read more 

The 'One McDermott Way' Might Still End In Bankruptcy Court https://seekingalpha.com/article/4298109-one-mcdermott-way-might-still-end-bankruptcy-court

For the energy industry, we used the C-CUBESTM Customer Value Index (C-CVI) to provide a consistent and comparable metric of customer value. The C-CVI is based on over 6,000 customer evaluations of 110-plus major energy companies. A score of 100 on... — read more 

These people have no conscience ! NONE ! No shame either !

Well, MDR finally got access to 1.7 billion dollars in financing......to bail them out of this terrible mess they've created.....and guess who's getting bonuses with this borrowed money??? DD takes the lead with $3.3 mil....Mukherjee comes in 2nd... — read more 

As always I try to communicate facts. Fact: McDermott Power Executive who told the attendees at the Town Hall on Oct 2, 2019; we are bidding new jobs. Has been proved a liar. He said we are bidding power projects on the east coast. He said we are... — read more 

Company wide vendors are cutting off services. Examples of impacts: Large and Small Valves, Steel, Electrical Cable, Instruments, Gaskets, Crane Rentals, Trucks, Concrete, Gases, Waste Disposal, Security and last but not least; OEM Vendors. .. — read more 

Well it has started. Few folks were told not to come and take Friday off, 2 weeks notice pay and vacation reimbursement.

As a long time CB&I / McDermott employee, I was very disturbed by the Town Halls today. They were intended to instill confidence and stability. Instead the audiences were given regurgitated talking points and walked away with less confidence... — read more