Thread regarding McDermott International Inc. layoffs

All the Best to Current Employees

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 spoke everybody else listened. MDR used to pay over 4% dividend. I owned it for many years and made great profit.

But, this new management came to power in 2013 and poisoned the whole thing for their own personal gain. One reason I left. They are still at it. They do not care about the employees or the company for the long term.

Simply put, we used to make great profit because we and only we had the technology and everybody (Shell, BP, Exxon. Mobil, Chevron. Hess, Pemex.....etc.) all had to come to us. We charged good money and made good profit.

Since about 2008, this company forgot innovating and technology. Management thought, they can just jockey the numbers and keep making money. The world is not what it used to be in 2000. Just check what happened to Nokia and Blackberry....... McD did exactly what Nokia did....

So today, they are desperately trying to stay alive for another day to collect another bonus. I know thru a good friend that the CEO is so darn worried about losing his $5mill home. He made the down payment for it in 2014 when he cashed in his first bonus. But it is not paid off and he knows he will lose that house the day BK is filed,

So these guys do not care about you, only for their own bank balance. Unf they do not care about the future of the company either.

I wish all of current employees a good luck. Hope your department gets sold to a place where they can make it work and keep you.

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| 2111 views | | 9 replies (last December 31, 2019) | Reply
Post ID: @OP+11NugUpd

9 replies (most recent on top)

So glad that I converted my Mcdermott pension to cash and into a 401k years ago.
Mcdermott is no longer a first class company. It is a penny stock company. I was once proud to name drop that I once worked for them before I left for better career opportunities.
So sad to see the Fall. Based on what I am reading and today’s stock close of 75 cents, life at Mcdermott is growing short.

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Post ID: @Zaub+11NugUpd

Don't be fooled DD had a few of his favorites in place before he took over. He did it in the past and it worked, worked at MDR too. The marine ops turned into Henderson and his buddies play ground. People being laid off while that group partied around the world.

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Post ID: @dmrb+11NugUpd

Lummus was up for sale. Only one company said We'll take it all! And we'll pay you twice the value!

How the f— did CBI s—er DD?

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Post ID: @kui+11NugUpd

The CBI board s—ered DD? - they certainly did, and he made it easy for them by not doing his due diligence. And he was not pushed, he pulled everyone along in his scheme to be one of the big boys.
DD a stabilizing force? Are you aware of what was going on at MDR before the CBI fiasco?

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Post ID: @bjp+11NugUpd

CBI never got up to the right standards. DD realised and tried to fix.

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Post ID: @crh+11NugUpd

Couple of facts need clarifying, DD came to power in December 2013, he didn't start bringing in his people until 2014, then it started to go downhill. McDermott got left behind by deep water technology late 1990's/ early 2000's, that's why the big European players came to the Gulf and cleaned up. McDermott have been playing catch up ever since. The OP has every right to feel aggrieved.
I agree about DD impact, has not been good for anyone other than DD and his "boys" to quote another post.
For all its struggles, MDR deserves better stewardship than the current board and ExCom.

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Post ID: @ixm+11NugUpd

DD 2018 compensation should cover rent

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Post ID: @jnm+11NugUpd

Quite a past! Interesting to read about it.

I think DD’s retention bonus ought to help with paying off his house. Many people will suffer when MDR hits the wall, but DD will have many millions and he’ll be fine.

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Post ID: @pan+11NugUpd

Agree. Thx.

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Post ID: @bri+11NugUpd

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