McDermott is a broke ponzi scheme. They owe money to so many people and are using money from current jobs to pay for debts incurred on past jobs. Many companies are refusing to continue to extend credit to them or even respond to new RFQ’s. Meanwhile executives continue to reward themselves with the highest imaginable compensation. What a joke.
4 replies (most recent on top)
Good riddance
There is no light at the end of the tunnel. Just a question of how long can the house of cards continue to stand. A fall is coming and it won’t be pretty.
I reckon the money from the CBI sale needs to pay off the 250m loan / 2023 restructuring fees before any other late invoices are paid. They can keep this train rolling until McK meets enough O&G leaders on his trips around the world, impress one of them, then jump ship like DD.
Just heard that they sold cb&I, maybe they will use that money to pay off some of their debt.