The board is going to fire David d---son before the end of the year. Then begin divesting the loosing business lines.
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Phil was CEO but not chairman. Chairman was the old fart getting his kiddos hired on jobs. Dubble-D is CEO and chairman. He controls the board but the buck stops with him.
Company is splitting trying to save those lines that actually make money.
This is what it has come to, we are known for wearing blue jeans, non-payment of suppliers and cheesy slogans. Who limits themselves to only one way any way?!?!? Why not have options? Why not have flexibility.....I bet Gentry B coined that one when she was cashing her check.
Please don't make fun of BJF. Its the only thing about my job and this company I don't absolutely hate. If they take it away because we don't appreciate it, I will have nothing. I need my BJ as much as I can get it. Over and over.
I don't think he cares at this point. Made 5m usd last year. Buy out likely that much or more. Take the 10 m and ride off into a Scottish sunset.
Anything can be fixed when there's BLUE JEANS FRIDAY to help me tap into my wellspring of creative juiciness and ignite my intestinal combustive drivers! And it's EVERY Friday, not every other Friday like your pathetic old school flex days! It is like Holi Puja, Christmas and my birthday all in one unholy trinity every week! Gods bless you McDermott execs! You deserve every cent of the millions you will pocket as you offshore jobs, fire hard-working people struggling to get by, and drive MDR into A New Kind of Bankruptcy!
Bechtel is winning a lot of the mega projects but they are private so who knows how well they are truly doing. Fluor is winning as well but they aren't much better at executing then MDR. For MDR it was buy or be bought, then use inside connections to win bids. Due diligence was not adequate to purchase CB&I and a lawsuit for such is in the works. The biggest losers are the employees, who are trying to make it work but are doomed and afraid to accept it. Look at core functions from CB&I, what is different now? Nothing!! You bought a loser, cashed out the senior leadership and are trying to keep remaining under a silly concept...a new kind of company and one McDermott way. I suggest you put your networking skills in high gear and leave on your terms or be let go on theirs.
The MDR strategy goes against conventional wisdom on Wall Street, who doesn't believe the E&C's know how to price or execute a project, doesn't buy into their ability to execute mergers, and look at the pop in Jacobs stock after they shed their O&G business, which appears to support the thesis. Jacobs up almost 7%, MDR down over 2%, that's better than a 9% swing (with more MDR losses to be accrued). Can't offshore your way out of a bad strategy. A real head-shaker here.
Anything can be fixed.
The new board members are his friends as well so I doubt the board would do anything on their own but shareholders have a voice and with the company value crashing how can you justify. Cameron & Freeport are losers, but to what level of loss? $1Billion? Can MDR afford to lose a B on any project? Plus Cameron is in LD's now.......a million a day LD. Cameron was bid as the cheapest built LNG facility ever! Its a loser no matter how you spin it a big company sinking one. Saudi is going to feel some pain for their actions and we are aligned with them. The hiring of the COO cost the company a billion dollar project as its been put on hold until the suit is finished. Calpine is still not finished, over 3 years to build a 20 month project? Netpower? Montgomery power now in the field early, and it hasnt stopped raining so expect delays. Ashville power, going to be behind schedule due to the hurricane and rain. This is all public info but no one spends time looking at details.
Not likely. He is the board. PA was forced out by the banks after repeated problems with debt and an institutional shareholder revolt. The board supported his c---amamie buyout of CBI and snubbing Subsea. He needs to drop fast and hard to get thrown out.
Why? The cost reductions seem to be ahead of plan, new project momentum seems to be rebuilding and there's enough room on the credit lines to get through the the legacy CBI/Asherman projects. Maybe if Cameron, Freeport or Calpine really blow up from here.
The stock is acting like the wheels are coming off and the COO hire was sloppy, but otherwise I would think the board lets him play out the hand for at least another year.
Anyone that can confirm this with any certainty gets a prize