Thread regarding McDermott International Inc. layoffs

Divesting Tank Storage and US Pipe Fab Business

The official anounsment can be found at the company websight what is below is just part of the oficial release,

HOUSTON, Oct. 30, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today announced it has completed a comprehensive strategic review of its portfolio as part of the integration process resulting from its combination with CB&I earlier this year, reaffirming its commitment to McDermott's core capabilities as a vertically integrated provider of technology-led onshore and offshore EPC/EPCI services.

As a result of the review, McDermott has determined that its storage tank business and its U.S. pipe fabrication business are not core to the company's long-term strategic objectives as a vertically integrated supplier with strong pull-through from technology. In particular, McDermott has determined that these operations offer limited pull-through or cross-selling opportunities and, in some cases, their ability to pursue third-party work aggressively can be hampered by internal considerations. As a result, McDermott is developing plans to seek buyers for each of the two businesses.

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| 1971 views | | 18 replies (last February 21, 2019) | Reply
Post ID: @OP+VTTz7n1

18 replies (most recent on top)

Door knob. Ha ha

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Post ID: @1Qyiw+VTTz7n1

It’s been 6 weeks since the announcement of the sale and nothing about keeping anyone “informed” of what is going on or if anyone is interested in tanks or fab. I guess business as usual is still being blind and layoffs until it’s all gone..

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Post ID: @Glfb+VTTz7n1

Calpine losses are likely to continue, something just does not seem right. Time from first fire to substantial completion was artificially shortened. We'll see next QTR when the near term predictions from this report don't pan out. First fire at the previous Kiewit is easy, getting to the finish is harder.

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Post ID: @4syp+VTTz7n1

Losses on Freeport LNG are not over. For the numbers announced in the earning call, DD pointed out that “liquidated damages pre-Harvey, which hadn't been taken into the numbers today”.

There will be more losses next quarter on Freeport.

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Post ID: @1drp+VTTz7n1

Going forward BJ Friday is non-negotiatable

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Post ID: @1dmj+VTTz7n1

Blue Jeans Fridays means more than you know - to a lot of people.

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Post ID: @1bdt+VTTz7n1

McDermott's new capability in design fab and ere----- of tanks, pressure vessels and process plant piping and structures truly made our company into one integrated onshore-offshore business that had the makings of one unparalleled company. Now we are selling off this new onshore capability? It's like we bought a car we can't afford, and decided to sell the wheels to make payments. I hope we thought this through.

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Post ID: @1bkg+VTTz7n1

How come SPS folks get a Get Out Of Sh--hole Free Card?

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Post ID: @1fgt+VTTz7n1

Not laughably pathetic. LAUGHABLY AWESOME!

Who's with me? High five!

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Post ID: @1fyi+VTTz7n1

The horrible middle managers are moving their pet losers to MDR side of business.

I really thought MDR had thought this thing trough, but boy was I wrong, they'r stupid like a door knob.

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Post ID: @1pbk+VTTz7n1

Never intended to be funny. Intended as a satirical commentary on management and HR that take away a good work environment and good work life balance and give something laughably pathetic. And think we can't tell the difference. The worse the environment, the offshoring, layoffs, pay cuts, doling out office supplies, cash crisis, the steeper the slide, the satire becomes more biting.

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Post ID: @1ext+VTTz7n1

The blue jean Friday bit wasn’t funny the first time

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Post ID: @1txg+VTTz7n1

So WTF?!! Why didn't they talk about Blue Jeans Friday?

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Post ID: @xdz+VTTz7n1

If you choose what company would you like to buy SPS? Or prefer it gets spun out as standalone company?

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Post ID: @bof+VTTz7n1

It's naught proonounced "shhedule". Yew need to get the "skit" out of yoor mouth.

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Post ID: @vxc+VTTz7n1

The only way they were able to contain losses on Cameron and Freeport was because they supplied the tanks and pipe for both projects. CHIYODA will SUE the sh-t out of them. If you didnt read the announcement they are going to partner with Saipem for Next decade. But hear it here first, they will not win the award unless they buy a loser project to have revenue.

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Post ID: @lxy+VTTz7n1

I CALLED IT!!! RIGHT HERE FOLKS!!!!!!!!!!! Eat it and this is just the start, they are selling the one division that actually made money! Supposedly their sweet spot of valued projects. Fab has always been a loser.

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Post ID: @tib+VTTz7n1

lots of lipstick being thrown at the pig, but the stock is tanking in the aftermarket. projecting another $(401M) in free cash for Cameron and $(70 M) in free cash for Calpine is not the news anyone is going to want to hear. Projecting net cash flow for second half at negative 580-600 million is a sh-- show. lots of folks on the fringe are gonna make some money with shorts.

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Post ID: @zgp+VTTz7n1

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