New Kind of Company. GPLNG. Focus Projects. Fully understand. All behind us.
Didn't say that, what I meant was. New Kind of Company. GPLNG. Underbid. CBI's fault. Backlog. New projects. CPI. Offshored. New Kind of Company. GPLNG. CPI stretch goals. New headquarters. CPI. Tanks and Fabrication. New Kind of Company. GPLNG. Technology will created pull through. CPI.
Who due diligenced both sides?
In the woods, out of the woods. In the money, out of the money. Only matters for the VIPs who rake it in from equity comp and stock performance bonuses.
Terrible year, DD should be ashamed. Its all his fault. He doesn't know EPC!
But he thinks we did great, he thinks MDR's product is the stock. EPC? No that just pays the little people's paychecks.
He said in October "no more losses" but there were losses, his accountants told him there were more losses. He knew it and he told us there weren't. Are there losses this year? Who cares, the stock price stabilised.
Sure, the stock price is out of the woods but MDR is dying. It's like saying the patient isn't dying because the check to the doctor cleared.
How long will MDR last...not counted by the quarter?
Yes. How dare those colonials question the superior intelligence of the aristocracy.
Pure rubbish. A very British response.
Pure rubbish
So small and profitable Lummus is the cause of all the problems? You must have been one of the original guys working on CLNG, am I right? I'll give you credit for good survival skills!
I'd point you to Asherman and his hubris, which seems to afflict a lot of legacy CBI folks.
Right...if only we knew how to build LNG or power or plastics plants like we know how to complain. Or how to nickel and dime your workers. Or how to fire people. Or treat your people like sh-- so they hate their jobs. God we would be true masters of EPC! But we don't. We overpaid for CBI and had to write off 2b$. Bravo! We didn't see how bad the Focus Projects were when we bought them. Take a bow! And we keep saying the bleeding is done...why! Aren't the stupidass accountants telling you that the Focus Projects are still hemorrhaging for the 2 months since we closed the books? You knew they were still losing money but you said everything were under control. You only fessed up when Chiyoda outed you! How would you even know, you prove time and again you don't understand this business! But you're sure this time? So full of sh--.
Post ID: @XN5BeBX-pqa IF you are asking that, it's obvious that you are not coming from CB&I but I mean the original CB&I roots.
‘Lummus ruined CB&I and they will ruin McDermott.‘. - explain please.
All I can say is Double D should have done his homework. Lummus ruined CB&I and they will ruin McDermott. See they already know everything, including going bankrupt.
Thanks everyone! -PM
The tank guys make money. Just don’t like how they screw their internal clients by not giving competitive market pricing (and this inflate their profits), just ask our JV partners.
Pipe fabrication s---s. Can’t hit production, quality and cost estimates. Most of the good people are back working for Epic or other former Shaw executives.
Wasn’t really a merger. MDR bought CB&I and it’s problems. If I was a stockholder I’d be looking at suing the company who represented BOTH sides of the due diligence deal. They did an awesome job of turning over all the rocks. Unfortunately they missed a few billion of them. CB&I got snookered by Shaw and JB, but DD and Company are wayyy smarter than everyone else.
Unless they added a bunch more cushion to the costs forecasts for Cameron, Freeport and all the others with a potential for a loss with this disaster of a quarter (again) then MDR is done.
Forecast the worst worst case scenario not the best worst case scenario. Executives don’t like the worst worst so hammer everyone into relooking at their forecast and pressure them to look for “soft spots” that aren’t quite real yet and thus reduce forecast.
"Company expects proceeds in excess of $1 billion for the two businesses. The Company expects to use a majority of the proceeds for debt reduction. The sale of the pipe fabrication business is expected to close in Q2 2019 and the sale of the tank business is expected to close in Q3 2019."
Hooray, we can reduce our debt by 1.0 billion after selling some of the best pieces we got from CB&I. Not sure about the pipe fabrication but the tank business used to be CB&I's bread and butter.
Net income of negative $ 2.691 billion for 2018 is a major achievement for MDR thanks to the world's greatest merger.