McDermott stock went by by 12 percent after the news of Cameron LNG commissioning. Granted it is positive news for the troubled project. But McDermott is not done with the construction cost overrun risk yet. Trains 2 and 3 still need to be built. Response to stock price is premature.
As a shareholder, I have lost 60% of the value of my holding in MDR after CB&I acquisition. As a past MDR employee, I have seen rounds of RIFs where people with 20-years of experience have been let go. Now MDR offices have huge empty spaces. More and more people from India are showing up in offices every day to manage the increasing amount of outsourcing ( or insourcing). The moral of the workforce is down. Management keeps changing. No executive ever steps into project offices to engage with workers. Mid-level managers are looking for exits. All top management is actively looking for jobs as it appears from their premium LinkedIn memberships. Sale of two businesses may help in the short term to reduce debt but the long term success of this company is doubtful as it may not retain a clear strategy and right people.