Slow paying of vendors and subcontractors. Key people leaving. No new contracts (JV partnerships where MDR is the bridesmaid doesn’t count).
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Gave you plenty of warning.
Maybe Worley can buy a portion of McDermott ECR and be a white knight.
Put Executives and Board of Directors on the Corporate Wall of Shame
I have spoken to subcontractors on major capital jobs and they are months behind on being paid. Liens have been filed.
I used to work for Shaw and watched CB&I destroy that company. Why MDR ever brought CB&I is a mystery to me. Guess they were looking to go bankrupt. Phil Asserman and Shipwreck Ray should never be allowed to work again.
Hi there,
My name is Allison McNeely and I'm a reporter at Bloomberg News. I've been following McDermott and would love to speak to employees about what their experience has been. You can reach me at amcneely@bloomberg.net if you are interested.
Thank you,
Allison
To the executives who orchestrated today’s Town Halls:
Good job! That’s how you remind everyone how dire of a situation it is.
Fail at providing ANY reassurance.
Fail to calm everyone’s fears.
Fail to effectively answer questions regarding the financials.
Good job!
Employee: “Can you please state that we have no intentions of filing bankruptcy?”
Meeting Host: “AAAAAAAAAAAAAh. Ummmm. silence”
Morale is at an ALL TIME low!
Well done!
Those whispers have been amplified to screams!
McDermott has now hired 2 “turn around consultants” and a new law firm to address recently filed liens.
Buckle your seat belts...the next 30 days will be rough
Just set announced internally from DD he is selling technology! Guess onshore better start looking for jobs!
What is frustrating is in technology, we make money and are always profitable. Yet, the rest of the company, mostly on-shore leftovers from CB&I, are hurting the company.
The whole company doesn't have to go bankrupt. It can be one company, one country. Why do you think we bought technology, we own technology separately? Onshore gives up the ghost, all those extra costs are written off. Technology and Offshore stay clean.
If you are an Offshore employee, congrats! If you are an Onshore employee, get ready to suffer. There's a reason you are not both.
There's also a reason why bills aren't getting paid. That's not normal. That's not what you do if you plan to be in business in 5 years. We dont.
Ask Richard Fuld two things: 1) if bankruptcy is voluntary or if it's something banks can force upon you? 2) how sweet is his life post Lehman bankruptcy?
DD can still walk away a wealthy man post bankruptcy of MDR. He will do what's in th best interest of him and his board.
A lot of people are working hard to keep this company afloat.
A lot of people are getting big bonus money for what anyone in India could do for 10c on the dollar. And a lot of suppliers are taking it in the shorts. They worked hard too. Do I feel sorry for the guys getting 50%, 100% bonus. Or the guys getting O? Boo f---ing hoo, hypocrite.
If losses keep on keeping on, selling tech won't stop it. And bankruptcy dont need to be by MII. Maybe just US Onshore. And DD keeps his stock!
So Double-D is going to voluntarily file for bankruptcy and give up all of his stock, bonus and career future. Okay! When was the last time a greedy exec left money on the table?
For sure, we're going through a very rough patch now. Until we close out Cameron, things will be very dicey. The last card that Double-D plays will be the sale of Lummus. For now, it's safely tucked away.
Unless you really know something that you're willing to share, I say stuff it and move to another company. A lot of people are working hard to keep this company afloat.