Thread regarding McDermott International Inc. layoffs

Q1 Loss Summary

For first quarter, under Chapter-11 bankruptcy protection McDermott reports $1.4 billion loss on $1.9 billion revenues. Latest period did include $884 million impairments on property and equipment and further $94 million on goodwill.

  • Total Tyra redevelopment fabrication work 62% complete but had already accrued $19 million loss on “poor labour productivity” and subcontracted work.
  • Reliance India Subsea construction program was 74% complete and accrued $11 million loss.
  • Petrobras Rota-3 pipelay job was 75% complete and had accrued $20 million losses.
  • McDermott also confirms US Department of Justice is conducting criminal investigation on ex CB&I Cameron LNG project reporting. US Securities Commission had already been examining how loses on that project were presented.
by Yikes
| 3932 views | | 10 replies (last June 7, 2020) | Reply
Post ID: @OP+14VPWMyD
Comment! It's anonymous!

10 replies (most recent on top)

There

by Booyah
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Post ID: @qwrm+14VPWMyD

“Like all of our projects throughout the world, we are applying the One McDermott Way to the Tyra project,” said David d—son, McDermott’s President, and Chief Executive Officer. “This proven model helps us reduce costs, ensure certainty and drive execution excellence while maintaining our industry-leading safety record. In turn, this delivers quality and value for our customers

by Anonymous
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Post ID: @hijj+14VPWMyD

More and more cuts. Getting one person to do 3 persons work. Getting people to take work on they’re not qualified for. Clueless

by Anonymous
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Post ID: @bnzd+14VPWMyD

I don't understand how in such bankruptcy condition n pandemic situation , that can give frequent n spot bonus to the employees .

by Anonymous
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Post ID: @9jci+14VPWMyD

DD says our company has to get better project execution. Perhaps the expectations around "execution" need to get better?

by nomomoney
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Post ID: @9jty+14VPWMyD

MDR will have to hit certain EBITDA targets according to the DIP covenants. If these losses continue, then the Chpt 11 may roll into a Chpt 7. We have to show earnings of at least $230MM in June, then $410 MM in September, and then $640MM in December. Given these huge losses in the 1st quarter, this will require a miraculous turnaround.

by the prophet
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Post ID: @6tpf+14VPWMyD

So is it coming out of bankruptcy next month ?
And I wonder how well it functions giving bonus to its employees without furlough n pay cuts in this covid plus bankruptcy situation 😀

by Anonymous
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Post ID: @6dww+14VPWMyD

McDermott is losing money now in order to get ready for second bankruptcy so that Dear DD can get more bonuses. Got it?

by Anonymous
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Post ID: @6das+14VPWMyD

Circling the drain, closer and closer we go...

by Anonymous
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Post ID: @6bcu+14VPWMyD

Hold on. I’m a bit confused. I thought it was the legacy CB&I projects that were the problem. These are all pure “the mcdermott way” projects. And weren’t we supposed to be reset once we shafted all the share holders and sub contractors. I guess we need another round of bonuses for the management team.

by Anonymous
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Post ID: @3yzq+14VPWMyD

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