The 10 year contract with BP is dead as BP laying off 4000 in Houston alone this year. This contract is what was keeping Oceaneering afloat. OI will soon join the Titanic on the bottom of the ocean as it sinks. Ironic that Oceaneering ROVs brought the relics up from the Titanic. The layoffs will continue to make the "budget." Anyone over the age of 50 is a goner. Age discrimination has been going on from the first round of layoffs. The clique is not even safe as they let one of them go this last round. Goodbye Oceaneering!!! Good riddance!!!
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After almost a year it's still here, Oceaneering I mean. Many comments of it closing, writing on the wall, and such. But it is a diverse company and does not rely solely on ROV. Granted it's not done no wonderful, stocks are still iffy, but it has a lot of people still working. Is say that's good news while the industry is still slow.
In Light of Halliburton, Schlumberger, Connoco Phillips as well as Oceaneering etc.....posting 2Q 2016 Losses We can fully expect continued layoffs esp in the ROV side of things-
Quote "For our ROV segment, we are expecting a lower operating income contribution during the second half of this year due to less utilization and lower average revenue per day on hire. However, much depends on the number of floating rigs working during the remainder of the year and on the level of vessel-based inspection maintenance and repair, or IMR, activity undertaken.
We expect to see declining demand for drill support as 29 of the 101 rigs with Oceaneering ROVs onboard at the end of June have contract terms expiring during the balance of the year, and the future work prospects for all rigs with expiring contracts remains questionable. To mitigate the impact of our results due to lower anticipated utilization and pricing, we have recently taken further steps to align our cost base and expect lower average daily cash costs in the second half of 2016 relative to the first half"
"To mitigate the impact of our results due to lower anticipated utilization and pricing, we have recently taken further steps to align our cost base and expect lower average daily cash costs in the second half of 2016 relative to the first half."
Ref: Oceaneering 2016 Earnings Call 7/22/2016
Another round of layoffs in August.
Oceaneering has been laying off hundreds of folks over the last year and a half. No more safety bonuses, looking at cutting anyone not local to save travel. Horrible the way they have handled the layoffs treated people, some really good really loyal and really hard working people in a clique good ole boy home boy environment. Oceaneering always told people in ROV you're safe we keep our boys working offshore through tough times. Well they have had continuing layoffs over the last year and a half. Your system demobes no place to go, not a supervisor you're gone now. They say no more layoffs coming good luck you're gone. No loyalty, no professionalism, Your offered nothing but the door. Ripe for a hostile workplace class action. Ripe for a EEO class action, Ripe for a whistleblower class action. Leadership style of over 90% of the offshore supervisors in Oceaneering is the Pygmalion method of self fulfilling leadership, treat em like crap they become crap you act surprised. What's sad is if the Oil industry does rebound they may actually think people will come back. Good luck with that........Loyalty to Oceaneering if you're not from Louisiana single wide crowd is like Loyalty to a Rabid dog, sometime somewhere you'll get bit no matter how good you treat them they don't care.
Cant wait to see dts implode. Ed Galloway will get his just due!
I just hope that Lance Williams and the rest of his DTS friends got the axe like he did everyone else. He'd sit there with his smirk like he was Richie Rich, thinking that he was so handsome with his dark circled eyes and goofy smile. Time for all of his young crowd to get a taste of unemployment like the rest at such an awful and discriminatory company. See ya Lance, wouldn't want to be ya and if you're back in Houston I hope you can swim!
The time has come for all to release the past!
Oceaneering is coming to an end!
Yes maybe not today nor tomorrow but the time is near,with looming lay offs planned for the 1st weeks of May &June it's only a matter of time before Oceaneering is no more.
BP has ,just as Elvis Presley did left the building.
No new projects.
They're not going to stand to much longer with no projects coming, that means no work.
Hello Folks wake up!!!!!!!
DTS was the money making part now they are not doing anything as well as IWOCs.
Putting everything together to save money and face.
Looking around at all of the changes and the writings is yep IS ON THE WALL!
OCEANEERING IS DYING!!!!!!!!!!
Like A Sinking Ship!!!!!
Always read what is reported to the street. Right sizing, no projection for 2016, reduction in cap x, sub sea products is next.
Well as you very well know Oceaneering is and will close soon and the bottom line is who cares other than the ones who think it can't replace them.
Time has come to watch the News and learn something!
Good luck with that cash. If Oceaneering is doing so well....ummm....why the numerous layoffs? Why was massive fabrication shop closed? Why is there no work? This company will close or be sold this year. It's diversity is a joke. Subsea projects kept it afloat, and now.....well??? Where's that money coming from now? Great job, Kevin!!
Oceaneering is sinking fast!
It's not the same place it use to be.
Another round of layoffs are coming very soon.
It's not a strong company anymore.
Only a fool can't see that.
Looking in the process hum there's non.
It's up for grabs, read the News!
New projects hum Not!
Bye Oceaneering Bye.
They're closings And You Can Not See It?!
Well I can!
Ok Kevin
Looks like you are really really pissed at Oceaneering. Were you laid off ?
Oceaneering is a very strong company with lots of cash. It can survive for years without any work and keeping its current workforce.
Stop spreading rumors and stick to facts