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MDR

3,115 Views | 11 Replies | Last: 4 yr ago by Ciboag96
Ciboag96
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Gonna hit below $1? Gotta loan but paid of execs first thing. I hear they are not paying suppliers and vendors. Market cap far below sum of their components.




RangerRick9211
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AG
They just kicked off Golden Pass ($9b). Same JV as Freeport and many of the project team is from Cameron and Freeport. Hopefully they turn it around.
Dr. Doctor
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AG
Freeport LNG is not a model MDR wants to follow if they want to make money.

When I was going down there (Freeport), they had to go to 24 hour construction for a while to make up time for welding and insulation due to delays by the crews.

IIRC they had to take a write-down that quarter due to Freeport. I don't think they'll make any money on that project either.

~egon
RangerRick9211
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AG
Their paint and coating PF was literally in the .1 cumulative territory. They had all sorts of issues on estimating and productivity.

Lummus reportedly has a few offers. And to OP's point, at valuations higher than MDR's current market cap. They just need to survive these legacy CB&I projects.
CPDAggie10
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AG
I Was talking to my Dad tonight. He works for mechanical contractor that was performing work on the MDR office remodel on west end of town. Said they, and all the contractors (GC included)have pulled off the job and they filed liens this week.

Apparently MDR is months behind on payments for work performed. After countless letters and non-payments, the GC and all the subcontractors demobed until the mess gets sorted out.
LostInLA07
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AG
They shouldn't be spending $ on a building currently anyway. They are already picking and choosing subcontractors to pay on projects that generate revenue (notice I didn't say profit!)

Are liens public record? I'm sure the HQ building they wanted isn't the only project that has liens filed on it.
Diggity
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AG
Just read about that

https://www.bizjournals.com/houston/news/2019/11/07/construction-on-mcdermotts-hq-comes-to-a-halt.html
Ciboag96
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Went below $1 today.

When's the C Suite Filing party?
crudedriller
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AG
Is there any chance MDR pulls out of this? hit all time low of $0.60 this week... news of an SEC investigation and lenders of the $1.7b package not informed...
LostInLA07
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AG
They are f'ed.

CFO gone (probably a sacrifice for the lenders)

Power division VP was also fired.

I'm assuming there haven't been any public firings on their LNG projects because no one knows how to finish them.

I'm guessing ch11 before end of the month because the terms of their bridge loan are almost impossible to satisfy and, just like their tank business, the disclosed "bid" for Lummus is inflated.
tommyjohn
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How low does the price go before they file for bankruptcy?

Currently at $0.57/share.
Dr. Doctor
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AG
More not great news for MDR....

~egon
Ciboag96
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McDermott Reportedly Discussing Bankruptcy
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