Thread regarding Oceaneering International Inc. layoffs

Shameful mismanagement

When they made the first massive purchase of C&C for $200 mil, right as the downturn was really gaining steam, it was justified as showing Wall Street that Oceaneering was still on the move and aggressive, and thus totally a solid company to bet on. I'm not sure how they justified the $300 mil or so in other purchases after that. I'd love to see how senior management plays blackjack and poker. They probably just yell "hit me!" and "double down!" at the dealer. Damn the torpedoes/business case. Burning through the plentiful cash reserve to now having to get a line of credit, just shameful mismanagement. Starting to pickup the vibe that another layoff is brewing. I guess it's been like 7 months since the last one, so we're due.

Perfectly put, . I could understand the initial thinking, but everything since then reeks of major incompetence. Which, of course, we will pay for with more layoffs.

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The Asset Integrity acquisition (well the OIS purchase), was along with Grayloc the best acquisitions made by OI to date, but they were 13/14 years ago. The recent AGR and C&C were almost criminal at a cost of half a billion dollars, with nothing to show in terms of financial return. Then we wonder why the Company has 'issues'.

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Does senior management even have plans for after they acquire these companies? It really seems like they don't. The companies were on the auction block for a reason, which means that something is off about them. Not unfixable, but it does mean that like, work needs to be put in to make them revenue generating entities. I do not get the feeling that OII execs get that part of mergers & acquisitions. We'll by a survey company, we are now surveying & asset integrity experts! We bought like two AUV companies, we're now AUV experts! Oh, an intervention company! We're full life of field intervention experts!

Somehow I think the customers are too smart to fall for that.

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The greatest business move I have ever made was turning down the opportunity to work at Oceaneering & Honeywell. At the time I thought that I was making a mistake staying where I was, and wanted to jump ship for a slight raise and the promise of promotion. In hindsight, I have made a lot more money staying employed through the downturn, and the company that still employees me has been lucky enough to not be effected by the price of oil (as of yet). Sorry that you guys are in this situation, but keep your head up and keep fighting the good fight.

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The purchase of C&C made sense. The price paid for the purchase was insanity. There is no way the company was worth the 230 million.

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