McDermott International layoffs, on the record
Every job cut, severance charge and restructuring McDermott International reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 11,800 to approximately 31,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 11,800 | December 31, 2017 |
| 10-K for 2018 | approximately 31,900 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryInitiated Fit 2 Grow, a value improvement program to reduce costs, expected to yield cash savings and restructuring costs of about $3 million, substantially complete in the second half of 2018.
Word for word“To sustain profitability and growth, during the fourth quarter of 2017, we initiated Fit 2 Grow ("F2G"), a value improvement program to further reduce our costs.” 10-K for 2017
Our summaryReported that the F2G program was undertaken to rationalize non-operating labor expenses and that the company expected to incur about $3 million in restructuring costs under it.
Word for word“Under F2G, we expect to incur approximately $3 million in restructuring costs and the effort is expected to be substantially complete in the second half of 2018.” 10-K for 2017
Our summaryRecorded restructuring actions in 2015 with charges including severance, asset impairment and advisor fees under the McDermott Profitability Initiative.
Word for word“Significant items we recognized as charges in our operating income included: • $41 million for the restructuring actions discussed in Note 5, Restructuring , to the accompanying Consolidated Financial Statements;” 10-K for 2017
Our summaryCompleted the McDermott Profitability Initiative cost program in the third quarter of 2016 after realizing cash savings.
Word for word“MPI was completed during the third quarter of 2016, and AOR was completed during the fourth quarter of 2016.” 10-K for 2017
Our summaryCompleted the Additional Overhead Reduction program, which included severance and other personnel-related costs.
Word for word“In 2016 we realized approximately $150 million and $46 million of cash savings, before restructuring charges, from our McDermott Profitability Initiative ("MPI") and Additional Overhead Reduction program ("AOR"), respectively.” 10-K for 2017
Our summaryRecorded $11 million of restructuring expense in 2016, with the related restructuring programs substantially complete in 2016.
Word for word“• $11 million of restructuring expense recorded in 2016, as discussed in Note 5, Restructuring , to the accompanying Consolidated Financial Statements (the associated restructuring programs were substantially complete in 2016).” 10-K for 2017
Our summaryRecorded restructuring and integration costs in 2015 and 2014 as shown in selected financial data.
Word for word“Restructuring and integration costs (5) 134 - 11 41 18 Goodwill impairment (6) 2,168 - - - - Other asset impairment (7) 58 1 55 7 (9 )” 10-K for 2018
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $11.3 million |
McDermott International has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from McDermott International’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-02-28. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.