So what does this mean about J Ray?

Maritime News
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are they going out of the fab business in the GoM?

[B]Auctioneers to offer McDermott assets at Louisiana facility[/B]

07/08/2014

ROSS, Ohio – A JV of five industrial auction companies announced that it will sell the physical assets of the McDermott fabrication facility in Amelia, La. McDermott, an engineering, procurement, construction and installation specialist firm, continues to operate its fabrication facilities at multiple locations worldwide.

The auction of thousands of assets is scheduled to run September 8–12, at 2317 Highway 662 South, Amelia (Morgan City), La., 70340. The offering will be conducted throughout a 300-acre complex via a multi-day, on-site/online public auction sale.

The auction will feature offshore marine equipment, barges, winches and pumps; a wide assortment of large-capacity fabrication machinery; late-model welding machinery; mobile equipment, including four 300-t capacity crawler cranes; more than 60 overhead bridge cranes with up to 40 t of capacity; and thousands of pieces of plant support equipment. The auction will also include more than 10,000 t of useable and scrap steel.

one really has to wonder if time is growing close to the end of the road for the once mighty J Ray and if the installation business in the GoM will be the next to fall? Is there anyone at all on the planet who who will save their sorry asses?

YIKES!

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I have heard that things are tough over there. There IS quite a bit of work for them over in the “other” Gulf, though.

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Can’t say I am surprised, McDermott seems to be really struggling right now.

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[QUOTE=SomeGuy;140809]Can’t say I am surprised, McDermott seems to be really struggling right now.[/QUOTE]

sure seems from that announcement that they are! Talk about how the mighty can fall from such great heights by making bonehead business decisions! Someone should write a book about the rise and fall of J Ray McDermott to use as a text in teaching business classes to show how bad shortsighted management decisions can doom a once powerhouse company into near oblivion and open the door for the competition to swoop in to eat their lunch!

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J Ray has gotten tired of union stronghold and are packing up.

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[QUOTE=Cajun Guy;140818]J Ray has gotten tired of union stronghold and are packing up.[/QUOTE]

Union stronghold? The Amelia fab yard was unionized? Even if they are, that is not McDermott’s problem…I get the impression that they are late comers to deepwater and are not a company the big players want to go to anymore…just like nobody thinks to mention Tidewater when discussing OSV’s. They are yesterday’s company now!

anyway, is this a complete liquidation of Amelia or just a partial? anyone know?