Thread regarding FMC Technologies Inc. layoffs

TechnipFMC cut 4000 jubs

I was recently "removed" and then they filled my spot with a contractor to finish up on the only current project we had. Personally I felt fortunate to get some kind of severance package, where as once they close the doors the remaining folks will get a kick out the door and that's it.

Here's a classic example of accounting errors:

"Recently merged offshore services giant TechnipFMC said it cut 4,000 jobs worldwide as it it further integrated the operations of its predecessor companies, the French company Technip and FMC of Houston.

TechnipFMC, which has its operational headquarters in Houston, reported a $165 million quarterly profit, but the gain comes after a major accounting error swung its first-quarter earnings from a gain to a loss. The company said it trimmed its global workforce by nearly 10 percent to 40,000 during the three months between April and June.

TechnipFMC's first-quarter error involved foreign currency exchange mistakes that turned what was considered a $191 million profit into a $19 million loss - a major swing of $210 million.

TechnipFMC CEO Doug Pferdehirt called it a weakness in internal controls over financial reporting after the merger, which he assured has since been corrected. The company said it trimmed its global workforce by nearly 10 percent to 40,000 during the three months between April and June."

Glad I am long gone!

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They got their "BIG" bonus in the first quarter!

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I'm still looking

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