I worked for an oilfied supply company for over a year transporting and rebuilding downhole pumps. The company was a 34 year old company and my manager had been employed by them over 33 years. This company had just moved into a newly built building as a new national HQ's. His anniversary came around and two vice presidents and the CEO came and took him out for a steak dinner to celebrate.
The next morning a fella from the bank shows up at the store. He has some legal sized papers he shows my manager. My manager calls us all together and said we need to give this guy all of our keys to the place and go home because we are no longer employed. We had 6 million of offshore drill pipe in Louisiana the company was making the interest payments on and the bank foreclosed. All the other banks found out and it created the domino effect.
Exactly a week later I get called back to work because we have pumps we need to rebuild that other companies owned. We also stored pumps for them on our store rack. Their rework rig men would pick them up enroute to the well. I got to stay 2 months and work my job while they picked the store apart. The pipeyard was the first to go.
This was in 84 during the really bad oil recession. Our daily motto was, "Stay alive till 85."
The next morning a fella from the bank shows up at the store. He has some legal sized papers he shows my manager. My manager calls us all together and said we need to give this guy all of our keys to the place and go home because we are no longer employed. We had 6 million of offshore drill pipe in Louisiana the company was making the interest payments on and the bank foreclosed. All the other banks found out and it created the domino effect.
Exactly a week later I get called back to work because we have pumps we need to rebuild that other companies owned. We also stored pumps for them on our store rack. Their rework rig men would pick them up enroute to the well. I got to stay 2 months and work my job while they picked the store apart. The pipeyard was the first to go.
This was in 84 during the really bad oil recession. Our daily motto was, "Stay alive till 85."
