In good old times, when there was plenty of work and rates were high, this company hired too many folks, a lot of them with no degrees/qualifications and competence. During difficult times, a lot of folks had to go, but chosing leavers wasn't always fair (competency/qualifications based), with a lot of politics involved.
There's little, if any, focus on training and career development of engineers, and there're too many (often incompetent!) managers, who think they can add value to the projects.
Rates are high and budgets are not realistic, hence low rate of winning new projects.
If you are a yes man, you'll be fine. If you are a person with your own opinion, you are likely to end up in a bad book.
Nice office, very good HR, flexible working hours
Poor (and top heavy) management, no team spirit, poor morale