RESTRUCTURING CHARGE

9 Months Ended

Dec. 31, 2015

Restructuring And Related Activities [Abstract]

(14)	RESTRUCTURING CHARGE

In the second quarter of fiscal 2016 the company’s management continued to restructure its operations worldwide to reduce operating and general and administrative costs as a result of the continuing decline in oil prices and the resulting softening demand for the company’s vessels, and several contract cancellations (particularly in regards to the company’s Brazil operations). This plan consists of select employee terminations and early retirements that are intended to eliminate redundant or unneeded positions, reduce costs, and better align our workforce with anticipated lower activity levels in the geographic areas in which the company presently operates. In connection with these efforts, the company recognized a $7.6 million restructuring charge during the quarter ended September 30, 2015. Although no payments were made related to this charge as of September 30, 2015, the company paid $5.8 million during the quarter ended December 31, 2015.

Measures taken during the second quarter include the transfer and stacking of vessels from the company’s Australian and Brazilian operations. Such vessel stackings resulted in the termination of mariners who were entitled to severance payments under the terms of the enterprise bargaining agreements and in accordance with Australian and Brazilian labor laws.

Restructuring charges incurred by segment and cost type for the quarter and nine month periods ended December 31, 2015:

	Quarter Ended		Nine Months Ended
(In thousands)	December 31, 2015		December 31, 2015
Americas:
Crew costs	$	—		3,410
Other vessel costs		—		203
Asia/Pacific:
Crew costs		—		3,973
Total restructuring charges	$	—		7,586