RESTRUCTURING CHARGE

12 Months Ended

Mar. 31, 2016

Restructuring And Related Activities [Abstract]

RESTRUCTURING CHARGE

(17) RESTRUCTURING CHARGE

In the fourth quarter of fiscal 2015 the Company’s management initiated a plan to begin reorganizing its operations worldwide as a result of the continuing decline in oil prices and the resulting softening demand for the company’s vessels. 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 activity levels in the geographic areas in which the company presently operates. In connection with these efforts, the company recognized a $4.1 million restructuring charge during the quarter ended March 31, 2015.

In the second quarter of fiscal 2016 the company’s management continued to restructure its operations to reduce operating 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 also consisted 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 $7.4 million during the six months ended March 31, 2016.

Measures taken during these restructurings include the transfer and stacking of vessels from the company’s Australian and Brazilian operations which 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 fiscal years ended March 31, are as follows:

(In thousands)	2016		2015		2014
Americas:
Crew costs	$	3,410		—		—
Other vessel costs		203		—		—
Asia/Pacific:						—
Crew costs		3,973		3,697		—
Corporate:
General and administrative expenses		—		355		—
Total restructuring charges	$	7,586		4,052		—