RESTRUCTURING CHARGE

6 Months Ended

Sep. 30, 2016

Restructuring And Related Activities [Abstract]

(14)	RESTRUCTURING CHARGE

In the second quarter of fiscal 2016 the company’s management restructured 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 consisted of select employee terminations and early retirements that 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. The company has since paid all amounts accrued related to this restructuring charge.

Measures taken during the second quarter of fiscal 2016 included 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 quarters and six-month periods ended September 30, 2016 and 2015 are as follows:

	Quarter Ended				Six Months Ended
	September 30,				September 30,
(In thousands)	2016		2015		2016		2015
Americas:
Crew costs	$	—		3,410		—		3,410
Other vessel costs		—		203		—		203
Asia/Pacific:
Crew costs		—		3,973		—		3,973
Total restructuring charges	$	—		7,586		—		7,586