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Commitments and Contingencies (Tables)
12 Months Ended
Mar. 31, 2015
Schedule of Vessel Commitments to Acquire and Construct New Vessels and ROVs, by Vessel Type

The table below summarizes the company’s various vessel commitments to acquire and construct new vessels, by vessel type, as of March 31, 2015:

 

(In thousands, except vessel count)    Number of
Vessels
     Total Cost     

Invested

Through

3/31/15

    

Remaining

Balance

3/31/15

       

Vessels under construction:

              

Deepwater PSVs (A)

     17       $     576,847         223,301         353,546      

Towing supply vessels (A)

     6         105,804         79,297         26,507      

Other

     1         8,014         8,014                

Total vessel commitments

     24       $     690,665         310,612         380,053      

 

 

(A)

In April 2015, the company cancelled the construction contracts for three towing-supply vessels. There were approximately $13 million of remaining costs to be incurred on these three vessels at the time of termination. In May 2015, the company and the Chinese shipyard that is constructing two 275-foot deepwater PSVs came to an agreement that provides the company an option to take delivery of one or both vessels at any time prior to June 30, 2016 or receive the return of installments aggregating $5.7 million per vessel at the end of this period. There were approximately $41 million of remaining costs to be incurred on these two vessels at the time of the agreement. Refer to Note (19) for a discussion of these vessel construction contract modifications.