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RESTRUCTURING CHARGE

6 Months Ended

Sep. 30, 2015

RESTRUCTURING CHARGE

(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. As of September 30, 2015 the company has not made any payments related to this restructuring charge.

Measures taken during the 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 six month periods ended September 30, 2015:

(In thousands)		Quarter Ended September 30, 2015				Six Months Ended September 30, 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

X

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 420



-SubTopic 10



-Section S99



-Paragraph 2



-Subparagraph (SAB TOPIC 5.P.4)



-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 420



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SAB TOPIC 5.P.3)



-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 420



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869



Reference 4: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Staff Accounting Bulletin (SAB)



-Number Topic 5



-Section P



-Subsection 3, 4

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