Venezuela owes Tidewater compensation for nationalized vessels

The World Bank has called on Venezuela to pay Tidewater $46 million in compensation for vessels seized during nationalization.

Offshore staff

CARACAS, Venezuela – The World Bank has called on Venezuela to pay Tidewater $46 million in compensation for vessels seized during nationalization.

A Reuters report said 11 Tidewater vessels were taken in 2009.

The claim value is seen by Venezuela as a victory when compared to other arbitration settlements over recent months.

“The much higher amounts claimed were rejected because the tribunal found that the nationalization was lawful,” lawyer George Kahale, who represented Venezuela in the case, told Reuters.

03/17/2015

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