Tidewater wins Venezuelan claim at ICSIDNews // March 4, 2016
Tidewater has announced that the annulment committee formed by the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID) has ruled that subsidiaries of the company are free to pursue the enforcement of a portion of an arbitration award against the Government of Venezuela.
The portion of the award in question amounts to US$37.2 million after including interest from the date of the expropriation by Venezuela.
Enforcement on the remaining balance of the award (US$28.2 million after including interest from the date of expropriation and reimbursement of legal and other costs) will remain stayed until the conclusion of the annulment proceeding, which the company anticipates will occur this calendar year.
Tidewater said it intends to take steps to vigorously enforce and collect the award.