Tidewater Inc., a New Orleans-based offshore service vessel company, can collect $37.2 million of a $65.4 million arbitration award under a World Bank committee ruling.
In 2009, 11 of Tidewater’s vessels were seized by Venezuela under the late President Hugo Chavez. Venezuela’s oil industry had been nationalized earlier, but Chavez moved against oil contractors under a new law in 2009.
The committee ruled that Tidewater subsidiaries can enforce the bulk of the award against Venezuela. A committee decision on the remaining $28.2 million is expected later this year.
Tidewater said it will take the appropriate steps to “vigorously enforce and collect the award.”