VENEZUELA ORDERED TO PAY TIDEWATER $62 MILLION IN COMPENSATION

摘要

The world's bank International Center for Settlement of Investment Disputes (ICSID) has ordered the country of Venezuela to pay Tidewater more than $62 million in compensation, including accrued interest and costs. The fine is the result of Venezuela's 2009 seizure of 11 offshore service vessels after signing a law to nationalize them. The tribunal concluded that the principal amount of the compensation to Tidewater would be $46.4 million, plus $13.9 million in interest (interest accrued from May 2009 to the date of the award March 2015). Although each party must pay an equal share of the costs of the case, Tidewater must be paid $2.5 million in partial reimbursement of its costs in the merits phase of the proceedings. While Venezuela has to pay Tidewater, the decision could be seen as a victory for the South American country since Tidewater was originally seeking $234 million-and at the time Venezuela owed the company $45 million in unpaid invoices. "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.