* Files request for compensation of seized vessels
* Had notified Venezuela about the dispute
Feb 17 Oil service company Tidewater Inc
(TDW.N) said it filed with the International Centre for
Settlement of Investment Disputes a request for arbitration
against Venezuela regarding compensation for its seized
Eleven Tidewater ships, of the 15 working for the state oil
company, PDVSA, were seized by the Venezuelan authorities after
signing a law to nationalize them in May last year.
Tidewater, which provides marine transportation to the oil
and gas industry, said Venezuela has not paid any compensation
for the expropriation of these vessels, and the company is
eligible for reparation for the losses.
Tidewater alleged that the measures taken by Venezuela
violates its bilateral investment treaty obligations and rules
of Venezuelan law and international law.
The company said in a filing that it gave Venezuela notice
of this dispute, but received no response.
Share of Tidewater closed at $45.86 Wednesday on the New
York Stock Exchange.
(Reporting by Arundhati Ramanathan in Bangalore; Editing by
Ratul Ray Chaudhuri)