February 17, 2010 / 11:05 PM / 7 years ago

UPDATE 1-Tidewater seeks arbitration for disputes in Venezuela

2 Min Read

* Files request for compensation of seized vessels

* Had notified Venezuela about the dispute

Feb 17 (Reuters) - 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 vessels.

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)

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