Venezuela loses bid to reduce $46M Tidewater award

World Bank Tribunal has rejected Venezuela’s appeal on the ruling in March in a case brought by Tidewater against the Latin American country.

On March 13, 2015, the Tribunal ruled in favor of Tidewater, who accused Republic of Venezuela of unlawfully expropriating its oil services business in Venezuela.

The tribunal found that Venezuela had expropriated Tidewater’s investment in its Venezuelan subsidiary SEMARCA without payment of prompt, adequate and effective compensation.

It determined that Tidewater was entitled to be compensated for that expropriation, and calculated the principal amount of the compensation to be paid as $46.4 million.

Looking to reduce the amount it has to pay, Venezuela applied for a revision of the ruling. Making its case, Venezuela claimed that the tribunal had based its decision on a document containing a typographical error, according to which the estimated value of SEMARCA was $31.9 million instead of $13.9 million.

Venezuela claimed that if the tribunal had been aware of this fact, the award would have been between $27 million and $35 million.

The tribunal acknowledged that there had been a clerical error in transcription. However, it said the error was not of such nature ‘as decisively to affect the award,’ and dismissed the application for revision, affirming its initial ruling of $46.4 million as final.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply