Tidewater Inc. and certain of its subsidiaries disclosed in a regulatory filing that they have filed a request with the International Centre for Settlement of Investment Disputes or ICSID, seeking arbitration against the Bolivarian Republic of Venezuela.
Tidewater claims that Petróleos de Venezuela, S.A. or PDVSA, the national oil company of Venezuela, and subsidiary Petrosucre, S.A, have directly or indirectly expropriated its investments in Venezuela during May and June of 2009, without paying any compensation.
Tidewater asserts that it is entitled to full reparation for the losses suffered as a result of Republic of Venezuela's violations of laws.
Tidewater noted that it has submitted this dispute to ICSID arbitration, as it received no response from Republic of Venezuela for its notice and request for consultations in an effort to resolve the dispute amicably.
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