AmericasOffshoreRegulatory
World Bank rules Tidewater is owed $46m by Venezuela
Caracas: The World Bank has moved to resolve a long running dispute between Venezuela and offshore services provider, Tidewater. A tribunal organised by the bank has demanded the South American nation pay Tidewater $46m as compensation for vessels seized six years ago.
In 2009, Venezuela, then under the rule of Hector Chavez, took 11 Tidewater ships as part of plans to nationalise the oil sector.
Venezuela may still fight the decision.