On March 13, 2015, an arbitral tribunal composed of Professor Campbell McLachlan QC (President), Dr. Andrés Rigo Sureda (Claimant appointee), and Professor Brigitte Stern (Respondent appointee) issued its award on the merits in an ICSID arbitration brought under the Agreement between the Government of Barbados and the Government of the Republic of Venezuela for the Promotion and Protection of Investments (the “BIT”), Tidewater Investment SRL and Tidewater Caribe, C.A. v. The Bolivarian Republic of Venezuela (the “Award”).  The Tribunal found that Venezuela had expropriated Claimants’ investment, albeit lawfully, and awarded Claimants damages of US$ 46,400,000 plus interest at the rate of 4.5 per cent per annum, compounded quarterly.  The Tribunal ordered that each party bear in equal shares the fees and expenses of the Tribunal and ICSID, bear their own costs in relation to the jurisdictional phase, and that Venezuela should partially reimburse Claimants’ costs in relation to the merits phase in the sum of US$ 2,500,000.