Tidewater Inc., Tidewater Investment SRL, Tidewater Caribe, C.A., Twenty Grand Offshore, L.L.C., Point Marine, L.L.C., Twenty Grand Marine Service, L.L.C., Jackson Marine, L.L.C. and Zapata Gulf Marine Operators, L.L.C. v. The Bolivarian Republic of Venezuela, Decision on Application for Revision (July 7, 2015)
1. On 13 March 2015, the present Tribunal issued an Award in ICSID Case No. ARB/10/5, brought by Tidewater Investment SRL and Tidewater Caribe, C.A. (Tidewater) against the Bolivarian Republic of Venezuela (Venezuela).1
2. The Award concerned Tidewater’s claim for compensation arising out of the expropriation of its oil services business in Venezuela.
3. 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 US$46.4 million.