Vessels seized: PDVSA takes over Tidewater vessels
PDVSA seizes 11 Tidewater vessels
Venezuelan state oil giant PDVSA has seized 11 Tidewater vessels and an onshore base in the Lake Maracaibo area as part of a recent round of expropriations which has seen Venezuela take control of a variety of assets and equipment from oilfield service companies operating in the country.
PDVSA has also taken over the employment of Tidewater employees working on the vessels.
Tidewater’s chief financial officer Quinn Fanning said the transfer was "peaceful and professional".
None of the Tidewater vessels seized were newer-class units, an Energy Current report said.
PDVSA has offered Tidewater around $2.8 million in compensation for the seized assets, though Tidewater says the market value of its assets far exceeded this amount.
As of 31 March, New Orleans-based Tidewater was owed around $40 million by PDVSA but had received only $1.6 million in payment, much of which was paid in Venezuelan bolivars.
Tidewater had 17 vessels in Venezuela, 14 of which were working for PDVSA, with 11 operating in the Lake Maracaibo area.
Tidewater boss Dean Taylor said that the company would not give up on the Venezuelan market unless it became unsafe for the company's crews and employees to work in the country.