Tidewater is keeping up the fight to recapture the nearly $60m owed by Venezuela after the country seized a bevy of ships in a 2009 nationalization push.
In January, the Houston-based, New York-traded offshore player won a $36.4m judgement against the South American country in Washington, DC federal court and in mid-April registered the judgement in Delaware federal court.
The judgements come on top of awards won in World Bank arbitration and in UK courts.
"Even with the recognition by the courts in the United States and the United Kingdom, we recognize that collection of the award presents significant practical challenges," the company said in its first-quarter filing. "We are accounting for this matter as a gain contingency."
In 2009, the then-Hugo Chavez-led Venezuela expropriated 11 ships and other property owned by Tidewater subsidiaries supporting state oil company PDVSA's operations around Lake Maracaibo in the northwest of the country.
According to Securities and Exchange Commission filings, Venezuela now owes Tidewater $58.7m following a decision from the World Bank's International Centre for Settlement of Investment Disputes.
The award, finalized in December 2016, awarded Tidewater the $36.4m, plus roughly $600,000 per quarter in interest.
The case was first opened in March 2010.
