Report: Tidewater Boats Seized By Venezuela

NEW ORLEANS (AP) — Venezuela's state oil company has seized an undisclosed number of boats belonging to Tidewater Inc., which provides water transportation for the petroleum industry, according to a published report.

The New Orleans-based company's executive vice president, Joe Bennett, said that "some boats" had been seized and more details would be released during Tidewater's quarterly investors conference call on Thursday, New Orleans CityBusiness reported Tuesday.

Bennett said the Venezuelan government was now operating the vessels.

Bennett would tell The Associated Press only that "we have some challenges in Venezuela."

On Monday, Venezuela's government said the state-owned oil company would take over 39 oil contractors under a new law.

The companies provide transport boats and other oil-related services on Lake Maracaibo in western Venezuela, the official Bolivarian News Agency reported.

Chavez said Friday that his government was nationalizing some 60 companies as he oversaw the takeovers of boats, docks and other facilities on Lake Maracaibo. He said the aim was to cut oil production costs.