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- Odyssey Marine Exploration, Inc. v. United Mexican States
Odyssey Marine Exploration, Inc. v. United Mexican States
Geography
International
Year
2019
Document Type
Litigation
About this case
Filing year
2019
Status
Decided
Geography
International
Court/admin entity
–
Case category
Suits against governments (Global) → Trade and Investment (Global) → Environmental permitting (Global)
Principal law
International Law → NAFTA (North American Free Trade Agreement)International Law → UNCITRAL Arbitration Rules
At issue
Claims arising out of the Mexican environmental agency (SEMARNAT)'s refusal of the Oceanica Project
Topics
, ,
Documents
Filing Date
Document
Type
Topics
Beta
Search results
Summary
Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) has been awarded $37.1 million in arbitration against Mexico for breaches of obligations under NAFTA. The tribunal found that Mexico’s environmental agency, SEMARNAT, unlawfully denied Odyssey’s environmental permit, violating both Mexican and international laws. The award includes interest at the Mexico Treasury bond rate from October 12, 2018, and reimbursement for arbitrators' fees and ICSID costs.
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Group
Topics
Policy instrument
Risk
Impacted group
Just transition
Renewable energy
Fossil fuel
Economic sector
Adaptation/resilience
Finance