Weatherford International Ltd. has announced that its Board of Directors has approved changing its place of incorporation from Switzerland to Ireland.
Weatherford’s shareholders will be asked to approve the proposed change at an Extraordinary General Meeting of Shareholders expected to be held in June 2014.
Bernard J. Duroc-Danner, Weatherford’s Chairman, President and Chief Executive Officer, said: “The redomiciliation from Switzerland to Ireland will provide the company with the ability to quickly and efficiently execute and move forward on our transformational path. Our incorporation under Irish law will strengthen Weatherford’s steady course allowing us to operate at the lowest possible cost while enhancing the company’s ability to retain, as well as further attract, the best women and men in the industry. With our determined focus on growing our core businesses and divesting non-core assets, the execution of our planned divestitures is essential and imperative to the company’s future success. Incorporation in Ireland will best ensure that we reach our goals as we embark on a new chapter in our history. Your participation and support will make this happen.”
If approved by shareholders, Weatherford expects the change of the place of incorporation to be effective as soon as practicable following the merger of Weatherford, the current Swiss parent company, into a newly-formed subsidiary incorporated under Irish law (“Weatherford Ireland”).
After the merger, Weatherford Ireland will serve as the publicly traded parent of the Weatherford group of companies. Weatherford Ireland will continue to be subject to U.S. Securities and Exchange Commission reporting requirements as well as the rules of the New York Stock Exchange. In conjunction with the merger, Weatherford expects to delist its shares from the SIX Swiss Exchange and NYSE Euronext Paris.