HOUSTON, June 26 /PRNewswire-FirstCall/ -- Weatherford International, Inc. (NYSE: WFT) announced today that at a Special Shareholders' Meeting a proposal to change the Company's place of incorporation from Delaware to Bermuda was overwhelmingly approved. 91,133,457 shares, or 93% of the total number of shares voted, were cast in favor of the proposal. In all, 97,879,628 shares were voted, representing 82% of the 119,311,167 total shares outstanding and entitled to vote.
The Company completed the restructuring transaction effective as of the close of business today. As a result, Weatherford International, Inc. has become a wholly owned, indirect subsidiary of Weatherford International Ltd.
As of the close of business today, each share of Weatherford International, Inc. was automatically converted into the right to receive a share of Weatherford International Ltd. and all stockholders of Weatherford International, Inc. have become shareholders of Weatherford International Ltd. Weatherford shares will continue to be listed and traded on the New York Stock Exchange under the ticker symbol "WFT".
Weatherford's transfer agent will mail stockholders a letter of transmittal and instructions for the exchange of their current stock certificates into shares of the Bermuda company.
Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs approximately 15,000 people worldwide.
| Contact: | |
|---|---|
| Don Galletly (713) 693-4148 | |
| Lisa Rodriguez (713) 693-4746 |
SOURCE Weatherford International, Inc.
-0- 06/26/2002
/CONTACT: Don Galletly, +1-713-693-4148, or Lisa Rodriguez, +1-713-693-4746, both of Weatherford International, Inc./