HOUSTON, Dec. 10 /PRNewswire-FirstCall/ -- Weatherford International Ltd.
(NYSE: WFT) today announced that its board of directors has unanimously
approved moving the place of incorporation of the company from Bermuda to
Switzerland. Weatherford's shareholders will be asked to vote in favor of the
proposal at a special shareholders' meeting. If approved by Weatherford's
shareholders, and subject to the approval of the Supreme Court of Bermuda,
Weatherford expects the change of the place of incorporation to occur in early
2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990308/WEATHERFORDLOGO)
In connection with the change of the place of incorporation, Weatherford
plans to relocate its principal executive offices to Switzerland.
After the completion of the proposed change of place of incorporation,
Weatherford will continue to conduct the same business operations as before
the change of place of incorporation. The company expects the shares of the
Swiss corporation to continue to be listed on the New York Stock Exchange
under the symbol "WFT." After completion of the re-incorporation, Weatherford
will remain subject to the U.S. Securities and Exchange Commission reporting
requirements, the mandates of the Sarbanes-Oxley Act of 2002 and the
applicable corporate governance rules of the New York Stock Exchange, and will
continue to report financial results in U.S. dollars and under U.S. generally
accepted accounting principles.
Full details of the proposal, and the associated benefits and risks, will
be provided in a proxy statement filed today with the SEC.
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 more than 46,700 people worldwide.
In connection with the proposed transaction described above, Weatherford
will file a proxy statement with the Securities and Exchange Commission.
Investors and security holders are advised to read the proxy statement when it
becomes available because it will contain important information about the
proposed transaction. Investors and security holders may obtain a free copy
of the proxy statement (when available) and other relevant documents filed
with the SEC from the SEC's website at http://www.sec.gov. Security holders
and other interested parties will also be able to obtain, without charge, a
copy of the proxy statement and other relevant documents (when available) by
directing a request by mail or telephone to Investor Relations, 515 Post Oak
Blvd., Houston, Texas 77027 or (713) 693-4000.
Weatherford and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from its shareholders with respect
to the proposed transaction. Information about these persons is set forth in
Weatherford's proxy statement relating to its 2008 Annual Meeting of
Shareholders, as filed with the SEC on April 28, 2008. Shareholders and
investors may obtain additional information regarding the interests of such
persons, which may be different than those of Weatherford's shareholders
generally, by reading the proxy statement and other relevant documents
regarding the proposed transaction, which will be filed with the SEC.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 concerning, among
other things, Weatherford's prospects for its operations which are subject to
certain risks, uncertainties and assumptions. These risks and uncertainties,
which are more fully described in Weatherford International Ltd.'s reports and
registration statements filed with the SEC, include the impact of oil and
natural gas prices and worldwide economic conditions on drilling activity, the
outcome of pending government investigations, the demand for and pricing of
Weatherford's products and services, domestic and international economic and
regulatory conditions and changes in tax and other laws affecting our
business. Should one or more of these risks or uncertainties materialize, or
should the assumptions prove incorrect, actual results may vary materially
from those currently anticipated.
Contact: Andrew P. Becnel +1 (713) 693-4136
Chief Financial Officer
SOURCE Weatherford International Ltd.
-0- 12/10/2008
/CONTACT: Andrew P. Becnel, Chief Financial Officer of Weatherford
International Ltd., +1-713-693-4136/
/Photo: http://www.newscom.com/cgi-bin/prnh/19990308/WEATHERFORDLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com /
/Web site: http://www.weatherford.com /
(WFT)
CO: Weatherford International Ltd.
ST: Texas, Switzerland, Bermuda
IN: OIL MAC CST MNG
SU: RCN
CL-ND
-- LAW068 --
7618 12/10/2008 18:07 EST http://www.prnewswire.com