HOUSTON -- Weatherford International is moving the company's place of incorporation 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 to occur in early 2009.
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 US 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 US dollars and under US generally accepted accounting principles, the company says.
Weatherford also plans to relocate its principal executive offices to Switzerland.