Weatherford Ireland Succeeds Weatherford Switzerland as Weatherford Parent
GENEVA, June 17, 2014
GENEVA, June 17, 2014 /PRNewswire/ -- Weatherford International plc, formed in
Ireland (NYSE: WFT), announced today that the shareholders of its predecessor
company Weatherford International Ltd., formed in Switzerland, have approved
changing its place of incorporation from Switzerland to Ireland. This action
was taken at an Extraordinary General Meeting of Shareholders held yesterday
at which the proposal was overwhelmingly approved by over 98% of the
shareholders voting. Earlier today, Weatherford Switzerland merged into
Weatherford Ireland, which has now become the parent of the Weatherford
International group of companies.
With the completion of the merger mentioned above, the parent company of the
Weatherford International group of companies continues to be subject to U.S.
Securities and Exchange Commission ("SEC") reporting requirements as well as
the rules of the New York Stock Exchange (the "NYSE"), and its ordinary shares
will be exclusively listed on the NYSE under the symbol "WFT." As previously
announced, Weatherford's shares have been delisted from the NYSE Euronext
Paris, and Weatherford also expects to delist its shares from the SIX Swiss
Exchange on or about June 19, 2014.
For full details of the change in place of incorporation, please refer to
Weatherford's proxy statement/prospectus regarding the Extraordinary General
Meeting of Shareholders filed with the SEC on April 17, 2014.
Weatherford is one of the largest multinational oilfield service companies.
Weatherford's product and service portfolio spans the lifecycle of the well,
and includes formation evaluation, well construction, completion and
production. Weatherford provides innovative solutions, technology and services
to the oil and gas industry, and operates in over 100 countries currently
employing more than 60,000 people worldwide.
Krishna Shivram +1.713.836.4610
Executive Vice President and Chief Financial Officer
Karen David-Green +1.713.836.7430
Vice President – Investor Relations
This press release includes forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are generally identified by the words "believe,"
"project," "expect," "anticipate," "estimate," "budget," "intend," "strategy,"
"plan," "may," "should," "could," "will," "would," and "will be," and similar
expressions, although not all forward-looking statements contain these
identifying words. Such statements are based upon the current beliefs of
Weatherford's management, and are subject to significant risks, assumptions
and uncertainties. These risks and uncertainties include, but are not limited
to: the ability to complete the merger and related transactions to change the
legal domicile of Weatherford; realizing the expected benefits from such
change; the tax effects of the change of jurisdiction of incorporation
(including our maintaining Swiss tax residency), including as it relates to
the merger and other transactions contemplated thereby; and Weatherford's
ability to obtain the necessary approvals and consents to the merger,
including the approval of applicable Swiss authorities. Should one or more of
these risks or uncertainties materialize, or underlying assumptions prove
incorrect, actual results may vary materially from those indicated in our
forward-looking statements. Readers are also cautioned that forward-looking
statements are only predictions and may differ materially from actual future
events or results. Forward-looking statements also are affected by the risk
factors described in Weatherford's Annual Report on Form 10-K (as amended) for
the year ended December 31, 2013, and those set forth from time to time in
other filings with the SEC. We undertake no obligation to correct or update
any forward-looking statement, whether as a result of new information, future
events, or otherwise, except to the extent required under U.S. federal
SOURCE Weatherford International plc
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