EANS-Adhoc: Board Approves Change of Jurisdiction of Incorporation from Switzerland to Ireland

Geschrieben am 03-04-2014

ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this

other/Change of Jurisdiction of Incorporation

GENEVA, April 2, 2014 -- Weatherford International Ltd. (NYSE /
Euronext Paris / SIX: WFT) announced today 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.

Logo - http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO

Bernard J. Duroc-Danner, Weatherford's Chairman, President and Chief
Executive Officer, stated that "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 (SEC) 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. On a related note,
Weatherford has determined that it is in the best interest of its
shareholders to conduct its annual general meeting after the
Extraordinary General Meeting of Shareholders, and expects this to
occur in September 2014 as an Irish company. Shareholders will be
notified of the date of the 2014 annual meeting and the related
record date and the date for shareholder submissions when approved by
Weatherford's Board of Directors and/or management.

end of ad-hoc-announcement ==========================================
====================================== Full details of the merger and
the change in place of incorporation including the associated
benefits and risks, will be provided in Weatherford's proxy
statement/prospectus with respect to the Extraordinary Annual General
Meeting of Shareholders. Completion of the merger will be subject to
various conditions described in the proxy statement/prospectus.

Important Additional Information Regarding the Merger Filed with the

Weatherford Ireland has filed with the SEC a registration statement
on Form S-4, which contains a proxy statement/prospectus in
connection with the proposed merger, and each of Weatherford and
Weatherford Ireland may be filing other relevant materials with the
SEC in connection with the transaction. Weatherford urges its
shareholders — including participants in its equity based incentive
compensation plans — and investors to read carefully the proxy
statement/prospectus (and any other document that Weatherford or
Weatherford Ireland subsequently files with the SEC) before making
any voting or investment decision about the proposed Merger
Agreement, because they contain important information about
Weatherford, Weatherford Ireland and the proposed Merger Agreement
and related transactions. Shareholders and investors may obtain
these documents, as well as other filings containing information
about Weatherford and Weatherford Ireland, for free at the SEC's
website, www.sec.gov or at Weatherford's website, www.weatherford.com
— under "Investor Relations." Shareholders may also obtain a copy of
these documents free of charge by contacting Weatherford's U.S.
Investor Relations Department in writing at 2000 St. James Place,
Houston, Texas 77056 or by telephone at +1 (713) 836-4000. Copies of
any exhibits to Weatherford's Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the SEC are available upon written request, subject to a charge
for copying and mailing.

Participants in Solicitation

Weatherford, Weatherford Ireland and their directors and executive
officers and certain other members of management and employees, as
well as AST Phoenix Advisors, as proxy solicitor, may be deemed to be
participants in the solicitation of proxies from its shareholders
with respect to the matters to be voted upon at the Extraordinary
General Meeting. Information about the directors and executive
officers of Weatherford and their ownership in Weatherford is
included in the proxy statement/prospectus filed with the SEC and the
documents and information incorporated by reference therein. Other
information regarding the participants in the proxy solicitation and
a description of their direct and indirect interests, by security
holdings or otherwise, is contained in the proxy statement/prospectus
and other relevant materials filed with the SEC. You can obtain free
copies of the documents by accessing the SEC's and our website as
described above.

About Weatherford

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.

Forward-Looking Statements

This press release includes forward-looking statements within the
meaning of the 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 (including
our currently proposed timetable); 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 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
federal securities laws.

SOURCE Weatherford International Ltd.

Further inquiry note:
Weatherford Contacts - Krishna Shivram, Executive Vice President and Chief
Financial Officer, +1.713.836.4610; Karen David-Green, Vice President - Investor
Relations, +1.713.836.7430

end of announcement euro adhoc

issuer: Weatherford International Ltd.
Rue Jean-Francois Bartholoni 4-6
CH-1204 Geneva
phone: +41.22.816.1500
FAX: +41.22.816.1599
mail: karen.david-green@weatherford.com
WWW: http://www.weatherford.com
sector: Oil & Gas - Upstream activities
ISIN: CH0038838394
stockmarkets: Main Standard: SIX Swiss Exchange, stock market: New York, Euronext
language: English


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