HOUSTON, June 11, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced the results of its shareholder meetings held on June 11, 2026, which included a Special Court-Convened Meeting in compliance with Irish law and the Company's 2026 Annual General Meeting.
Shareholders representing approximately 89.78% of the Company's 71,933,662 outstanding shares, cast votes at the meetings. All items related to routine matters brought before the shareholders at the Company's annual meeting were approved, including the election of Weatherford's directors, the ratification of the Company's external auditor in KPMG, and other matters.
Shareholders also voted on certain non-routine proposals related to the Company's proposed redomestication from Ireland to Texas in the U.S. at the meetings. While more than 60% of votes cast were in support of the redomestication proposals, those requiring a higher 75% approval did not receive the level of votes needed to pass.
Given the level of support for the proposed redomestication from Ireland to the U.S. and the associated value to be created thereby, the Company will continue engaging with shareholders and intends to present an updated proposal in the coming weeks to redomicile to Delaware in the U.S. at a future meeting. Further details will be announced in due course.
Girish Saligram, Weatherford's President and Chief Executive Officer, commented, "We are encouraged by the strong shareholder engagement and the majority support we received for the redomestication proposals. While we are disappointed that we did not achieve the 75% threshold required to move forward, the conversations held as part of our shareholder interactions and the resulting support for the proposed move back to the U.S. reinforces our conviction in the value creation potential of this initiative. We remain confident that aligning our corporate structure with a U.S. domicile will better position Weatherford for long-term growth, enhanced market access, and increased shareholder value. The leadership team and our board of directors remain deeply committed to value creation and believe that the timing is right for the Company to make this move. We are hopeful and confident that the amended proposal to move to Delaware will have broad support. Further, we expect that the modest delay resulting from the transition to Delaware will not impact our employees, customers, operations or the anticipated financial or simplification outcomes for 2027 and beyond, assuming the redomestication is completed. We look forward to continuing our engagement with shareholders as we advance our path forward."
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
Forward-Looking Statements
This release, as well as other statements we make, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about Weatherford's beliefs, plans, estimates, or expectations, are forward-looking statements. Forward-looking statements often use words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "plan," "potential," "should," "target," "will," and other words of similar meaning. Such forward-looking statements include, but are not limited to, statements regarding the redomestication, that include, among other things, the anticipated timing and benefits of the redomestication, including the realization of additional cost savings and operational efficiencies, and statements relating to future financial performance and results and goals. These statements are based on current beliefs, plans, estimates, and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them.
The factors that could cause actual results to differ materially from current expectations include, but are not limited to, our ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the redomestication; the occurrence of difficulties in connection with the redomestication, including any costs related thereto; the risk that the redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the redomestication; and the future financial performance of Weatherford following the redomestication.
The foregoing factors are in addition to those other risks, uncertainties, and factors included in the "Risk Factors" section and elsewhere in Weatherford's reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, the proxy statement for the meetings, and other documents filed with the SEC. There may be other risks and uncertainties that we are not currently aware of or are unable to predict and which may also affect Weatherford's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements and Weatherford undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Weatherford Communications, Marketing and Sustainability
media@weatherford.com
