Weatherford International Ltd. announced yesterday that its shareholders have approved its proposed re-domestication from Bermuda to Switzerland. In connection with the re-domestication Weatherford plans to relocate its principal executive offices from the US to Switzerland.

The company announced in December its intention to redomicile and the move remains subject to approval of the Supreme Court of Bermuda at a hearing scheduled for tomorrow.

In a letter to the shareholders, Weatherford explained that the move would allow the company to establish a corporate headquarters that is more centrally located within their area of worldwide operations.

Other reasons given for the move were the desire to be located in a country with "a stable and developed legal and tax regime with established standards of corporate governance" including provisions for the rights of shareholders as well as an improved ability to maintain a competitive worldwide effective corporate tax rate.

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. It operates in 100 countries and employs approximately 49,600 people worldwide.

Weatherford follows the likes of Tyco International, Tyco Electronics, Covidien and Foster Wheeler, all of whom have decided to leave Bermuda within the past three months.