HOUSTON -(Dow Jones)- Weatherford International Inc.'s (WFT) board approved moving the company's incorporation to Bermuda from Delaware, as it seeks to improve international growth, which already represents 60 percent of its total business.

In a press release Friday, the provider of oilfield products and services said the board approved the restructuring plan to allow the company to "remain a viable global competitor, maintain its independence and resist the recent trend of acquisitions of US companies by international competitors".

When the restructuring is completed, each share of Weatherford

International Inc. will automatically convert into the right to receive

one share of Weatherford International Ltd. The new shares will have substantially the same attributes as a share of Weatherford International Inc.

The restructuring, expected to be completed by the end of the second quarter, isn't expected to hurt Weatherford's day-to-day operations or its 15,000 employees worldwide, suppliers and customers. Indeed, the company said it expects to maintain and grow the number of US employees.

About 6,000 out of its total 15,000 employees are employed in the US. Of US employees, 2,700 are in Texas , with 1,700 in metropolitan Houston.

Under the plan, which is subject to shareholder approval, Weatherford International Ltd., a newly formed Bermuda company, will become the parent holding company of Weatherford International Inc.

For 2001, Weatherford earned $214.7 million, or $1.76 a diluted share, on revenue of $2.33 billion.

New York Stock Exchange listed shares of Weatherford closed on Friday at $44.65, down 34 cents, or 0.8%, on composite volume of

1.5 million shares. Average daily volume is 1.7 million shares.