Oil exploration machinery company Weatherford International Ltd. announced that it has completed its redomestication from Bermuda to Switzerland.

The company announced its intention to move its domicile in December.

Weatherford joins a group including Foster Wheeler, Tyco International, Covidien and Tyco Electonics, which have either left Bermuda or are in the process of doing so.

One of the reasons persuading the companies to leave is the perceived likelihood of imminent new US tax laws that would be punitive to jurisdictions like Bermuda.

In the redomestication, each outstanding common share of Weatherford International Ltd., the Bermuda company, was exchanged for one registered share of Weatherford International Ltd., the Swiss company.

The shares of the Swiss Weatherford parent company are listed on the New York Stock Exchange under the trading symbol, the same symbol under which the common shares of the Bermuda company were listed.

Shareholders who hold Weatherford shares in book entry form or in "street name" through a brokerage do not need to take any action to effect the exchange. Shareholders of record who hold Weatherford share certificates should receive a letter of transmittal by mail in the coming weeks that will allow them to surrender their certificates and apply for enrollment in the share register of the Swiss Weatherford parent.

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. Weatherford operates in over 100 countries and employs approximately 45,000 people worldwide.