Weatherford International plc (NASDAQ: WFRD) filed a definitive proxy statement with the Securities and Exchange Commission on April 21, 2026, seeking shareholder approval to redomesticate from Ireland to the United States, according to a company statement.

The energy services company estimates the move could generate $20 million to $30 million in annual cash savings beginning in 2027 if completed in 2026. Weatherford states the redomestication supports its goal of achieving approximately 50% annual adjusted free cash flow conversion.

The company cites several anticipated benefits from the move, including simplified corporate structure, increased financial and operational flexibility, broader access to US shareholders and lending markets, and improved merger and acquisition capabilities. The redomestication would align the company's corporate jurisdiction with its Texas headquarters and operations.

Weatherford expressed disappointment with recommendations from proxy advisory firms Glass Lewis and ISS, which advised shareholders to vote against the proposal. The company stated these firms overlooked the financial and operational benefits outlined in its proxy statement.

The redomestication is structured as a Scheme of Arrangement under Irish law, requiring approval from the Irish High Court. Weatherford noted this process provides additional shareholder protections.

Since 2020, Weatherford's current management team has paid down over $1 billion in debt since the first quarter of 2024, implemented a $500 million share repurchase program, and initiated an annual dividend that has since been increased.

The company encourages shareholders to vote in favor of the redomestication proposals at upcoming shareholder meetings. Shareholders can vote online at proxyvote.com using their 16-digit control number or contact proxy solicitor Okapi Partners for assistance.