Weatherford Proposes Redomestication from Ireland to the U.S.

Weatherford filed its definitive proxy statement with the SEC in connection with Weatherford's proposal to redomesticate from Ireland to the United States. The company said, "As explained in the Proxy Statement, we believe that moving from Ireland back to the U.S. provides Weatherford and its shareholders with certain unique financial, operational, and other benefits... Our Redomestication proposal is a move from Ireland to the U.S. and is distinct in many regards from many of the domestic state-to-state standalone reincorporations currently being presented to shareholders of other companies. We are moving from a foreign domicile back to the U.S. principally for financial, operational and other benefits. Our proposal supports Weatherford's value and addresses its specific needs - accordingly, we ask for your support. We were disappointed to learn that certain proxy advisory firms are recommending that our shareholders vote to keep Weatherford as an Irish domiciled company, rather than moving back to the U.S. We believe both Glass Lewis and ISS overlooked the financial, operational and other benefits of moving back to the U.S. described in our Proxy Statement and referenced herein. We encourage you to evaluate this transaction on its own merits. Since the current management team and board of directors joined Weatherford in 2020, the company has been intensely focused on creating and delivering shareholder value. As evidence of this focus, we have significantly grown Weatherford's equity value, deleveraged the business by paying down over $1 billion in notes since Q1'24, and substantially improved our liquidity. We have also implemented a $500 million share repurchase program, initiated an annual dividend, and subsequently increased it. Building on this track record, our board of directors and management team recommend that shareholders approve the redomestication of the Company from Ireland to the U.S., which will better position us to continue advancing this focus on shareholder value."