Oil Company Cancels Plans to Move to Bermuda
On the heels of the announcement yesterday of a Bermuda based exempt company moving to the USA, another international business has canceled plans to move its headquarters to Bermuda.
In March 2009, Oil and gas developer Dragon Oil Plc had announced plans to create a Bermuda-incorporated holding company under a corporate restructuring.
Dragon Oil said early today [April 7], that it would not proceed with its proposed Bermuda corporate restructuring plan, and instead is looking at Ireland as an alternative jurisdiction.
Chief Executive Dr Abdul Jaleel Al Khalifa said:
The decision not to proceed with the restructuring has been taken after extensive additional review by the board of the advantages and disadvantages of such a process and has determined that Ireland remains an attractive jurisdiction for the holding company of the group.
Furthermore, the board has taken on board the comments from its various stakeholders.
Dragon Oil remains committed to maintaining the highest standards of corporate governance and the premium listing on the London Stock Exchange should help Dragon Oil develop its profile in international capital markets.
Dragon Oil is an independent oil development and production company whose shares are traded under a dual primary listing on the Irish and London Stock Exchanges. Dragon Oil operates oilfields located in the Cheleken Contract Area Offshore Turkmenistan, in the Caspian Sea.
Dragon Oil had proved and probable oil reserves at 30 June 2008 of 645 million barrels and 3.2 trillion cuft of gas resources.
