Dublin-listed oil company Dragon Oil is to move its holding company, the ultimate owner of the group, from Ireland to Bermuda.
The company, whose main asset is located in Turkmenistan in Central Asia, will keep a secondary stock exchange listing in Dublin.
The company says 96% of its share capital is held outside Ireland and it no longer has any commercial link with the country. It has been headquartered in Dubai since 1999.
The announcement came as Dragon reported pre-tax profits of $369m for last year, an increase of 21% on 2007, as revenue grew by 18% to $706m.
