Try using
svn switch --relocate http://99.99.99.old/svn/company/project/trunk/web http://99.99.99.new/svn/company/project/trunk/web
As noted by Sporino in the comments, since Subversion 1.7, there’s a seperate relocate command:
svn relocate http://99.99.99.old/svn/company/project/trunk/web http://99.99.99.new/svn/company/project/trunk/web