Weatherford International Ltd.

EANS-Adhoc: Weatherford Settles With BP Any Claims Between the Companies Related to the Macondo Litigation, Reaches Indemnity Agreement With BP

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
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20.06.2011

GENEVA, June 20, 2011 -- Weatherford International Ltd. (NYSE / Euronext Paris /
SIX: WFT) today announced that its U.S. subsidiary has reached agreement with BP
to settle any claims that may have arisen between the companies relating to the
Deepwater Horizon incident and oil spill.  Under the settlement, BP will
indemnify Weatherford for current and future compensatory claims resulting from
the incident and the impacts from that event.  Under the agreement, BP will
indemnify Weatherford for environmental, pollution, personal, business, property
and economic loss claims.  The two companies have agreed to work with each other
to improve the safety of offshore drilling.

(Logo:  http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)

"We are extremely pleased to have reached an amicable resolution with BP, a
valued customer, that gives our shareholders finality with respect to the vast
majority of any potential exposure Weatherford might have from last year's
incident in the Gulf," said Bernard J. Duroc-Danner, President and CEO of
Weatherford.  "Weatherford is particularly pleased that, as part of our
continued commitment to the environment and worker safety, the settlement
includes opportunities for us to partner with BP to improve offshore drilling
operations." 

Weatherford provided products and services to BP for the Macondo oil well.
Today's settlement between Weatherford and BP is not an admission of liability
by any party.

The entire cost of this settlement is being funded under insurance policies that
Weatherford had in place at the time of the incident.  As part of the
settlement, Weatherford will provide $75 million to BP to be applied to the Gulf
Coast recovery fund established for residents, businesses and others claiming
injury or damage from the oil spill. 

Further, Weatherford believes that any types of liability not included in BP's
indemnification obligation, if assessed against Weatherford, will also be
covered under its liability insurance policies.  These include any damages
assessed against Weatherford related to non-BP employees injured on the
Deepwater Horizon rig and any non-compensatory damages that might be assessed
against Weatherford.  BP's indemnification obligation also does not include
civil or criminal fines and penalties and attorneys' fees.

Weatherford is a Swiss-based, multi-national oilfield service company.  It is
one of the largest global providers of innovative mechanical solutions,
technology and services for the drilling and production sectors of the oil and
gas industry.  Weatherford operates in more than 100 countries and employs more
than 55,000 people worldwide.






Contacts:       Andrew P. Becnel
                Chief Financial Officer
                +41-22-816-1502

                Karen David-Green
                Vice President - Investor Relations
                +1-713-693-2530

                Christine Mathers - Media inquiries
                Corporate Communications Manager
                +1-713-297-2689
SOURCE Weatherford International Ltd.


Further inquiry note:
Andrew P. Becnel, Chief Financial Officer, +41.22.816.1502; Karen David-Green,
Vice President - Investor Relations, +1.713.693.2530; Christine Mathers - Media
inquiries, Corporate Communications Manager, +1.713.297.2689

end of announcement                               euro adhoc 
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issuer:      Weatherford International Ltd.
             Rue Jean-Francois Bartholoni 4-6
             CH-1204 Geneva
phone:       +41.22.816.1500
FAX:         +41.22.816.1599
mail:     karen.david-green@weatherford.com
WWW:      http://www.weatherford.com
sector:      Oil & Gas - Upstream activities
ISIN:        CH0038838394
indexes:     
stockmarkets: stock market: Euronext Paris, New York, Main Standard: SIX Swiss
             Exchange 
language:   English
 



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