Weatherford International Ltd.

EANS-Adhoc: Weatherford International Ltd.
Weatherford Reports Preliminary Fourth Quarter Results


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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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3-month report

21.02.2012

New quarterly revenue record drives pre-tax earnings

       Company to restate prior period financial results for tax
                               adjustments

GENEVA, Switzerland, Feb. 21, 2012 -- Weatherford International Ltd. (NYSE and
SIX: WFT) today reported preliminary fourth quarter 2011 pre-tax income of $254
million, or $352 million after excluding pre-tax losses of $98 million. The
excluded items were composed of a $67 million charge for assets principally in
Libya, as well as $31 million for exit, restructuring, investigation and other
costs.

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

Fourth quarter revenues of $3,710 million were the highest in the company's
history. Revenues were 10 percent higher sequentially and 27 percent higher
than the same period last year. North America revenue was up five percent
sequentially and up 34 percent versus the fourth quarter of 2010. International
revenues were up 15 percent sequentially and up 21 percent versus the same
quarter of 2010. Artificial Lift, Drilling Services, Integrated Drilling and
Stimulation and Chemicals posted strong sequential growth.

end of ad-hoc-announcement
================================================================================
Segment operating income of $619 million improved 44 percent year-over-year and
$93 million, or 18 percent sequentially. Segment operating income margins
improved to 17 percent. The company's operations delivered 28 percent
incremental margins sequentially, with 37 percent incremental margins in North
America and 25 percent incremental margins internationally. Internationally,
both Latin America and Middle East/North Africa/Asia posted strong profit
improvements of $42 million and $27 million, respectively.

A $28 million increase in corporate expenses, research and development and
other, net, primarily attributable to higher professional service fees and
foreign exchange losses, partially offset our operating improvements.

Subject to the risks regarding forward-looking statements highlighted by the
company in this press release and its public filings, the company expects to
report fully diluted earnings per share of approximately $0.30 before excluded
items in the first quarter of 2012, with seasonal increases in Canada offset by
seasonal declines in Russia, the North Sea, Asia Pacific and areas of the
central United States. With regard to the entirety of 2012, the company
maintains a positive but measured outlook for its North American business and
expects modest profit improvement as compared to 2011. Internationally, the
company anticipates continued growth and expanding margins in its Latin America
region, underpinned by improvements in Argentina, Colombia, Mexico and
Venezuela. Eastern Hemisphere is also expected to improve in 2012, with upticks
in Europe and Russia, as well as continued recovery in the Middle East / North
Africa / Asia Pacific region with positive contributions from new contracts
with better terms and pricing and the completion of existing contracts. For
2012, we currently estimate an effective tax rate of approximately 35 percent,
although the actual rate may vary.

North America

Revenues for the quarter were $1,698 million, a 34 percent increase over the
same quarter in the prior year and up five percent sequentially.

The current quarter's operating income was $382 million, up $119 million from
the fourth quarter of 2010, and up $29 million, or 8 percent, compared to the
prior quarter. Strong growth and expanding margins in the U.S. contributed to
the sequential increase as margins improved to almost 23 percent. The Drilling
Services, Artificial Lift, Stimulation and Chemicals and Re-entry and Fishing
product lines contributed strong results for the quarter and contributed to our
margin growth.

Middle East/North Africa/Asia

Fourth quarter revenues of $675 million were one percent lower than the fourth
quarter of 2010 but 18 percent higher than the prior quarter. The decline from
the same period in the prior year is attributable to the political unrest in
parts of the region, including Libya, Algeria, and Egypt and also due to our
deconsolidation of three joint ventures. The sequential increase in revenues
was attributable to additional activity in Iraq, Saudi Arabia and Oman.

The current quarter's operating income of $44 million decreased $5 million as
compared to the same quarter in the prior year and increased $27 million
compared to the third quarter of 2011.

Europe/West Africa/FSU

Fourth quarter revenues of $609 million were 15 percent higher than the fourth
quarter of 2010 and three percent higher than the prior quarter. The revenue
growth over the same quarter of 2010 came from each of the regions with Russia,
Kazakhstan and Nigeria as strong performers.

The current quarter's operating income of $82 million was up 27 percent
compared to the same quarter in the prior year and down $5 million compared to
the prior quarter. The current quarter was negatively impacted by seasonality
in Russia.

Latin America

Fourth quarter revenues of $728 million were 63 percent higher than the fourth
quarter of 2010 and up 23 percent compared to the third quarter of 2011.
Mexico, Venezuela and Columbia posted strong sequential performances in
revenues and margins.

The current quarter's operating income of $112 million increased $60 million as
compared to the same quarter in the prior year and increased 60 percent or $42
million from the prior quarter. Sequentially, our Integrated Drilling and
Stimulation and Chemicals product lines were the strongest performers.

Change in Net Debt

Net debt for the quarter decreased $112 million, with improvements in operating
working capital metrics for accounts receivable and inventory both sequentially
and compared to the fourth quarter of 2010.

Income Tax Matters

The company is reporting results on a pre-tax basis due to the following
factors:



    - Management has concluded that the company has not remediated its
      previously disclosed material weakness in internal controls over
      financial reporting for income taxes relating to current taxes
      payable, certain deferred tax assets and liabilities, reserves
      for uncertain tax positions, and current and deferred income tax
      expense.
    - As a result of the continued material weakness over the
      accounting for income taxes, significant incremental work has
      been performed by Weatherford employees and external advisors
      during 2011 and early 2012, which management expects to result in
      roughly $225 million to $250 million of aggregate net adjustments
      to previously reported financial results for the years 2010 and
      prior relating to the correction of errors identified with
      respect to the company's accounting for income taxes. Of this
      total amount, we currently estimate that roughly two-thirds is
      attributable to fiscal years ending on or prior to December 31,
      2008, although management's analysis is not complete. None of the
      adjustments is expected to affect the company's historically
      reported net debt balances. Based upon additional analysis and
      other post-closing procedures designed to ensure that the
      company's consolidated financial statements will be presented in
      accordance with generally accepted accounting principles, the
      company believes the review of the company's historical tax
      accounts has been comprehensive and that the process undertaken
      has been thorough.
    - Until we have concluded work on the above-mentioned adjustments,
      we will not finalize the company's tax accounts for the year
      ended December 31, 2011. However, we currently estimate that our
      income tax expense for the 2011 fiscal year will be roughly
      between $490 million and $520 million, including credits and
      charges.
    - The review of the income tax accounts is ongoing among the
      company, its advisors and the company's auditors. Once finalized,
      we expect to record the adjustments in the proper historical
      periods in the audited financial statements to be filed with our
      Annual Report on Form 10-K for the year ended December 31, 2011.



Restatement

As a result of the foregoing adjustments, the Audit Committee of our Board of
Directors concluded, on February 20, 2012, that investors should no longer rely
upon our previously issued financial statements. The company expects to file
the restated financial statements described below due to errors relating to the
company's reporting of the provision for income taxes. The Audit Committee has
discussed this matter with the Company's independent registered public
accounting firm.

Until the restatement is completed, the company's estimates of the expected
adjustments for 2010 through 2008 and prior years, and the nine months ended
September 30, 2011, as well as its expected financial results for 2011, are
subject to change. There can be no assurance that additional issues will not be
identified during the course of the audit process and, therefore, these results
should be considered preliminary until the company files its Form 10-K for the
year ended December 31, 2011. Any changes to the preliminary, unaudited
estimated results provided in this release, as well as additional items that
may be identified during the completion of the audit process, could be material
to the company's financial condition and results of operations for 2011 through
2008.

Management is continuing to assess the effect of the restatement on the
company's internal control over financial reporting and its disclosure controls
and procedures. Management will report its conclusion on internal control over
financial reporting and disclosure controls and procedures upon completion of
the restatement process.

The company intends to file restated financial statements for fiscal 2010 and
2009 in its Form 10-K for the year ended December 31, 2011 as soon as
practicable. The company will also include restated selected financial data for
fiscal 2010 and 2009, as well as fiscal 2008 and 2007, in the Form 10-K. In
addition, the company intends to include in the Form 10-K restated quarterly
financial data for each of the quarters for fiscal 2010 and for the first three
quarters of fiscal 2011. Based on the information regarding prior years that
the company intends to include in its Form 10-K, the company does not intend to
file amendments to its Form 10-K for the year ended December 31, 2010 or to any
of its previously filed Form 10-Qs.

Reclassifications and Non-GAAP

Non-GAAP performance measures and corresponding reconciliations to GAAP
financial measures have been provided for meaningful comparisons between
current results and results in prior operating periods.

Conference Call

The company will host a conference call with financial analysts to discuss the
preliminary 2011 fourth quarter results on February 21, 2012 at 8:00 a.m.
(CDT). The company invites investors to listen to a play back of the conference
call and to access the call transcript at the company's website,
http://www.weatherford.com in the "investor relations" section.

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 over 100 countries and employs over
60,000 people worldwide.



Contacts: Andrew P. Becnel                    +41.22.816.1502
          Chief Financial Officer

          Karen David-Green                   +1.713.836.7430

          Vice President - Investor Relations


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. This includes statements
related to future levels of earnings, revenue, expenses, margins, capital
expenditures, changes in working capital, cash flows, tax expense, effective
tax rates and net income, as well as the prospects for the oilfield service
business generally and our business in particular. Forward-looking statements
also include any statements about the resolution of our ongoing remediation of
our material weakness in internal control over financial reporting for income
taxes, our estimates or expectations as to our final restated provision for
income taxes for 2011 and prior periods and the timing of our publication of
our audited financial results for 2011 and the filing of our Form 10-K for
fiscal 2011. It is inherently difficult to make projections or other forward-
looking statements in a cyclical industry and given the current macroeconomic
uncertainty. Such statements are based upon the current beliefs of
Weatherford's management, and are subject to significant risks, assumptions and
uncertainties. These include unanticipated accounting issues or audit issues
regarding the financial data for the periods to be restated or adjusted;
inability of the Company or its independent registered public accounting firm
to confirm relevant information or data; unanticipated issues that prevent or
delay the Company's independent registered public accounting firm from
concluding the audit or that require additional efforts, procedures or review;
the Company's inability to design or improve internal controls to address
identified issues; the impact upon operations of legal compliance matters or
internal controls review, improvement and remediation, including the detection
of wrongdoing, improper activities or circumvention of internal controls;
difficulties in controlling expenses, including costs of legal compliance
matters or internal controls review, improvement and remediation; impact of
changes in management or staff levels, the effect of global political, economic
and market conditions on the Company's projected results; the possibility that
the Company may be unable to recognize expected revenues from current and
future contracts; the effect of currency fluctuations on the Company's
business; the Company's ability to manage its workforce to control costs; the
cost and availability of raw materials, the Company's ability to manage its
supply chain and business processes; the Company's ability to commercialize new
technology; whether the Company can realize expected benefits from its
redomestication of its former Bermuda parent company; the Company's ability to
realize expected benefits from its acquisitions and dispositions; the effect of
a downturn in its industry on the Company's carrying value of its goodwill; the
effect of weather conditions on the Company's operations; the impact of oil and
natural gas prices and worldwide economic conditions on drilling activity; the
effect of turmoil in the credit markets on the Company's ability to manage risk
with interest rate and foreign exchange swaps; the outcome of pending
government investigations, including the Securities and Exchange Commission's
investigation of the circumstances surrounding the Company's material weakness
in its internal control over financial reporting of income taxes; the outcome
of ongoing litigation, including shareholder litigation related to the
Company's material weakness in its internal control over financial reporting of
income taxes and its restatement of historical financial statements; the future
level of crude oil and natural gas prices; demand for our products and
services; levels of pricing for our products and services; utilization rates of
our equipment; the effectiveness of our supply chain; weather-related
disruptions and other operational and non-operational risks that are detailed
in our most recent Form 10-K and other filings with the U.S. Securities and
Exchange Commission. Should one or more of these risks or uncertainties
materialize, or underlying assumptions prove incorrect, actual results may vary
materially from those indicated in our forward-looking statements. We undertake
no obligation to correct or update any forward-looking statement, whether as a
result of new information, future events, or otherwise, except to the extent
required under federal securities laws.



                       Weatherford International Ltd.
                   Consolidated Condensed Statements of Income
                               (Unaudited)
                              (In Thousands)

                           Three Months                Twelve Months
                         Ended December 31,          Ended December 31,
                        2011          2010          2011           2010
Net Revenues:
     North America   $ 1,698,417  $ 1,263,643  $ 6,022,735 $ 4,166,881
     Middle
     East/North
     Africa/Asia         675,227      684,630    2,440,836   2,450,503
     Europe/West
     Africa/FSU          608,621      528,380    2,300,074   1,984,429
     Latin America       727,507      446,162    2,226,777   1,618,984
                       3,709,772    2,922,815   12,990,422  10,220,797
Operating Income
(Expense):
     North America       381,775      262,902    1,261,530     697,201
     Middle
     East/North
     Africa/Asia          43,749       49,131      103,858     264,951
     Europe/West
     Africa/FSU           81,523       64,398      296,477     241,298
     Latin America       112,156       52,253      252,553     159,111
     Research and
     Development         (63,538)     (58,012)    (244,704)  (215,981)
     Corporate
     Expenses            (57,266)     (43,100)    (197,683)  (172,185)
     Libya Reserve       (66,867)           -      (66,867)         -
     Revaluation
     of Contingent
     Consideration             -       15,349            -     12,597
     Severance,
     Exit and
     Other
     Adjustments         (25,595)     (48,775)     (73,522)  (207,236)
                         405,937      294,146    1,331,642    779,756
Other Income
(Expense):
     Interest
     Expense, Net       (112,651)    (115,409)    (453,289)  (405,785)
     Bond Tender
     Premium                   -      (43,242)           -    (53,973)
     Devaluation
     of Venezuelan
     Bolivar                   -            -            -    (63,859)
     Other, Net          (39,421)     (17,566)    (106,615)   (53,247)
Income Before
Income Taxes             253,865      117,929      771,738    202,892

Weighted Average
Shares Outstanding:

     Basic               758,206      745,925      752,527    743,125
     Diluted             762,789      745,925      759,565    743,125


                          Weatherford International Ltd.
                       Selected Income Statement Information
                                    (Unaudited)
                                  (In Thousands)

                                        Three Months Ended
                               12/31/2011    9/30/2011    6/30/2011
    Net Revenues:

                 North America $ 1,698,417  $ 1,619,601  $ 1,344,245
                 Middle
                 East/North
                 Africa/Asia       675,227      572,707      617,376
                 Europe/West
                 Africa/FSU        608,621      588,572      592,458
                 Latin America     727,507      591,770      497,735
                               $ 3,709,772  $ 3,372,650  $ 3,051,814
    Operating Income
    (Expense):
                 North America   $ 381,775    $ 352,438    $ 244,243
                 Middle
                 East/North
                 Africa/Asia        43,749       17,041       33,114
                 Europe/West
                 Africa/FSU         81,523       86,595       88,700
                 Latin America     112,156       69,993       50,197
                 Research and
                 Development      (63,538)     (58,888)     (62,231)
                 Corporate
                 Expenses         (57,266)     (41,840)     (42,889)
                 Libya Reserve    (66,867)            -            -
                 Revaluation
                 of Contingent
                 Consideration          -             -            -
                 Severance,
                 Exit and
                 Other
                 Adjustments      (25,595)      (8,402)     (18,693)
                                 $ 405,937    $ 416,937    $ 292,441


                                       Three Months Ended
                               12/31/2011    9/30/2011    6/30/2011
    Product Line Revenues
          Artificial Lift
          Systems               $ 662,247    $ 600,822    $ 535,016
          Drilling Services       628,648      550,722      487,559
          Stimulation and
          Chemicals               624,171      584,550      544,953
          Well Construction       436,788      414,593      382,077
          Integrated Drilling     391,356      331,446      316,554
          Completion Systems      306,650      269,235      248,850
          Drilling Tools          216,969      215,720      182,956
          Re-entry and
          Fishing                 200,302      171,463      159,851
          Wireline and
          Evaluation Services     200,050      195,731      160,246
          Pipeline and
          Specialty Services       42,591       38,368       33,752
                              $ 3,709,772  $ 3,372,650  $ 3,051,814




                                        Three Months Ended
                               12/31/2011    9/30/2011    6/30/2011
    Depreciation and
    Amortization:
          North America          $ 90,565     $ 90,994     $ 88,006
          Middle East/North
          Africa/Asia              82,312       81,741       83,398
          Europe/West
          Africa/FSU               59,526       58,782       57,696
          Latin America            52,060       50,577       48,722
          Research and
          Development               2,230        2,391        2,471
          Corporate                 2,733        2,265        2,725
                                $ 289,426    $ 286,750    $ 283,018


                          Weatherford International Ltd.
                      Selected Income Statement Information
                                   (Unaudited)
                                  (In Thousands)

                                               Three Months Ended
                                            3/31/2011    12/31/2010
    Net Revenues:

          North America                   $ 1,360,472    $ 1,263,643
          Middle
          East/North
          Africa/Asia                         575,526        684,630
          Europe/West
          Africa/FSU                          510,423        528,380
          Latin America                       409,765        446,162
                                          $ 2,856,186    $ 2,922,815

    Operating Income (Expense):
          North America                     $ 283,074      $ 262,902
          Middle
          East/North
          Africa/Asia                           9,954         49,131
          Europe/West
          Africa/FSU                           39,659         64,398
          Latin America                        20,207         52,253
          Research and
          Development                        (60,047)       (58,012)
          Corporate
          Expenses                           (55,688)       (43,100)
          Libya Reserve                             -              -
          Revaluation of
          Contingent
          Consideration                             -         15,349
          Severance, Exit
          and Other
          Adjustments                        (20,832)        (48,775)
                                           $ 216,327       $ 294,146


                                                Three Months Ended
                                            3/31/2011     12/31/2010
    Product Line Revenues
          Artificial Lift Systems           $ 443,691      $ 471,276
          Drilling Services                   474,440        481,687
          Stimulation and
          Chemicals                           457,557        396,241
          Well Construction                   346,052        362,668
          Integrated Drilling                 319,661        356,871
          Completion Systems                  206,760        256,676
          Drilling Tools                      220,538        211,823
          Re-entry and Fishing                164,274        165,094
          Wireline and Evaluation
          Services                            188,778        159,426
          Pipeline and Specialty
          Services                             34,435         61,053
                                          $ 2,856,186    $ 2,922,815


                                                Three Months Ended
                                             3/31/2011    12/31/2010
    Depreciation and
    Amortization:
          North America                      $ 87,793       $ 83,996
          Middle East/North
          Africa/Asia                          82,230         80,790
          Europe/West Africa/FSU               56,594         53,408
          Latin America                        46,388         47,377
          Research and Development              1,964          2,398
          Corporate                             2,936          3,075
                                            $ 277,905      $ 271,044

We report our financial results in accordance with generally accepted
accounting principles (GAAP). However, Weatherford's management believes that
certain non-GAAP performance measures and ratios may provide users of this
financial information additional meaningful comparisons between current results

and results in prior operating periods. One such non-GAAP financial measure we
may present from time to time is operating income or income from continuing
operations excluding certain charges or amounts. This adjusted income amount is
not a measure of financial performance under GAAP. Accordingly, it should not
be considered as a substitute for operating income, net income or other income
data prepared in accordance with GAAP. See the table below for supplemental
financial data and corresponding reconciliations to GAAP financial measures for
the three months ended December 31, 2011, September 30, 2011, and December 31,
2010 and for the twelve months ended December 31, 2011 and December 31, 2010.
Non-GAAP financial measures should be viewed in addition to, and not as an
alternative for, the Company's reported results prepared in accordance with
GAAP.



                         Weatherford International Ltd.
               Reconciliation of GAAP to Non-GAAP Financial Measures
                                   (Unaudited)
                      (In Thousands, Except Per Share Amounts)


                                         Three Months Ended
                                  December    September    December
                                    31,          30,         31,
                                  2011(a)      2011(b)     2010 (c)
    Operating Income:

        GAAP Operating Income    $ 405,937    $ 416,937   $ 294,146
               Libya Reserve        66,867            -           -
               Severance, Exit
               and Other
               Adjustments          25,595        8,402      48,775
               Revaluation of
               Contingent
               Consideration             -            -     (15,349)
        Non-GAAP Operating
        Income                   $ 498,399    $ 425,339   $ 327,572
    Income (Loss) Before
    Income Taxes:
        GAAP Income (Loss)
        Before Income Taxes      $ 253,865    $ 276,227   $ 117,929
               Libya Reserve        66,867            -           -
               Severance, Exit
               and Other
               Adjustments          30,865        8,402      48,775
               Revaluation of
               Contingent
               Consideration             -            -    (15,349)
               Devaluation of
               Venezuelan
               Bolivar                   -            -           -
               Bond Tender
               Premium                   -            -      43,242
        Non-GAAP Income (Loss)
        Before Income Taxes      $ 351,597    $ 284,629   $ 194,597


                          Weatherford International Ltd.
              Reconciliation of GAAP to Non-GAAP Financial Measures
                                   (Unaudited)
                     (In Thousands, Except Per Share Amounts)

                                              Twelve Months Ended
                                             December     December
                                                31,         31,
                                              2011 (d)     2010 (e)
    Operating Income:
          GAAP Operating Income             $ 1,331,642   $ 779,756
                     Libya Reserve               66,867           -
                     Severance, Exit and
                     Other Adjustments           73,522     207,236
                     Revaluation of
                     Contingent
                     Consideration                    -    (12,597)
          Non-GAAP Operating Income         $ 1,472,031   $ 974,395
    Income (Loss) Before Income Taxes:
          GAAP Income (Loss) Before
          Income Taxes                        $ 771,738   $ 202,892
                     Libya Reserve               66,867           -
                     Severance, Exit and
                     Other Adjustments           78,792     207,236
                     Revaluation of
                     Contingent
                     Consideration                    -    (12,597)
                     Devaluation of
                     Venezuelan Bolivar               -      63,859
                     Bond Tender Premium              -      53,973
          Non-GAAP Income (Loss) Before
          Income Taxes                        $ 917,397   $ 515,363


      Note (a): Non-GAAP adjustments are comprised of (i) a $67 million
      charge primarily to reserve accounts receivable, inventory and
      machinery and equipment in Libya (ii) $5 million in legal and
      professional costs incurred in conjunction with our tax planning
      and reorganization activities (iii) $5 million of costs incurred
      in connection with on-going investigations by the U.S. government
      and (iv) severance, exit and other charges of $16 million.

      Note (b): Non-GAAP adjustments are comprised of severance and
      exit charges of $7 million and costs incurred in connection with
      on-going investigations by the U.S. government of $1 million.

      Note (c): Non-GAAP adjustments are comprised of (i) a $43 million
      charge for a premium paid on tendering a portion of our senior
      notes, (ii) a $32 million reserve taken against accounts
      receivable balances in Venezuela due to the country's economic
      prognosis and (iii) a $15 million gain for the revaluation of
      contingent consideration included as part of our acquisition of
      the Oilfield Services Division ("OFS") of TNK-BP. We also
      incurred investigation costs in connection with on-going
      investigations by the U.S. government and severance charges
      associated with our restructuring activities.

      Note (d): Non-GAAP adjustments are comprised of (i) a $67 million
      charge primarily to reserve accounts receivable, inventory and
      machinery and equipment in Libya and to a lesser extent other
      countries affected by the political turmoil in the Middle East
      and North Africa (ii) $9 million associated with the termination
      of a corporate consulting contract (iii) $10 million of costs
      incurred in connection with on-going investigations by the U.S.
      government and (iv) other severance, exit and other charges
      totaling $55 million.

      Note (e): Non-GAAP adjustments are comprised of (i) a $38 million
      charge related to our supplemental executive retirement plan that
      was frozen on March 31, 2010, (ii) a $64 million charge related
      to the  devaluation of the Venezuelan Bolivar, (iii) a $73
      million charge for revisions to our estimates in our project
      management contracts in Mexico and (iv) a $54 million charge for
      premiums paid on tendering a portion of our senior notes, (v) a
      $32 million reserve taken against accounts receivable balances in
      Venezuela due to the country's economic prognosis, and (vi) a net
      $13 million gain for the revaluation of contingent consideration.
      We also incurred investigation costs in connection with on-going
      investigations by the U.S. government and severance charges
      associated with our restructuring activities.




                   Weatherford International Ltd.
                              Net Debt
                             (Unaudited)
                           (In Thousands)

    Change in Net Debt for
    the Three Months Ended
    December 31, 2011:
       Net Debt at September
       30, 2011                      (7,342,252)
                 Operating
                 Income                 405,937
                 Depreciation
                 and
                 Amortization           289,426
                 Severance,
                 Exit and
                 Other
                 Adjustments             92,462
                 Capital
                 Expenditures          (403,309)
                 Increase in
                 Working
                 Capital               (167,872)
                 Income Taxes
                 Paid                   (91,000)
                 Interest Paid          (47,172)
                 Acquisitions
                 and
                 Divestitures
                 of Assets and
                 Businesses,
                 Net                    (60,620)
                 Foreign
                 Currency
                 Contract
                 Settlements             36,723
                 Other                   57,372
       Net Debt at December
       31, 2011                    $ (7,230,305)


    Change in Net Debt for
    the Year Ended December
    31, 2011:
       Net Debt at December
       31, 2010                      (6,349,618)
                 Operating
                 Income               1,331,642
                 Depreciation
                 and
                 Amortization         1,137,099
                 Severance,
                 Exit and
                 Other
                 Adjustments            140,389
                 Capital
                 Expenditures        (1,523,634)
                 Increase in
                 Working
                 Capital               (994,013)
                 Income Taxes
                 Paid                  (285,730)
                 Interest Paid         (460,849)
                 Acquisitions
                 and
                 Divestitures
                 of Assets and
                 Businesses,
                 Net                   (126,504)
                 Foreign
                 Currency
                 Contract
                 Settlements            (46,005)
                 Other                  (53,082)
       Net Debt at December
       31, 2011                    $ (7,230,305)



       Components of Net     December 31,  September 30,   December 31,
        Debt                     2011            2011           2010
                 Cash         $ 375,561      $ 273,562      $ 415,772
                 Short-term
                 Borrowings
                 and Current
                 Portion of
                 Long-Term
                 Debt        (1,319,614)    (1,349,624)      (235,392)
                 Long-term
                 Debt        (6,286,252)    (6,266,190)    (6,529,998)
                 Net Debt  $ (7,230,305)  $ (7,342,252)  $ (6,349,618)

    "Net Debt" is debt less cash. Management believes that Net Debt
    provides useful information regarding the level of Weatherford
    indebtedness by reflecting cash that could be used to repay debt.

    Working capital is defined as accounts receivable plus inventory
    less accounts payable.


SOURCE  Weatherford International Ltd.


Further inquiry note:
Contacts: Andrew P. Becnel                    +41.22.816.1502
          Chief Financial Officer
          Karen David-Green                   +1.713.836.7430
          Vice President - Investor Relations

end of announcement                               euro adhoc 
--------------------------------------------------------------------------------


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: Main Standard: SIX Swiss Exchange, stock market: New York, Euronext
             Paris 
language:   English
 

 

 



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