Weatherford International Ltd.

EANS-Adhoc: Weatherford and Sinopec Oilfield Service Corporation to Form Joint Venture

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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  announcement.
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Joint Ventures/Cooperation/Collaboration/Global Expansion
21.05.2014


- Agreement combines global and in-country expertise to build long-term growth
in China
 
GENEVA, May 21, 2014 -- Weatherford International Ltd. (NYSE / Euronext Paris /
SIX: WFT), Sinopec Oilfield Service Corporation and Shengli Highland Petroleum
Equipment Co., Ltd., today announced having entered into a joint venture
agreement to form a new equity joint venture company in China. The joint venture
will combine the complementary strengths of each of its parent companies to
provide products and services within a collaborative framework helping to tap
into the vast unconventional resource base in mainland China.

Logo - http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO

Bernard J. Duroc-Danner, Weatherford's Chairman, President and Chief Executive
Officer commented, "Each company brings distinct, yet complementary expertise in
oilfield services. The joint venture will strengthen Weatherford's long-term
commitment and growth in China. The specific country geology presents
challenging opportunities to build efficiencies into complex wells. With the
depth and breadth of our services expertise, industry-leading products and
innovative technologies, the agreement will help unlock the large potential
presented by the development and production of oil and gas in China. This is our
first step. We envision we will bring the full range of Weatherford's oilfield
services capabilities to China, helping achieve targets of tapping into one of
the world's largest reserves of unconventional fuels."
 
Photo - http://photos.prnewswire.com/prnh/20140520/89576
 
About Weatherford 

Weatherford is one of the largest multinational oilfield service companies.
Weatherford's product and service portfolio spans the lifecycle of the well, and
includes formation evaluation, well construction, completion and production. The
Company provides innovative solutions, technology and services to the oil and
gas industry, and operates in over 100 countries currently employing more than
60,000 people worldwide. For more information, visit www.weatherford.com. 

About Sinopec 

Sinopec Oilfield Services Corporation is the oilfield services arm of Sinopec
Group, Asia's biggest oil refiner, and one of the largest integrated energy and
chemical companies with upstream, midstream and downstream operations in China.
Its principal operations include: exploration and production, pipeline
transportation and sales of petroleum and natural gas; sales, storage and
transportation of petroleum products, petrochemical products, synthetic fiber,
fertilizer and other chemical products; import & export, as well as import and
export agency business for oil, natural gas, petroleum products, petrochemical
and chemical products, and other commodities and technologies; and research,
development and application of technologies and information.
 
Adhering to its corporate mission of "enterprise development, contribution to
the country, shareholder value creation, social responsibility and employee
wellbeing", Sinopec implements strategies for resources, markets, integration,
internationalization, differentiation and green low-carbon development with a
view to realize its vision of building a major world class energy and chemical
company.
 
Forward-Looking Statements 

The statements set forth in this press release that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Words such as "will," "intend," "expect," and
similar expressions are intended to identify forward-looking statements. These
forward-looking statements are subject to numerous risks and uncertainties, many
of which are beyond Weatherford's control. Actual results and benefits may
differ from any results expected or implied by such statements. Weatherford
undertakes no obligation to correct, update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise,
except to the extent required under federal securities laws. For additional
information, please see Weatherford's latest proxy statement, annual report and
SEC Forms 10-K, 10-Q and 8-K for the past year, which are available on
Weatherford's website at www.weatherford.com under "Investor Relations" and may
also be obtained electronically by accessing the SEC's home page at
http://www.sec.gov.

Weatherford International Ltd.
Investor Relations
4-6 Rue Jean-Francois Bartholoni
1204 Geneva, Switzerland


Contacts:       
        
Krishna Shivram         +1.713.836.4610

Executive Vice President and Chief Financial Officer    
        
Karen David-Green       +1.713.836.7430

Vice President - Investor Relations                     
        

SOURCE Weatherford International Ltd.



Further inquiry note:
Contacts:	
	
Krishna Shivram 	+1.713.836.4610
Executive Vice President and Chief Financial Officer	
	
Karen David-Green 	+1.713.836.7430
Vice President - Investor Relations

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



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