EANS-Adhoc: Weatherford Reports Third Quarter Pre-Tax 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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9-month report

13.11.2012

Company achieves record quarterly revenue

GENEVA, Nov. 13, 2012 -- Weatherford International Ltd. (NYSE and
SIX: WFT) today reported preliminary third quarter 2012 earnings
before income taxes of $191 million, or $264 million after excluding
pre-tax losses of $73 million. The excluded items include:

-- $29 million for a lower of cost or market adjustment to the
carrying value of our inventory, -- $27 million in professional
fees associated with our ongoing income tax remediation efforts,
-- $11 million in fees and expenses associated with our August 2012
consent solicitation that extends the financial statement filing
deadline of our senior notes to March 31, 2013 and -- Severance, exit
and other charges of $6 million.

The company also reports a revised preliminary second quarter 2012
loss before income taxes of $753 million, or earnings of $146 million
after excluding pre-tax losses of $899 million. These results had
been previously reported on a preliminary basis, and the excluded
items include:

-- $589 million for non-cash goodwill impairment charges in the
Middle East/North Africa and Sub-Sahara Africa regions, -- $204
million primarily for the non-cash write down of equity method
investments, -- $100 million charge representing management's best
estimate of a potential settlement with the U.S. government
related to its investigation of alleged improper sales in certain
sanctioned countries, which was included in our previously
reported second quarter results, -- $28 million for the gain on
sale of a business, which includes a $25 million revision from the
amount previously reported, -- $11 million in professional fees
associated with our ongoing income tax remediation efforts and --
$23 million in severance, exit and other adjustments.

end of ad-hoc-announcement ==========================================
====================================== Other non-excluded items that
are adjustments to the previously reported results are $76 million
related to changes in operating income amounts previously reported on
contracts accounted for on a percentage-of-completion basis and $55
million related to charges for excess and obsolete inventory.

Third quarter revenues of $3,818 million were a quarterly record, up
two percent sequentially from the revised second quarter revenues of
$3,747. Third quarter revenues also climbed 13 percent from the same
quarter of 2011. North America revenue was up four percent
sequentially limited by the lower than anticipated rig count in
Canada and pressure pumping pricing declines in the U.S. and up seven
percent versus the same quarter of 2011. International revenues were
flat sequentially but up 20 percent versus the same quarter of 2011.
Completion and Production led the sequential growth with strong
performance from Artificial Lift partially offset by declines in
Stimulation and Chemicals. Formation Evaluation and Well Construction
also posted strong sequential growth from Fishing and Re-Entry,
Drilling Services and Well Construction, partially offset by a
decline in Integrated Drilling.

Segment operating income was $448 million on a GAAP basis. Adjusted
for excluded items segment operating income of $521 million was
essentially flat year-over-year but was up 30 percent sequentially.
On an adjusted basis, corporate expenses, research and development
and other, net, were two percent lower sequentially.

Subject to the risks regarding forward-looking statements highlighted
by the company in this press release and its public filings, the
company expects earnings per share of approximately $0.20 in the
fourth quarter of 2012. With respect to 2013, the company maintains a
positive outlook for its North American business and expects modest
revenue and operating income growth continuing the current trend.
Internationally, the company anticipates continued growth and
expanding margins in its Latin America region, underpinned by
improvements in Mexico, Colombia, Venezuela and Argentina and in line
with E&P spending estimates. The Eastern Hemisphere also is expected
to improve in 2013, with upticks in Europe, Sub-Saharan Africa and
Russia, as well as continued recovery in the Middle East-North Africa
/ Asia Pacific region with positive contributions in 2013. For the
full year 2012, the company currently estimates a book effective tax
rate of approximately 45 percent and a cash tax rate in line with the
prior year of approximately 33 percent. For 2013, the company
currently estimates a book effective tax rate of approximately 34
percent.

North America

Revenues for the quarter were $1,725 million, a seven percent
increase over the same quarter in the prior year and up $62 million
or four percent sequentially. In North America, the U.S. posted a
modest sequential decline driven by falling U.S. land rig count,
continued oversupply of hydraulic fracturing capacity, and the
effects of Hurricane Isaac. This decline was more than offset by
sequential growth in Canada driven by seasonal recovery despite a
lower rig count compared to the prior year.

The current quarter's operating income was $297 million, down $55
million or 16% from the same quarter in the prior year but up $65
million, or 28 percent, sequentially.

Middle East/North Africa/Asia

Third quarter revenues of $699 million were 22 percent higher than
the third quarter of 2011 and $50 million or eight percent higher
sequentially. The sequential and year-over-year increase in revenues
was broad-based and attributable to additional activity in Iraq,
Saudi Arabia, Australia and Oman.

The current quarter's operating income of $33 million increased $16
million from the same quarter in the prior year and increased $65
million compared to the operating loss in the second quarter of 2012.

Europe/SSA/Russia

Third quarter revenues of $626 million were seven percent higher than
the third quarter of 2011 and four percent lower than the prior
quarter. The revenue growth, year-over-year, came from each of the
regions with Romania, Kazakhstan, Kenya and Congo as strong
performers. Sequential declines in revenue and operating income were
experienced in Russia, Tanzania, the UK, and Caspian.

The current quarter's operating income of $94 million was up 16
percent compared to the same quarter in the prior year and down $17
million or 15 percent from the prior quarter. The current quarter was
impacted by a lower level of operating activity in Azerbaijan and the
UK as well as in Russia, which was notably strong in the prior
quarter.

Latin America

Third quarter revenues of $768 million were $176 million or 30
percent higher than the third quarter of 2011 and down two percent
compared to the second quarter of 2012. The current quarter's
operating income of $97 million increased $27 million or 39 percent
as compared to the same quarter in the prior year and increased seven
percent from the prior quarter. Mexico and Colombia were the primary
drivers of the sequential decrease in revenue and operating income
due to a decline in rig count.

Liquidity and Net Debt

Net debt for the quarter increased $347 million sequentially,
primarily as a result of capital expenditures of approximately $540
million, net of lost-in-hole, and an increase in working capital of
$203 million offset by positive contributions from operations.
Sequentially, day's sales outstanding increased to 92 days and day's
sales in inventory increased to 89 days.

Goodwill and Equity Method Investments Impairment

During the three months ended June 30, 2012, the sustained decline in
the market price of the company's registered shares caused management
to assess whether an event or change had occurred that, more likely
than not, reduced the fair value of any of the company's reporting
units below their carrying amount. After considering relevant
factors, management prepared the analysis necessary to identify
potential impairment through the comparison of reporting unit fair
values and carrying amounts. As announced in July 2012 in connection
with our preliminary second quarter results, this analysis indicated
that the Middle East/North Africa, Russia and Sub-Sahara Africa
reporting units were potentially impaired. During the third quarter
of 2012, the company finalized its goodwill impairment analysis and
concluded that the carrying amount of goodwill in the Middle
East/North Africa and Sub-Sahara Africa reporting units exceeded the
fair value of goodwill and recorded a non-cash charge of $589 million
in the second quarter to write-off all the goodwill in these
reporting units. There was no goodwill impairment in the Russia
reporting unit. During our goodwill impairment analysis, we also
identified impairment losses associated with our equity method
investments and have recorded a $204 million non-cash charge during
the second quarter related to those investments.

Material Weakness Related to Percentage of Completion Contract in
Iraq

The company has restated previously reported results for the first
quarter 2012 and revised its preliminary second quarter 2012 results
to correct errors in revenue and operating income amounts associated
with a percentage of completion contract. In connection with these
corrections we identified a material weakness in internal controls
over financial reporting related to the accounting for a percentage
of completion contract in Iraq. The unfavorable adjustments to the
first and second quarters operating income total $24 million and $55
million, respectively. The company has implemented additional
controls and procedures over percentage of completion accounting
during the third quarter of 2012 to remediate the issues related to
Iraq and these will be taken into account in our internal control
assessment at year end 2012.

Income Tax Matters and Remediation of Tax Material Weakness

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

-- As previously reported in the company's Quarterly Report on Form
10-Q for the quarter ended March 31, 2012, the company's Annual
Reports on Form 10-K for the years ended December 31, 2011 and
2010 and each of the company's Quarterly Reports on Form 10-Q
during the year ended December 31, 2011, the Company identified a
material weakness in its internal control over financial reporting
relating to current taxes payable, certain deferred tax assets and
liabilities, reserves for uncertain tax positions, and current and
deferred income tax expense. Errors relating to this material
weakness resulted in the restatement of the company's consolidated
financial statements included in its Annual Reports on Form 10-K
for both 2011 and 2010. To date, the material weakness in
accounting for income taxes has not been remediated, and
management has identified additional income tax related errors as
described below. -- As previously reported, through the second
quarter of 2012 and in connection with work completed during the
first and second quarter close, management identified $92 million
of additional income tax expense related to prior periods, a
significant portion of which related to management's estimates
regarding unrecognized tax benefits and adjustments for the
difference between actual taxes paid and tax liabilities accrued
for the prior period on over 200 tax returns filed during the
second quarter. -- As a result of the foregoing adjustments, the
Audit Committee of our Board of Directors concluded, on July 24,
2012, that investors should no longer rely upon our previously
issued financial statements. As announced in the release of our
preliminary second quarter results, the company intends to file
restated financial statements for fiscal 2011, 2010 and 2009 in a
Form 10-K/A for the year ended December 31, 2011 and restated
financial statements for the first quarter of 2012 in a Form
10-Q/A as soon as practicable, but not before it has completed
additional procedures and reviews of its accounting for income taxes.
The company will also include restated selected financial data for
fiscal 2007 through 2011 in its Form 10-K/A. In addition, the company
intends to include in the Form 10-K/A restated quarterly financial
data for each of the quarters for fiscal 2011 and 2010. Based on
the information regarding prior years that the company intends to
include in its Form 10-K/A, the company does not intend to file
amendments to any of its previously filed Form 10-Qs for years
prior to 2012. The company also intends to file its Form 10-Q for
the second and third quarter of 2012 concurrent with the filing of
the restated financial information. -- During the third quarter,
we expanded our procedures and reviews of our accounting for
income taxes to ensure that our restated consolidated financial
statements will be prepared in accordance with generally accepted
accounting principles. These expanded procedures, which were
extraordinary in their scope, included an expanded validation of all
our income tax accounts and primarily focused on reconciliations of
our deferred tax balances with the tax bases of assets and
liabilities in all jurisdictions, an extensive review of
unrecognized tax benefits in all taxing jurisdictions with an
additional focus on transfer pricing activities, and a further
review of our accounting for withholding taxes. These additional
procedures have included reviews of substantial volumes of data
and analyses of our income tax accounts. The company believes it
has made substantial progress toward completion of these
procedures, and, based on the progress to date, has shortened the
outer range of its estimated timing to complete all its financial
statement filings to around the end of November, 2012. -- As a
result of these additional procedures, we have identified through
the date of this release cumulative income tax accounting errors
totaling approximately $150 million related to prior periods. The
errors identified are substantially related to net increases in
income tax expense for reserves for unrecognized tax benefits.
Management's analysis is not complete and amounts are subject to
change. None of the adjustments are expected to affect the
company's historically reported net debt balances. -- Until the
company has concluded work on the above-mentioned adjustments, the
company will not finalize its tax accounts for the nine months
ended September 30, 2012. -- The company will publish in a filing
with the SEC and has posted in the Investor Relations section and
under Conference Call Details on its website (www.weatherford.com)
a document that describes the remedial procedures completed in
2012 and related steps it is taking to implement additional
controls and procedures designed to remediate the material
weakness in accounting for income taxes.

Until the restatement is completed, the company's estimates of the
expected income tax accounting adjustments for 2011 through 2008 and
prior years, and the nine months ended September 30, 2012, are
subject to change. There can be no assurance that additional income
tax accounting issues will not be identified during the course of the
review and audit process and, therefore, these results should be
considered preliminary until the company files its Form 10-K/A for
the year ended December 31, 2011, Form 10-Q/A for the quarter ended
March 31, 2012, and Form 10-Q for the quarters ended June 30 and
September 30, 2012. 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 review and
audit processes, could be material to the company's financial
condition and results of operations for the prior periods identified.

Management continues to assess the effect of the restatement on the
company's internal control over financial reporting for income taxes
and its related disclosure controls and procedures. Management will
report its final conclusion on internal control over financial
reporting for income taxes and related disclosure controls and
procedures upon completion of the restatement process.

Non-GAAP Performance Measures

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 second quarter results on November 13, 2012
at 7:00 a.m. (CST). The company invites investors to listen to the
call live via company's website, www.weatherford.com in the Investor
Relations section. A recording of the conference call and transcript
of the call will be available on that section of the website shortly
after the call ends.

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: John H. Briscoe +1.713.836.4610
Senior Vice President and Chief Financial Officer

Karen David-Green +1.713.836.7430
Vice President - Investor Relations

Forward-Looking Statements

This press release and the documents referenced herein contain, and
the conference call announced in this release may include,
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, as well as statements regarding timing or content of the
financial information that will be filed with the SEC regarding the
current period. Forward-looking statements also include any
statements about the resolution or potential future resolution of our
ongoing remediation of our material weakness in internal control over
financial reporting for income taxes and our assessment of the degree
to which historical remediation efforts have been successful to date.
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 the
company's ability to complete all processes necessary to the issuance
of revised financial statements, including obtaining an audit opinion
from its independent auditors, 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. Specifically, statements regarding the
current period assume that there will be no subsequent events or
other adverse developments after the date of this press release that
cause our financial statements for the current period, when filed
with the SEC, to vary materially from the amounts herein. 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.

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

Weatherford International Ltd.
Consolidated Condensed Statements of Operations
(Unaudited)
(In Millions)

Three Months Ended Nine Months Ended
------------------ -----------------
9/30/2012 9/30/2011 9/30/2012 9/30/2011
--------- --------- --------- ---------
(Restated) (Restated)

Net Revenues:
North America $1,725 $1,619 $5,142 $4,323
Middle East/North
Africa/Asia 699 573 1,943 1,766
Europe/SSA/Russia 626 586 1,850 1,689
Latin America 768 592 2,221 1,500
--- ---
3,818 3,370 11,156 9,278
----- ----- ------ -----

Operating Income
(Expense):
North America 297 352 887 878
Middle East/North
Africa/Asia 33 17 24 62
Europe/SSA/Russia 94 81 271 207
Latin America 97 70 271 140
Research and
Development (68) (59) (195) (181)
Corporate Expenses (37) (32) (128) (130)
Goodwill and Equity
Investment Impairment - - (793) -
Sanctioned Country
Loss Contingency - - (100) -
Other Items (73) (18) (126) (58)
--- --- ---- ---
343 411 111 918

Other Income
(Expense):
Interest Expense, Net (127) (115) (360) (342)
Other, Net (25) (26) (70) (67)
--- --- --- ---

Income (Loss) Before
Income Taxes 191 270 (319) 509

Weighted Average

Shares Outstanding: Basic 767 754
764 751 Diluted 771 760
764 758

Weatherford International Ltd.
Consolidated Condensed Statement of Operations
(Unaudited)
(In Millions)

Three Months Ended 6/30/2012
------------------------------
Previously
Reported Adjustments Restated
-------- ----------- --------

Net Revenues:
North America $1,676 $(13) $1,663
Middle East/North
Africa/Asia 668 (19) 649
Europe/SSA/Russia 652 1 653
Latin America 782 - 782
3,778 (31) 3,747
----- --- -----

Operating Income (Expense):
North America 271 (39) 232
Middle East/North
Africa/Asia 44 (76) (32)
Europe/SSA/Russia 120 (9) 111
Latin America 104 (13) 91
Research and Development (65) - (65)
Corporate Expenses (53) 11 (42)
Goodwill and Equity
Investment Impairment - (793) (793)
Sanctioned Country Loss
Contingency (100) - (100)
Other Items 29 (35) (6)
--- --- ---
350 (954) (604)

Other Income (Expense):
Interest Expense, Net (121) - (121)
Other, Net (24) (4) (28)
--- --- ---

Income (Loss) Before

Income Taxes 205 (958)
(753)

The preliminary results for the three months ended June 30, 2012 have
been revised to (i) correct our accounting for certain long-term
construction-type contracts, (ii) recognize a previously disclosed
goodwill and an equity method investment impairment, (iii) recognize
a charge for excess and obsolete inventory, (iv) correct previously
identified immaterial errors affecting operating income that were
recorded in improper periods and (v) present separately the costs we
attribute to our income tax accounting remediation and restatement
effort. As a result of these adjustments, income from operations
before income taxes decreased by $958 million.

Weatherford International Ltd.
Consolidated Condensed Statement of Operations
(Unaudited)
(In Millions)

Three Months Ended 3/31/2012
------------------------------
Previously
Reported Adjustments Restated
-------- ----------- --------

Net Revenues:
North America $1,754 $- $1,754
Middle East/North
Africa/Asia 605 (10) 595
Europe/SSA/Russia 569 2 571
Latin America 671 - 671
3,599 (8) 3,591
----- --- -----

Operating Income (Expense):
North America 359 (1) 358
Middle East/North
Africa/Asia 48 (25) 23
Europe/SSA/Russia 60 6 66
Latin America 87 (4) 83
Research and
Development (62) - (62)
Corporate Expenses (64) 15 (49)
Other Items (32) (15) (47)
--- --- ---
396 (24) 372

Other Income (Expense):
Interest Expense,
Net (112) - (112)
Other, Net (17) - (17)
--- --- ---

Income Before Income
Taxes 267 (24) 243

The restated results for the three months ended March 31, 2012 have
been adjusted to (i) correct our accounting for certain long-term
construction-type contracts, (ii) to correct previously identified
immaterial errors affecting operating income that were recorded in
improper periods and to (iii) present separately the costs we
attribute to our income tax accounting remediation and restatement
effort. As a result of these adjustments, income from operations
before income taxes decreased by $24 million.

Weatherford International Ltd.
Selected Statements of Operations Information
(Unaudited)
(In Millions)

Three Months Ended
------------------
9/30/2012 6/30/2012 3/31/2012
--------- --------- ---------
(Restated) (Restated)
Net Revenues:
North America $1,725 $1,663 $1,754
Middle East/North
Africa/Asia 699 649 595
Europe/SSA/Russia 626 653 571
Latin America 768 782 671
--- --- ---
$3,818 $3,747 $3,591
====== ====== ======

Three Months Ended
------------------
9/30/2012 6/30/2012 3/31/2012
--------- --------- ---------
(Restated) (Restated)
Operating Income
(Expense):
North America $297 $232 $358
Middle East/North
Africa/Asia 33 (32) 23
Europe/SSA/Russia 94 111 66
Latin America 97 91 83
Research and
Development (68) (65) (62)
Corporate Expenses (37) (42) (49)
Libya Reserve - - -
Goodwill and Equity
Investment
Impairment - (793) -
Sanctioned Country
Loss Contingency - (100) -
Other Items (73) (6) (47)
--- --- ---
$343 $(604) $372
==== ===== ====

Three Months Ended
------------------
9/30/2012 6/30/2012 3/31/2012
--------- --------- ---------
(Restated) (Restated)
Product Line

Revenues:
Formation Evaluation
and Well

Construction(1) $2,128 $2,058 $2,034
Completion and
Production(2) 1,690 1,689 1,557
----- ----- -----
$3,818 $3,747 $3,591
====== ====== ======

Three Months Ended
------------------
9/30/2012 6/30/2012 3/31/2012
--------- --------- ---------
(Restated) (Restated)
Depreciation and
Amortization:
North America $108 $101 $95
Middle East/North
Africa/Asia 90 85 83
Europe/SSA/Russia 63 60 61
Latin America 61 59 55
Research and
Development 3 2 2
Corporate 4 4 3
--- --- ---
$329 $311 $299
==== ==== ====

Three Months Ended
------------------
12/31/2011 9/30/2011
---------- ---------
(Restated)
Net Revenues:
North America $1,699 $1,619
Middle East/North
Africa/Asia 675 573
Europe/SSA/Russia 609 586
Latin America 727 592
--- ---
$3,710 $3,370
====== ======

Three Months Ended
------------------
12/31/2011 9/30/2011
---------- ---------
(Restated) (Restated)
Operating Income
(Expense):
North America $381 $352

Middle East/North

Africa/Asia 35 17
Europe/SSA/Russia 80 81
Latin America 114 70
Research and
Development (64) (59)
Corporate Expenses (45) (32)
Libya Reserve (67) -
Goodwill and Equity
Investment
Impairment - -
Sanctioned Country
Loss Contingency - -
Other Items (38) (18)
--- ---
$396 $411
==== ====

Three Months Ended
------------------
12/31/2011 9/30/2011
---------- ---------
(Restated)
Product Line

Revenues:
Formation Evaluation
and Well

Construction(1) $2,074 $1,880
Completion and
Production(2) 1,636 1,490
----- -----
$3,710 $3,370
====== ======

Three Months Ended
------------------
12/31/2011 9/30/2011
---------- ---------

Depreciation and
Amortization:
North America $91 $91
Middle East/North
Africa/Asia 82 81
Europe/SSA/Russia 59 59
Latin America 52 51
Research and
Development 2 2
Corporate 3 2
--- ---
$289 $286
==== ====

(1) Formation Evaluation and Well Construction includes Drilling Services,
Well Construction, Integrated Drilling, Wireline and Evaluation
Services, Drilling Tools and Re-entry and Fishing

(2) Completion and Production includes Artificial Lift Systems, Stimulation
and Chemicals, Completion Systems and Pipeline and Specialty Services

We report our financial results in accordance with generally accepted
accounting principles (GAAP). However, Weatherford's management
believes that certain non-GAAP financial measures and ratios (as
defined under the SEC's Regulation G) may provide users of this
financial information additional meaningful comparisons between
current results and results in prior periods. The non-GAAP
financial measures we may present from time to time include: 1)
operating income or income from continuing operations excluding
certain charges or amounts, 2) the provision for income taxes
excluding discrete items and 3) the resulting non-GAAP net income
and per share amounts. These adjusted amounts are not measures of
financial performance under GAAP. Accordingly, these amounts should
not be considered as a substitute for operating income, provision for
income taxes, net income or other data prepared and reported in
accordance with GAAP. See the table below for supplemental financial
data and corresponding reconciliations to GAAP financial measures for
the three months ended September 30, 2012, June 30, 2012, and
September 30, 2011 and for the nine months ended September 30, 2012
and September 30, 2011. Non-GAAP financial measures should be
viewed in addition to, and not as an alternative to, the Company's
reported results prepared in accordance with GAAP.

Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In Millions)

Three Months Ended
------------------
9/30 6/30 9/30
2012 (a) 2012 (b) 2011 (c)
----- -------- --------
(Restated) (Restated)

Operating Income
(Loss):
GAAP Operating Income

(Loss) $343 $(604) $411
Gain on Sale of
Business - (28) -
Goodwill and Equity
Investment Impairment - 793 -
Sanctioned Country Loss
Contingency - 100 -
Tax Remediation and
Restatement Expenses 27 11 9
Inventory Lower of Cost
or Market Adjustment 29 - -
Debt Waiver
Solicitation Fees 11 - -
Severance, Exit and
Other Adjustments 6 23 9
Non-GAAP Operating
Income $416 $295 $429
==== ==== ====

Income (Loss) Before
Income Taxes:
GAAP Income (Loss)
Before Income Taxes $191 $(753) $270
Gain on Sale of
Business - (28) -
Goodwill and Equity
Investment Impairment - 793 -
Sanctioned Country Loss
Contingency - 100 -
Tax Remediation and
Restatement Expenses 27 11 9
Inventory Lower of Cost
or Market Adjustment 29 - -
Debt Waiver
Solicitation Fees 11 - -
Severance, Exit and
Other Adjustments 6 23 9
Non-GAAP Income (Loss)
Before Income Taxes $264 $146 $288
==== ==== ====

Nine Months Ended
-----------------
9/30 9/30
2012 (d) 2011 (e)
-------- --------
(Restated) (Restated)
Operating Income
(Loss):
GAAP Operating Income
(Loss) $111 $918
Gain on Sale of
Business (28) -
Goodwill and Equity
Investment Impairment 793 -
Sanctioned Country Loss
Contingency 100 -
Tax Remediation and
Restatement Expenses 52 9
Inventory Lower of Cost
or Market Adjustment 29 -
Debt Waiver
Solicitation Fees 11 -
Severance, Exit and
Other Adjustments 62 49
Non-GAAP Operating
Income $1,130 $976
====== ====

Income (Loss) Before
Income Taxes:
GAAP Income (Loss)

Before Income Taxes $(319) $509
Gain on Sale of
Business (28) -
Goodwill and Equity
Investment Impairment 793 -
Sanctioned Country Loss
Contingency 100 -
Tax Remediation and
Restatement Expenses 52 9
Inventory Lower of Cost
or Market Adjustment 29 -
Debt Waiver
Solicitation Fees 11 -
Severance, Exit and
Other Adjustments 60 49
Non-GAAP Income (Loss)
Before Income Taxes $698 $567

==== ====

Note (a): Non-GAAP adjustments are comprised of (i) tax restatement
and remediation expenses of $27 million, (ii) $11 million in fees
and expenses associated with our Q3 debt consent solicitation,
(iii) a $29 million lower of cost or market adjustment to the
carrying value of our inventory and (iv) severance, exit and other
charges of $6 million.

Note (b): Non-GAAP adjustments are comprised of (i) a $28 million
gain related to the sale of our subsea controls business (ii)
goodwill and equity method investment impairments of $793 million
(iii) $100 million loss accrual related to sanctioned country
matters, (iv) tax restatement and remediation expenses of $11
million and (v) severance, exit and other charges of $23 million.

Note (c): Non-GAAP adjustments are comprised of (i) tax
restatement and remediation expenses of $9 million and (iii)
severance, exit and other charges of $9 million.

Note (d): Non-GAAP adjustments are comprised of (i) a $28 million
gain related to the sale of our subsea controls business (ii)
goodwill and equity method investment impairments of $793 million
(iii) $100 million loss accrual related to sanctioned country
matters (iv) tax restatement and remediation expenses of $52
million, (v) a $29 million lower of cost or market adjustment to
the carrying value of our inventory (vi) $11 million in fees and
expenses associated with our Q3 debt consent solicitation and (vii)
severance, exit and other charges of $62 million.

Note (e): Non-GAAP adjustments are comprised of (i) tax restatement
and remediation expenses of $9 million and (iii) severance, exit
and other charges of $49 million.

Weatherford International Ltd.
Selected Balance Sheet Data
(Unaudited)
(In Millions)

9/30/2012 6/30/2012 3/31/2012
--------- --------- ---------
(Restated) (Restated)

Assets:
Cash and Cash

Equivalents $366 $381 $339
Accounts
Receivable, Net 3,911 3,608 3,358
Inventories 3,694 3,407 3,301
Property, Plant and
Equipment, Net 8,131 7,742 7,591
Goodwill and
Intangibles, Net 4,652 4,580 5,151
Equity Investments 642 629 634

Liabilities:
Accounts Payable $2,021 $1,634 $1,684

Short-term
Borrowings and
Current Portion of
Long-term Debt 1,606 1,263 1,902
Long-term Debt 7,300 7,311 5,989

12/31/2011 9/30/2011
---------- ---------
(Restated) (Restated)

Assets:
Cash and Cash

Equivalents $371 $274
Accounts
Receivable, Net 3,234 3,178
Inventories 3,158 3,073
Property, Plant and
Equipment, Net 7,287 7,145
Goodwill and
Intangibles, Net 5,133 5,133
Equity Investments 616 600

Liabilities:
Accounts Payable $1,571 $1,569

Short-term
Borrowings and
Current Portion of
Long-term Debt 1,320 1,350
Long-term Debt 6,286 6,266

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

Change in Net Debt for the Three Months
Ended 9/30/2012:

Net Debt at 6/30/2012 $(8,193)
Operating Income 343
Depreciation and Amortization 329
Other Items 73
Capital Expenditures (572)
Increase in Working Capital (203)
Income Taxes Paid (25)
Interest Paid (177)
Acquisitions and Divestitures
of Assets and Businesses, Net 7
Foreign Currency Contract
Settlements 24
Other (146)
----
Net Debt at 9/30/12 $(8,540)
=======

Change in Net Debt for the Nine Months
Ended 9/30/2012:
Net Debt at 12/31/2011 $(7,235)
Operating Income 111
Depreciation and Amortization 939
Goodwill and Investment
Impairment 793
Sanctioned Country Loss
Contingency 100
Other Items 126
Capital Expenditures (1,670)
Increase in Working Capital (763)
Income Taxes Paid (269)
Interest Paid (401)
Acquisitions and Divestitures
of Assets and Businesses, Net (147)
Foreign Currency Contract
Settlements 8
Other (132)
----
Net Debt at 9/30/12 $(8,540)
=======

Components of Net Debt 9/30/2012 6/30/2012 12/31/2011
--------- --------- ----------
Cash $366 $381 $371
Short-term Borrowings and
Current Portion of Long-Term
Debt (1,606) (1,263) (1,320)
Long-term Debt (7,300) (7,311) (6,286)
------ ------ ------
Net Debt $(8,540) $(8,193) $(7,235)
======= ======= =======

"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.

Weatherford International Ltd.
Selected Cash Flow Data
(Unaudited)
(In Millions)

Three Months Nine Months
Ended Ended
9/30/2012 9/30/2012
--------- ---------

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided by Continuing Operations $231 $513
---- ----

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures for Property, Plant and
Equipment (572) (1,670)
Acquisition of Businesses, Net of Cash
Acquired - (156)
Acquisition of Intangibles (10) (16)
Acquisition of Joint Ventures - (8)
Proceeds from Sale of Assets and businesses,
Net 17 33
Net Cash Used by Investing Activities (565) (1,817)
---- ------

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of Long-Term Debt - 1,302
Repayments on Long-Term Debt (11) (302)
Borrowings of Short-Term Debt, Net 343 257
Proceeds from Exercise of Warrants - 65
Other Financing Activities , Net (17) (24)
Net Cash Provided by Financing Activities 315 1,298
--- -----

Effect of Exchange Rate on Cash and Cash Equivalents
4 1

NET DECREASE IN CASH AND CASH EQUIVALENTS (15) (5)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 381 371
--- ---
CASH AND CASH EQUIVALENTS AT END OF PERIOD $366 $366
==== ====

ADDITIONAL FINANCIAL INFORMATION
REQUIRED BY THE SIX SWISS EXCHANGE

The following supplemental information to our press release is
furnished under the reporting requirements of the SIX Swiss
Exchange ("the SIX"). The SIX has requested that we provide the
following information to comply with a half-year reporting
requirement due to the postponement of our Form 10-Q for the
quarters ended June 30 and September 30, 2012. All amounts
presented are as of and for the three and nine month periods ended
September 30, 2012. Please note that the information provided
below may be revised upon finalization and filing of our Form 10-Q
for the quarter ended September 30, 2012.

WEATHERFORD INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In millions)

Three Months Nine Months
------------ -----------
Ended September 30, Ended September 30,
------------------- -------------------
2012 2011 2012 2011
---- ---- ---- ----
(Restated) (Restated)
Revenues:
Products $1,534 $1,252 $4,456 $3,468
Services 2,284 2,118 6,700 5,810
----- ----- ----- -----
3,818 3,370 11,156 9,278

Costs and
Expenses:

Cost of Products 1,206 952 3,405 2,618
Cost of Services 1,743 1,527 5,193 4,260
Research and
Development 68 59 195 181

Selling, General
and
Administrative

Attributable to
Segments 381 378 1,161 1,146
Corporate,
General and
Administrative 77 43 226 155
Goodwill and
Equity
Investment - - 793 -
Impairment
Estimated
Settlement -
Sanctioned
Countries - - 100 -
Gain on Sale of
Business - - (28) -
--- --- --- ---
3,475 2,959 11,045 8,360
----- ----- ------ -----

Operating Income 343 411 111
918

Other Expense:

Interest
Expense, Net (127) (115) (360) (342)
Other, Net (25) (26) (70) (67)
--- --- --- ---

Income Before Income Taxes 191 270
(319) 509

Weighted Average Shares Outstanding: Basic 767
754 764 751 Diluted 771
760 764 758

WEATHERFORD INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In millions)

Three Months Nine Months
------------ -----------
Ended September 30, Ended September 30,
------------------- -------------------
2012 2011 2012 2011
---- ---- ---- ----
(Restated) (Restated)
Other
Comprehensive
Income (Loss):
Foreign Currency
Translation
Adjustment $(221) $(287) $84 $(91)
Derivatives
Designated as
Cash Flow
Hedges - (14) - (14)
Amortization of
Pension
Components 1 1 2 2
--- --- --- ---
Other
Comprehensive
Income (Loss) $(220) $(300) $86 $(103)

Goodwill
We perform a