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

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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