EANS-Adhoc: Weatherford Commences Solicitations of Consents Relating to Senior Notes

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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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Consent Solicitation

03.08.2012

GENEVA, Switzerland, Aug. 2, 2012 -- Weatherford International Ltd.
(NYSE and SIX: WFT), a Swiss joint-stock company ("Weatherford
Switzerland"), announced today that Weatherford International Ltd., a
Bermuda exempted company ("Weatherford Bermuda"), and Weatherford
International, Inc., a Delaware corporation ("Weatherford Delaware"),
both wholly owned subsidiaries of Weatherford Switzerland, have each
commenced a solicitation of consents related to their respective
indentures (collectively, the "Consent Solicitation") from the
holders of the senior notes listed in the table below (the "Notes")
as the issuers of such Notes.

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

The Consent Solicitation requests the holders to extend certain
reporting requirements in the indentures governing the Notes (the
"Indentures") in connection with Weatherford Switzerland's previously
announced delay in filing its second quarter report on Form 10-Q and
potential delay in filing its third quarter report on Form 10-Q with
the Securities and Exchange Commission ("SEC").

The proposed consents would permit Weatherford Switzerland to extend
its obligation to file with the trustee under the Indentures copies
of its quarterly and other SEC reports to no later than March 31,
2013.

Holders of Notes are referred to the Consent Solicitation Statement
dated August 2, 2012, and the related Letter of Consent for the
detailed terms and conditions of the Consent Solicitation. The record
date for determining the holders entitled to consent is August 1,
2012. The Consent Solicitation will expire at 5:00 p.m., New York
City time, on August 13, 2012 (the "Expiration Time"), unless
extended in Weatherford's sole discretion.

Subject to certain conditions, Weatherford Bermuda and Weatherford
Delaware are offering to pay a consent fee equal to $2.50 in cash for
each $1,000 in principal amount of the respective Notes to holders
for which consents are validly delivered and not revoked prior to the
Expiration Time.

Series of Weatherford Bermuda Notes Aggregate Principal Amount
Outstanding as of the Record Date
----------------------------------- --------------------------------------
5.15% Senior Notes due 2013 U.S.$294,000,000

(CUSIP/ISIN: 947075AC1/US947075AC16)
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4.95% Senior Notes due 2013 U.S.$250,000,000
(CUSIP/ISIN: 947075AA5/US947075AA59)
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5.50% Senior Notes due 2016 U.S.$350,000,000
(CUSIP/ISIN: 947076AB1/US947076AB16)
------------------------------------
6.00% Senior Notes due 2018 U.S.$500,000,000
(CUSIP/ISIN: 947075AD9/US947075AD98)
------------------------------------
9.625% Senior Notes due 2019 U.S.$1,000,000,000
(CUSIP/ISIN: 947075AF4/US947075AF47)
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5.125% Senior Notes due 2020 U.S.$800,000,000
(CUSIP/ISIN: 94707VAA8/US94707VAA89)
------------------------------------
4.50% Senior Notes due 2022 U.S.$750,000,000
(CUSIP/ISIN: 94707VAC4/US94707VAC46)
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6.50% Senior Notes due 2036 U.S.$600,000,000
(CUSIP/ISIN: 947075AB3/US947075AB33)
------------------------------------
7.00% Senior Notes due 2038 U.S.$500,000,000
(CUSIP/ISIN: 947075AE7/US947075AE71)
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9.875% Senior Notes due 2039 U.S.$250,000,000
(CUSIP/ISIN: 947075AG2/US947075AG20)
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6.75% Senior Notes due 2040 U.S.$600,000,000
(CUSIP/ISIN: 94707VAB6/US94707VAB62)
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5.95% Senior Notes due 2042 U.S.$550,000,000
(CUSIP/ISIN: 94707VAD2/US94707VAD29)

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Series of Weatherford Delaware Notes Aggregate Principal Amount
Outstanding as of the Record Date
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6.35% Senior Notes due 2017
(CUSIP/ISIN: 947074AJ9/US947074AJ93 U.S.$600,000,000
CUSIP/ISIN: 947074AF7/US947074AF71
ISIN: USU94320AC96)
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6.80% Senior Notes due 2037 U.S.$300,000,000

(CUSIP/ISIN: 947074AK6/US947074AK66)
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Weatherford Bermuda and Weatherford Delaware have engaged Morgan
Stanley & Co. LLC and J.P. Morgan Securities LLC to act as
solicitation agents for the Consent Solicitation. Morgan Stanley has
been engaged as Lead Solicitation Agent and D. F. King & Co., Inc.
has been engaged to act as the Information and Tabulation Agent for
the Consent Solicitation. Any questions or requests for assistance
regarding the Consent Solicitation may be made to Morgan Stanley &
Co. LLC, at +1 (800) 624-1808 (toll-free) or +1 (212) 761-1057
(collect) or to J.P. Morgan Securities LLC, at +1 (866) 834-4666
(toll-free) or +1 (212) 834-2494 (collect). Questions or requests for
assistance or additional copies of the Consent Solicitation
Statement, the Letter of Consent and related documents may be
directed to D. F. King & Co., Inc. at +1 (800) 859-8509 (toll-free)
or +1 (212) 269-5550 (for Banks and Brokers).

This press release is for informational purposes only and is not a
solicitation of consents. The Consent Solicitation is only being made
pursuant to the Consent Solicitation Statement dated August 2, 2012
and the related Letter of Consent. The Consent Solicitation is
subject to certain conditions and presents certain risks for holders
who consent, as set forth more fully in the Consent Solicitation
Statement. Weatherford Bermuda and Weatherford Delaware reserve the
right to waive or modify any term of, or to terminate, the Consent
Solicitation in respect of either or both of the Indentures for any
reason prior to the Expiration Time.

About Weatherford

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.

Forward-Looking Statements

This press release, as well as filings made by us with the SEC,
contain various statements that may constitute 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 past and current
periods. 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.

Those forward-looking statements are subject to certain risks,
uncertainties and assumptions. These risks and uncertainties, which
are more fully described in Weatherford Switzerland's reports and
registration statements filed with the SEC, include the impact of oil
and natural gas prices and worldwide economic conditions on drilling
activity, the outcome of pending government investigations, any delay
in the filing of our periodic reports with the SEC and any resulting
lack of our financial and other information reaching the market or
non-compliance with the reporting covenants under our Indentures as a
result, the demand for and pricing of our products and services,
domestic and international economic and regulatory conditions and
changes in tax and other laws affecting our business. Should one or
more of these risks or uncertainties materialize, or should the
assumptions prove incorrect, actual results may vary materially from
those currently anticipated.

Further inquiry note:
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

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