EANS-Adhoc: Weatherford Updates Fourth Quarter 2013 Guidance

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Earnings Forecast/quarterly report
30.01.2014

- Confirms Significant Reduction in Net Debt; Announces Cost
Reduction Measures

GENEVA, Jan. 30, 2014 -- Weatherford International Ltd. (NYSE /
Euronext Paris / SIX: WFT) today updates its projected fourth quarter
2013 earnings per share (non-GAAP) financial results. Earnings per
share for the fourth quarter 2013 are estimated to be in the range of
$0.05 - $0.08. The shortfall can be primarily attributed to the
following factors:

end of ad-hoc-announcement ==========================================
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- Capital discipline driven activity reductions in Latin America;
- Operational disruptions in the Middle East;
- Severe weather conditions, adversely impacting activity in North America
and the North Sea; and
- Incremental tax planning items, which increased the fourth quarter
effective tax rate to approximately 50%, adding $0.03 to the fourth quarter tax
expense. These items are expected to favorably impact the tax rate for the
Company going forward.

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

Despite the shortfalls described above, net debt was reduced by
nearly $700 million during the fourth quarter, reflecting strong
operating cash flow and the partial monetization of the previously
announced divestiture of the Borets joint venture.

The Company established a culture of capital discipline in 2013,
successfully resolved the U.S. government investigations, and expects
to announce the remediation of the material weakness in income tax
accounting when we file our Form 10-K for 2013. The Company
identified the non-core businesses which have now been slated for
divestiture. These are essential steps in our transformational plan.

2014 Outlook

In 2014, we are focused on achieving a step change in profitability
by:

- Focusing the organization on growing our core businesses;
- Making our cost base more efficient; and
- Divesting our non-core businesses and reducing our net debt.

The operational update going into 2014 is positive. Some highlights are:

- During the fourth quarter, the Company secured an incremental $1.5 billion
in multi-year contracts for well construction across all regions;
- Artificial Lift continues to gain market share, primarily in North
America;
- Currently, more than 80% of our U.S. pressure pumping horsepower is term
contracted. During the fourth quarter, the increased focus on cost and operating
efficiencies in pressure pumping are expected to drive profitability
improvements in 2014; and
- There is continued improvement on securing dayrate contracts in the
Eastern Hemisphere for our rigs. Currently, more than 90% of the Eastern
Hemisphere rigs are contracted.

As an important step in making our cost base more efficient, the
Company has decided to reduce its workforce by 7,000 employees,
primarily from its fixed support cost base. This reduction will not
affect the non-core businesses of Weatherford that have been
earmarked for divestiture in 2014; instead, it is designed to lighten
the support structure of Weatherford to compensate for the
divestiture program. The workforce reduction is expected to be
completed during the first half of 2014, resulting in annualized
savings of $500 million, with roughly half of this amount impacting
2014 earnings. These actions will not affect or compromise in any way
Weatherford's accounting and tax processes.

Concurrently, additional strategic reviews are ongoing with a view to
eliminating operations that do not have critical mass and are
currently unprofitable and a drain on Weatherford's cash flow.

The non-core business divestiture program is on track as previously
announced. Based on its current activity profile, and inclusive of
the benefits arising from the cost reduction actions outlined above,
Weatherford expects 2014 earnings per share (non-GAAP) to range
between $1.10 and $1.20 and our effective tax rate is forecasted to
be 25% to 35%.

Having placed all distractions behind us, management is
single-mindedly focused on operating performance. Additional details
on the Company's 2014 outlook, operations, cash flow and cost
reduction actions will be provided during our fourth quarter earnings
conference call on February 26, 2014.

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 65,000 people worldwide.

Contact: Krishna Shivram +1.713.836.4610
Executive Vice President and Chief Financial Officer

Karen David-Green +1.713.836.7430
Vice President - Investor Relations

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, among other things, the Company's non-GAAP earnings per
share and the size, timing and benefits of the reduction in workforce, and are
also generally identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "budget," "intend," "strategy," "plan," "guidance,"
"may," "should," "could," "will," "would," "will be," "will continue," "will
likely result," and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are based upon the
current beliefs of Weatherford's management, and are subject to significant
risks, assumptions and uncertainties. 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.
Readers are also cautioned that forward-looking statements are only predictions
and may differ materially from actual future events or results due to the
Company's ability to implement workforce reductions in various geographies;
possible changes in the size and components of the expected costs and charges
associated with the reduction plan; and risks associated with the Company's
ability to achieve the benefits of the planned workforce reduction.
Additionally, the Company has not completed our review of our financial
information for the fourth quarter of 2013, and accordingly, expected results
are subject to change. Forward-looking statements also are affected by the risk
factors described in the company's Annual Report on Form 10-K for the year ended
December 31, 2012, and those set forth from time-to-time in other filings with
the Securities and Exchange Commission ("SEC"). 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.

SOURCE Weatherford International Ltd.

Further inquiry note:
Contact: 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