Weatherford International Ltd./Switzerland (WFT) 8-K Weatherford Reports First Quarter Results $0.27 per diluted share, excluding severance and investigation costs

Exhibit 99.1

News Release

Weatherford Reports First Quarter Results
$0.27 per diluted share, excluding severance and investigation costs

SWITZERLAND, April 20, 2009 — Weatherford International Ltd. (NYSE: WFT) today reported first quarter 2009 income from continuing operations of $186 million, or $0.27 per diluted share, excluding an after tax loss of $0.04 for investigation and exit costs incurred in connection with the company’s withdrawal from sanctioned countries and severance costs principally associated with restructuring activities in North America. First quarter diluted earnings per share from continuing operations reflect a decrease of 46 percent over the first quarter of 2008 diluted earnings per share from continuing operations of $0.50, before non-recurring items, mainly due to a sharp drop off in customer activity in North America.

First quarter revenues were $2,256 million, or three percent higher than the same period last year, against a backdrop of a 19 percent decrease in global rig count. While North America revenue declined 23 percent, in line with a 27 percent decline in rig count, international revenue was up 28 percent against a two percent decrease in international rig count. Company-wide revenue was negatively impacted by approximately $160 million due to the relative strengthening of the U.S. dollar compared to the year-ago period.

Sequentially, the company’s first quarter diluted earnings per share from continuing operations, before non-recurring items, were $0.26 lower than the fourth quarter 2008 diluted earnings per share from continuing operations of $0.53, before non-recurring items. This decline was principally due to the abrupt curtailment of North American activity during the first three months of 2009.

North America

Revenues for the quarter were $837 million, which is a 23 percent decrease over the same quarter in the prior year, as compared to a 27 percent rig count decrease. Sequentially, revenues were down 29 percent as compared to a 28 percent rig count decrease.

Operating income of $123 million was 58 percent lower as compared to the same quarter in the prior year and sequentially, as margins were negatively impacted by pricing, volume and utilization erosion.

Middle East/North Africa/Asia

First quarter revenues of $582 million were 12 percent higher than the first quarter of 2008 and 14 percent lower than the prior quarter. A seasonal pull-back in product sales, coupled with project delays contributed to the decline.

The current quarter’s operating income of $134 million improved 11 percent as compared to the same quarter in the prior year and decreased 18 percent as compared to the prior quarter due to lower pricing and sales volume.

Europe/West Africa/CIS

First quarter revenues of $369 million were six percent higher than the first quarter of 2008 and six percent lower than the prior quarter. The United Kingdom, Romania and Russia had the most significant declines on a sequential basis.

The current quarter’s operating income of $75 million declined 20 percent as compared to the same quarter in the prior year and 15 percent sequentially due to reduced sales volume and lower pricing.

Latin America

First quarter revenues of $468 million were 98 percent higher than the first quarter of 2008 and 21 percent higher than the prior quarter. Mexico was the top performer on a sequential basis.

The current quarter’s operating income of $92 million improved 52 percent as compared to the same quarter in the prior year and was four percent higher when compared to the fourth quarter of 2008.

Reclassifications and Non-GAAP

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 2009 first quarter results on April 20, 2009 at 9:30 a.m. (CDT). The company invites investors to listen to a play back of the conference call at the company’s website, http://www.weatherford.com in the “investor relations” section.

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 45,000 people worldwide.

# # #

Contact:	Andrew P. Becnel	(713) 693-4136
	Chief Financial Officer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford’s prospects for its operations which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.’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, the demand for and pricing of Weatherford’s 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.

Weatherford International Ltd.
Consolidated Condensed Statements of Income
(Unaudited)
(In 000’s, Except Per Share Amounts)

	Three Months
	Ended March 31,
	2009			2008
Net Revenues:
North America	$	837,353		$	1,090,362
Middle East/North Africa/Asia		581,946			521,884
Europe/West Africa/CIS		368,843			347,629
Latin America		467,999			236,017
		2,256,141			2,195,892
Operating Income (Expense):
North America		123,036			291,653
Middle East/North Africa/Asia		134,026			120,674
Europe/West Africa/CIS		74,943			93,213
Latin America		92,217			60,498
Research and Development		(49,021	)		(42,639	)
Corporate Expenses		(39,599	)		(33,632	)
Exit and Restructuring		(24,877	)		(74,233	)
		310,725			415,534
Other Income (Expense):
Interest Expense, Net		(91,063	)		(52,803	)
Other, Net		(13,539	)		499
Income from Continuing Operations
Before Income Taxes		206,123			363,230
Provision for Income Taxes:
Provision for Operations		(35,804	)		(80,931	)
Benefit From Exit and Restructuring		3,341			7,306
		(32,463	)		(73,625	)
Income from Continuing Operations, Net of Taxes		173,660			289,605
Loss from Discontinued Operation, Net of Taxes		—			(19,868	)
Net Income		173,660			269,737
Net Income Attributable to Noncontrolling Interests		(8,858	)		(5,536	)
Net Income Attributable to Weatherford	$	164,802		$	264,201
Basic Earnings Per Share Attributable to Weatherford:
Income from Continuing Operations	$	0.24		$	0.42
Loss from Discontinued Operation		—			(0.03	)
Net Income	$	0.24		$	0.39
Diluted Earnings Per Share Attributable to Weatherford:
Income from Continuing Operations	$	0.23		$	0.41
Loss from Discontinued Operation		—			(0.03	)
Net Income	$	0.23		$	0.38
Amounts Attributable to Weatherford Common Shareholders:
Income from Continuing Operations, Net of Taxes	$	164,802		$	284,069
Loss from Discontinued Operation, Net of Taxes		—			(19,868	)
Net Income	$	164,802		$	264,201
Weighted Average Shares Outstanding:
Basic		698,327			680,190
Diluted		702,636			697,086

1

Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In 000’s)

	Three Months
	Ended
	3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Net Revenues:
North America	$	837,353		$	1,177,936		$	1,179,605		$	1,012,244		$	1,090,362
Middle East/North Africa/Asia		581,946			675,513			637,872			556,251			521,884
Europe/West Africa/CIS		368,843			393,005			408,993			389,563			347,629
Latin America		467,999			388,172			314,326			271,192			236,017
	$	2,256,141		$	2,634,626		$	2,540,796		$	2,229,250		$	2,195,892
Operating Income (Expense):
North America	$	123,036		$	296,407		$	312,887		$	224,252		$	291,653
Middle East/North Africa/Asia		134,026			163,238			146,450			130,650			120,674
Europe/West Africa/CIS		74,943			88,158			102,385			99,016			93,213
Latin America		92,217			88,720			69,521			58,355			60,498
Research and Development		(49,021	)		(53,564	)		(52,026	)		(44,430	)		(42,639	)
Corporate Expenses		(39,599	)		(35,355	)		(30,750	)		(35,275	)		(33,632	)
Exit and Restructuring		(24,877	)		(16,253	)		(13,727	)		64,356			(74,233	)
	$	310,725		$	531,351		$	534,740		$	496,924		$	415,534

Supplemental Information
(Unaudited)
(In 000’s)

	Three Months
	Ended
	3/31/2009		12/31/2008		9/30/2008		6/30/2008		3/31/2008
Depreciation and Amortization:
North America	$	75,098	$	80,555	$	79,619	$	75,093	$	74,787
Middle East/North Africa/Asia		57,634		55,587		49,138		45,982		45,736
Europe/West Africa/CIS		34,678		33,825		31,911		27,600		26,621
Latin America		30,442		30,331		23,561		20,368		19,682
Research and Development		1,933		1,931		1,902		1,867		1,694
Corporate		1,609		1,449		1,000		800		768
	$	201,394	$	203,678	$	187,131	$	171,710	$	169,288

2

We report our financial results in accordance with generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP performance measures and ratios may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure we may present from time to time is operating income or income from continuing operations excluding certain charges or amounts. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for operating income, net income or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended March 31, 2009, December 31, 2008 and March 31, 2008. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			March 31,
	2009			2008			2008
Operating Income:
GAAP Operating Income	$	310,725		$	531,351		$	415,534
Exit and Restructuring		24,877	(a)		16,253	(b)		74,233	(c)
Non-GAAP Operating Income	$	335,602		$	547,604		$	489,767
Provision for Income Taxes:
GAAP Provision for Income Taxes	$	(32,463	)	$	(74,321	)	$	(73,625	)
Tax impact of Exit and Restructuring		(3,341	)(a)		—			(7,306	)(c)
Non-GAAP Provision for Income Taxes	$	(35,804	)	$	(74,321	)	$	(80,931	)
Income from Continuing Operations Attributable to Weatherford:
GAAP Income from Continuing Operations	$	164,802		$	348,118		$	284,069
Total Exit and Restructuring, net of tax		21,536	(a)		16,253	(b)		66,927	(c)
Non-GAAP Income from Continuing Operations	$	186,338		$	364,371		$	350,996
Diluted Earnings Per Share From Continuing Operations Attributable to Weatherford:
GAAP Diluted Earnings per Share From Continuing Operations	$	0.23		$	0.50		$	0.41
Total Exit and Restructuring, net of tax		0.04	(a)		0.03	(b)		0.09	(c)
Non-GAAP Diluted Earnings per Share From Continuing Operations	$	0.27		$	0.53		$	0.50

Note (a):	This amount represents investigation costs incurred in connection with on-going investigations by the U.S. government. Also included are severance charges associated with the Company’s reorganization activities.
Note (b):	This amount represents investigation costs incurred in connection with on-going investigations by the U.S. government and costs related to the Company’s withdrawal from sanctioned countries.
Note (c):	This amount represents investigation costs incurred in connection with on-going investigations by the U.S. government and costs related to the Company’s withdrawal from sanctioned countries. Also included are severance charges associated with the Company’s reorganization activities.

3