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                                                                   EXHIBIT 99.1


       WEATHERFORD TO ACQUIRE DAILEY INTERNATIONAL INC. FOR $195 MILLION

HOUSTON, May 21, 1999 - Weatherford International, Inc. (NYSE: WFT) today
announced that it has entered into an agreement to acquire Dailey International
Inc. for $195 million in Weatherford common stock. The acquisition will be
consummated pursuant to a pre-negotiated plan of reorganization in bankruptcy.
The plan, which is expected to be filed by June 1, 1999, has been agreed to by
the holders of approximately $225 million or 82% of the outstanding principal
amount of Dailey's 9 1/2% Senior Notes and more than 50% of Dailey's Common
Stock.

Under terms of the acquisition, the holders of the 9 1/2% Senior Notes will
receive $185 million in exchange for their claims relating to their $275
million principal amount of notes and accrued interest. The Dailey stockholders
will receive $10 million. The combined amount will be payable in Weatherford
common stock. Other claims, including trade and other debt, will not be
impaired. The transaction will be subject to normal and customary approval by
the bankruptcy court and other governmental authorities.

Dailey is a worldwide provider of specialty services and technologically
advanced downhole tools to the oil and gas industry. Dailey is a leading
supplier of drilling jars and other proprietary downhole tools, including
hydraulic fishing jars, coiled tubing jars and other drilling tools. Dailey is
also a worldwide leader in providing air drilling services for underbalanced
drilling applications. Additionally, Dailey provides installation services,
directional drilling services and electric wireline services to the oil and gas
industry.

Dailey's product lines are highly complementary to the Weatherford product and
service offering with substantial synergies in jars, underbalanced drilling and
installation services. Weatherford is the industry's largest user of jars.
Furthermore, Weatherford, with its patented foam technology, metal to metal
motor technology and specialized pressure equipment, is building an integrated
offering of underbalanced products and services covering the wellhead and
downhole. Underbalanced drilling is expected to grow substantially,
particularly in re-entry applications. Upon closing, Dailey's businesses will
be placed within Weatherford's Completion and Oilfield Services division.

Houston-based Weatherford International, Inc. is one of the largest global
providers of engineered products and services to the drilling and production
sectors of the oil and gas industry.

                                     # # #

Contact:  Weatherford
Bruce Longaker  (713) 693-4161
Don Galletly    (713) 693-4148

This press release may contain 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 and the integration of
recent acquisitions, all of which are subject to certain risks, uncertainties
and assumptions. These risks and uncertainties, which are more fully described
in Weatherford International, Inc.'s Annual, Quarterly and Current Reports
filed with the Securities and Exchange Commission, include the impact of oil
and natural gas prices and worldwide economic conditions on drilling activity,
the demand and pricing of Weatherford's products, as well as the ability to
achieve the anticipated synergies and savings from the proposed acquisition of
Dailey. Should one or more of these risks or uncertainties materialize, or
should the assumptions prove incorrect, actual results may vary in material
aspects from those currently anticipated.