[WEATHERFORD LOGO]                                               NEWS RELEASE


              WEATHERFORD INTERNATIONAL ANNOUNCES IMPAIRMENT CHARGE
  RELATED TO INVESTMENT IN UNIVERSAL COMPRESSION AND PROVIDES EARNINGS OUTLOOK

HOUSTON, October 8, 2002 -- Weatherford International Ltd. (NYSE: WFT) today
announced it would record a non-recurring charge in the third quarter of
approximately $155 million net of taxes related essentially to a write down of
its equity investment in Universal Compression Holdings, Inc. (NYSE: UCO).

Weatherford also announced it expects third quarter results will be lower than
analysts' current earnings estimates. The quarter's results reflect
disappointing North American drilling activity, which was further impacted by
the disruption of offshore drilling caused by Tropical Storm Isidore. The
declining activity in the North Sea markets due to the ongoing tax disputes
between the U.K. government and the operators also impacted the quarter.

The company will announce third quarter results on Friday, October 25, 2002.
Although financial results have not been consolidated for the third quarter,
revenues for the quarter are anticipated to approximate $585 million and the
company believes earnings per share on a diluted basis will approximate 28 cents
to 29 cents.

Management believes that the fourth quarter results will return to approximately
the level realized in the second quarter. The fourth quarter forecast is based
on current activity levels in the United States and the North Sea, higher
seasonal activity in Canada and modest improvements related to specific customer
commitments in the Eastern Hemisphere.

Weatherford 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
approximately 15,000 people worldwide.

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Contact: Lisa Rodriguez        (713) 693-4746

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 and the successful integration of the
plan of restructuring, all of which are subject to certain risks, uncertainties
and assumptions. These risks and uncertainties, which are more fully described
in Weatherford International Ltd.'s and Weatherford International, Inc.'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 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 the restructuring and our business. Should one or more
of these risks or uncertainties materialize, or should the assumptions prove
incorrect, actual results may very in material aspects from those currently
anticipated.