PR Newswire/Les Echos/
SIX SWISS EXCHANGE GRANTS WEATHERFORD INTERNATIONAL LTD. EXTENSION FOR
GENEVA, Nov. 28, 2012 -- Weatherford International Ltd. (NYSE / Euronext Paris/
SIX: WFT) is pleased to announce that the SIX Swiss Exchange Ltd. has granted
Weatherford's request to a limited extension of the due date for publishing its
half-year interim report for the first half of 2012 until December 17, 2012.
As previously announced, Weatherford expects to file an amended Form 10-K for
2011 and an amended Form 10-Q for the first quarter of 2012 to reflect
adjustments to prior periods resulting from the company's thorough review of
its historical accounting for income taxes. The company also expects to file
Forms 10-Q for the second and third quarters of 2012 reflecting these
adjustments. The second quarter 10-Q constitutes the interim report required
by the SIX.
The company noted in its November 12 earnings release that it had identified
cumulative income tax accounting errors totaling approximately $150 million
related to prior periods. The company's work to date confirms this number.
Weatherford intends to file these reports as soon as each is complete and our
independent auditors have finalized their audit and review procedures.
Weatherford expects all of these reports to be filed within the extended due
The extension granted by the SIX requires the company to publish the following
I. The postponement of the publication of the half-year report 2012 of
Weatherford International Ltd. and of the submission of such report to SIX
Exchange Regulation until 17 December 2012, at the latest, is granted under
the following condition:
Weatherford International Ltd. has to publish a notice according to the
provisions governing ad hoc publicity (Art. 53 Listing Rules In conjunction
with the Directive on Ad Hoc Publicity) regarding the present decision by
29 November 2012 before trading. The notice has to contain the full text of
section I and II of the present decision and the reasons for postponement
of the publication of the half-year report 2012.
II. In case the half-year report 2012 should not be published by 17 December
2012, the trading of securities of Weatherford International Ltd. [on the
SIX Stock Exchange] would be suspended effective 18 December 2012 until
publication of the half-year report 2012.
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.
Weatherford International Ltd.
4-6 Rue Jean-Francois Bartholoni
1204 Geneva, Switzerland
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
This press release and the documents referenced herein contain, and the
conference call announced in this release may include, 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 current period.
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 and our
assessment of the degree to which historical remediation efforts have been
successful to date. It is inherently difficult to make projections or other
forward-looking statements in a cyclical industry and given the current
macroeconomic uncertainty. Such statements are based upon the current beliefs
of Weatherford's management, and are subject to significant risks, assumptions
and uncertainties. These include the company's ability to complete all
processes necessary to the issuance of revised financial statements, including
obtaining an audit opinion from its independent auditors, the company's
inability to design or improve internal controls to address identified issues;
the impact upon operations of legal compliance matters or internal controls
review, improvement and remediation, including the detection of wrongdoing,
improper activities or circumvention of internal controls; difficulties in
controlling expenses, including costs of legal compliance matters or internal
controls review, improvement and remediation; impact of changes in management
or staff levels, the effect of global political, economic and market conditions
on the company's projected results; the possibility that the company may be
unable to recognize expected revenues from current and future contracts; the
effect of currency fluctuations on the company's business; the company's
ability to manage its workforce to control costs; the cost and availability
of raw materials, the company's ability to manage its supply chain and business
processes; the company's ability to commercialize new technology; whether the
company can realize expected benefits from its redomestication of its former
Bermuda parent company; the company's ability to realize expected benefits from
its acquisitions and dispositions; the effect of a downturn in its industry on
the company's carrying value of its goodwill; the effect of weather conditions
on the company's operations; the impact of oil and natural gas prices and
worldwide economic conditions on drilling activity; the effect of turmoil in
the credit markets on the company's ability to manage risk with interest rate
and foreign exchange swaps; the outcome of pending government investigations,
including the Securities and Exchange Commission's investigation of the
circumstances surrounding the company's material weakness in its internal
control over financial reporting of income taxes; the outcome of ongoing
litigation, including shareholder litigation related to the company's material
weakness in its internal control over financial reporting of income taxes and
its restatement of historical financial statements; the future level of crude
oil and natural gas prices; demand for our products and services; levels of
pricing for our products and services; utilization rates of our equipment; the
effectiveness of our supply chain; weather-related disruptions and other
operational and non-operational risks that are detailed in our most recent
Form 10-K and other filings with the U.S. Securities and Exchange Commission.
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. 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.
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-0- Nov/29/2012 07:30 GMT
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