Weatherford to Move Incorporation Location from Bermuda to Switzerland

Weatherford has unanimously approved moving the place of incorporation of the company from Bermuda to Switzerland. Weatherford's shareholders will be asked to vote in favor of the proposal at a special shareholders' meeting. If approved by Weatherford's shareholders, and subject to the approval of the Supreme Court of Bermuda, Weatherford expects the change of the place of incorporation to occur in early 2009.

In connection with the change of the place of incorporation, Weatherford plans to relocate its principal executive offices to Switzerland.

After the completion of the proposed change of place of incorporation, Weatherford will continue to conduct the same business operations as before the change of place of incorporation.

The company expects the shares of the Swiss corporation to continue to be listed on the New York Stock Exchange under the symbol "WFT." After completion of the re-incorporation, Weatherford will remain subject to the U.S. Securities and Exchange Commission reporting requirements, the mandates of the Sarbanes-Oxley Act of 2002 and the applicable corporate governance rules of the New York Stock Exchange, and will continue to report financial results in U.S. dollars and under U.S. generally accepted accounting principles.