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November 12, 2012
17:44 EDTWFTWeatherford restates 1Q12 results, sees material weakness in internal controls
The company has restated previously reported results for the first quarter 2012 and revised its preliminary second quarter 2012 results to correct errors in revenue and operating income amounts associated with a percentage of completion contract. In connection with these corrections we identified a material weakness in internal controls over financial reporting related to the accounting for a percentage of completion contract in Iraq. The unfavorable adjustments to the first and second quarters operating income total $24M and $55M, respectively. The company has implemented additional controls and procedures over percentage of completion accounting during the third quarter of 2012 to remediate the issues related to Iraq and these will be taken into account in our internal control assessment at year end 2012.
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August 22, 2014
16:18 EDTWFTWeatherford recommends rejection of 'Mini-Tender' offer by TRC Capital
Weatherford International has received notification of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 5M shares, or approximately 0.65%, of the outstanding ordinary shares of Weatherford at $21.15 per share. TRC Capital's offer is approximately 4.3% below Weatherford's closing price of $22.10 on August 18, the day before the offer commenced. Weatherford does not endorse this unsolicited mini-tender offer and recommends that shareholders reject the offer. Weatherford recommends that shareholders who have not responded to TRC Capital reject the offer by taking no action because the offer is at a price below the current market price for Weatherford shares and is subject to numerous conditions, including any decrease in the market price of Weatherford's shares and the ability of TRC Capital to obtain financing on satisfactory terms. Weatherford further recommends that shareholders who have already tendered shares in TRC Capital's offer withdraw their shares by providing the written notice described in the offering documents prior to the time of expiration stated in the offer, which is on Thursday, September 18.

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