exv99w1

Exhibit 99.1


		News Release

Weatherford Reports Fourth Quarter Income from Continuing Operations of
$0.99 Per Diluted Share, Before Non-Recurring Items

Record EPS; 30 Percent Increase Over Prior Year

HOUSTON, January 25, 2008 — Weatherford International Ltd. (NYSE: WFT) today reported fourth quarter 2007 income from continuing operations of $345 million, or $0.99 per diluted share, before non-recurring items. Fourth quarter diluted earnings per share from continuing operations reflect an improvement of 30 percent over the fourth quarter of 2006 diluted earnings per share from continuing operations of $0.76, before non-recurring items. The non-recurring item in the fourth quarter of 2007 results includes investigation and exit costs incurred in connection with the company’s exit from sanctioned countries.

Fourth quarter revenues were $2,192 million, or 21 percent higher than the same period last year, against a backdrop of a two percent increase in rig count activity. This is the highest level of quarterly revenues in the company’s history.

Sequentially, the company’s fourth quarter diluted earnings per share from continuing operations were $0.13 higher than the third quarter 2007 diluted earnings per share from continuing operations of $0.86, before non-recurring items.

For the twelve months ended December 31, 2007, revenues were $7.8 billion and income from continuing operations before non-recurring items was $1,164 million, or $3.35 per diluted share. In 2006, the company reported revenues of $6.6 billion and income from continuing operations before non-recurring items of $900 million, or $2.54 per diluted share.

North America
Revenues for the quarter were $1,054 million. This is a 10 percent increase over the same quarter in the prior year, as compared to a one percent rig count decline. Growth in the U.S. rig count was more than offset by a 19 percent drop in the Canadian rig count. Sequentially, revenues increased six percent, as compared to a one percent increase in rig count. In Canada, artificial lift, well construction and wireline increased on a year over year and sequential basis. In the U.S., artificial lift, well construction, drilling services and completion performed well.

Operating income of $256 million was seven percent lower than the same quarter in the prior year and three percent lower sequentially.

Latin America
Fourth quarter revenues of $256 million were 21 percent higher than the fourth quarter of 2006 and 20 percent higher than the prior quarter. This region’s performance reflected strong sequential growth in all of its product lines.

The current quarter’s operating income of $63 million improved 37 percent as compared to the same quarter in the prior year and was 40 percent higher when compared to the third quarter of 2007.

Europe/West Africa/CIS
Fourth quarter revenues of $344 million were 50 percent higher than the fourth quarter of 2006 and 12 percent higher than the prior quarter. This region improved across most product lines with the strongest growth in the artificial lift, wireline and drilling services product lines.

The current quarter’s operating income of $91 million improved 92 percent as compared to the same quarter in the prior year and 17 percent sequentially.

Middle East/North Africa/Asia
Fourth quarter revenues of $538 million were 31 percent higher than the fourth quarter of 2006 and 18 percent higher than the prior quarter. This region’s performance reflected improvements in most product lines with exceptional performance from wireline, completion and drilling services.

The current quarter’s operating income of $132 million improved 35 percent as compared to the same quarter in the prior year and 27 percent as compared to the prior quarter.

Discontinued Operations
The company is disposing of its non-core oil and gas development and production business. The results of operations of this business for the current and prior periods are reflected as discontinued operations, net of taxes. For the three months ended December 31, 2007, the loss per diluted share from discontinued operations was $0.02.

Reclassifications and Non-GAAP
Non-GAAP performance measures and corresponding reconciliations to GAAP financial measures have been provided for meaningful comparisons between current results and results in prior operating periods.

Conference Call
The company will host a conference call with financial analysts to discuss the 2007 fourth quarter results on January 25, 2008 at 8:00 a.m. (CST). The company invites investors to listen to a play back of the conference call at the company’s website, http://www.weatherford.com in the “investor relations” section.

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 38,000 people worldwide.

# # #


Contact:		Andrew P. Becnel (713) 693-4136 Chief Financial Officer

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 which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.’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 outcome of pending government investigations, 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 our business. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary materially from those currently anticipated.

Weatherford International Ltd.
Consolidated Condensed Statements of Income
(Unaudited)
(In 000’s, Except Per Share Amounts)


	Three Months						Twelve Months
	Ended December 31,						Ended December 31,
	2007			2006			2007			2006
Net Revenues:
North America	$	1,053,631		$	956,436		$	3,937,456		$	3,672,630
Latin America		256,128			211,512			882,318			726,197
Europe/West Africa/CIS		344,335			229,757			1,188,519			827,343
Middle East/North Africa/Asia		537,747			409,883			1,823,769			1,352,758

		2,191,841			1,807,588			7,832,062			6,578,928


Operating Income (Expense):
North America		256,427			274,476			1,013,088			1,040,647
Latin America		63,427			46,413			203,211			133,027
Europe/West Africa/CIS		90,935			47,270			293,846			171,798
Middle East/North Africa/Asia		131,953			98,086			416,263			279,953
Research and Development		(44,904	)		(37,384	)		(169,317	)		(149,429	)
Corporate Expenses		(26,403	)		(26,625	)		(101,968	)		(95,106	)
Exit and Restructuring Charges		(9,843	)		(23,433	)		(30,787	)		(26,203	)

		461,592			378,803			1,624,336			1,354,687

Other Income (Expense):
Other, Net		(1,545	)		(2,801	)		(8,569	)		(13,218	)
Interest Expense, Net		(52,023	)		(32,494	)		(171,281	)		(102,560	)

Income from Continuing Operations Before Income Taxes and Minority Interest		408,024			343,508			1,444,486			1,238,909

Provision for Income Taxes:
Provision for Operations		(67,434	)		(96,758	)		(291,252	)		(354,156	)
Tax Charges and Benefit From Exit and Restructuring Charges		1,752			31,713			(41,508	)		32,683

		(65,682	)		(65,045	)		(332,760	)		(321,473	)

Income from Continuing Operations Before Minority Interest		342,342			278,463			1,111,726			917,436
Minority Interest, Net of Taxes		(5,590	)		(3,518	)		(19,751	)		(11,330	)

Income from Continuing Operations	$	336,752		$	274,945		$	1,091,975		$	906,106
Loss from Discontinued Operation, Net of Taxes		(5,741	)		(2,943	)		(21,369	)		(9,737	)

Net Income	$	331,011		$	272,002		$	1,070,606		$	896,369


Basic Earnings Per Share:
Income from Continuing Operations	$	0.99		$	0.81		$	3.23		$	2.62
Loss from Discontinued Operation		(0.01	)		(0.01	)		(0.07	)		(0.03	)

Net Income	$	0.98		$	0.80		$	3.16		$	2.59


Diluted Earnings Per Share:
Income from Continuing Operations	$	0.97		$	0.79		$	3.14		$	2.55
Loss from Discontinued Operation		(0.02	)		(0.01	)		(0.06	)		(0.02	)

Net Income	$	0.95		$	0.78		$	3.08		$	2.53


Weighted Average Shares Outstanding:
Basic		338,547			340,747			338,516			346,123
Diluted		348,659			348,617			347,758			354,832

Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In 000’s)


	Three Months
	Ended
	12/31/2007			9/30/2007			6/30/2007			3/31/2007			12/31/2006
Net Revenues:
North America	$	1,053,631		$	993,828		$	883,364		$	1,006,633		$	956,436
Latin America		256,128			213,644			206,604			205,942			211,512
Europe/West Africa/CIS		344,335			308,587			290,639			244,958			229,757
Middle East/North Africa/Asia		537,747			455,932			435,338			394,752			409,883

	$	2,191,841		$	1,971,991		$	1,815,945		$	1,852,285		$	1,807,588


Operating Income (Expense):
North America	$	256,427		$	264,183		$	192,268		$	300,210			274,476
Latin America		63,427			45,453			45,742			48,589			46,413
Europe/West Africa/CIS		90,935			77,886			69,790			55,235			47,270
Middle East/North Africa/Asia		131,953			103,839			96,998			83,473			98,086
Research and Development		(44,904	)		(43,199	)		(40,700	)		(40,514	)		(37,384	)
Corporate Expenses		(26,403	)		(24,945	)		(23,525	)		(27,095	)		(26,625	)
Exit and Restructuring Charges		(9,843	)		(3,628	)		(13,132	)		(4,184	)		(23,433	)

	$	461,592		$	419,589		$	327,441		$	415,714		$	378,803

Supplemental Information
(Unaudited)
(In 000’s)


	Three Months
	Ended
	12/31/2007		9/30/2007		6/30/2007		3/31/2007		12/31/2006
Depreciation and Amortization:
North America	$	74,452	$	74,047	$	66,959	$	61,764	$	58,475
Latin America		21,352		18,880		17,118		16,739		17,307
Europe/West Africa/CIS		24,671		22,926		20,936		18,235		17,259
Middle East/North Africa/Asia		44,220		40,983		36,951		36,167		32,549
Research and Development		1,671		1,678		1,669		1,620		1,819
Corporate		825		463		909		990		1,576

	$	167,191	$	158,977	$	144,542	$	135,515	$	128,985

We report our financial results in accordance with generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP performance measures and ratios may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure we may present from time to time is operating income or income from continuing operations excluding certain charges or amounts. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for operating income, net income or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended September 30, 2007 and the three months and years ended December 31, 2007 and 2006. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except per share data)


	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2007			2007			2006			2007			2006
Operating Income:
GAAP Operating Income	$	461,592		$	419,589		$	378,803		$	1,624,336		$	1,354,687
Exit and restructuring charges		9,843	(a)		3,628	(b)		23,433	(c)		30,787	(d)		26,203	(e)

Non-GAAP Operating Income	$	471,435		$	423,217		$	402,236		$	1,655,123		$	1,380,890



Provision for Income Taxes:
GAAP Provision for Income Taxes	$	(65,682	)	$	(70,429	)	$	(65,045	)	$	(332,760	)	$	(321,473	)
Tax impact of charges		(1,752)	(a)		(646)	(b)		(5,315)	(c)		(8,492)	(d)		(6,285)	(e)
Other (benefits) charges		—			—			(26,398)	(c)		50,000	(d)		(26,398)	(e)

Non-GAAP Provision for Income Taxes	$	(67,434	)	$	(71,075	)	$	(96,758	)	$	(291,252	)	$	(354,156	)



Income from Continuing Operations:
GAAP Income from Continuing Operations	$	336,752		$	294,924		$	274,945		$	1,091,975		$	906,106
Total charges, net of tax		8,091	(a)		2,982	(b)		(8,280)	(c)		72,295	(d)		(6,480)	(e)

Non-GAAP Income from Continuing Operations	$	344,843		$	297,906		$	266,665		$	1,164,270		$	899,626



Diluted Earnings Per Share From Continuing Operations:
GAAP Diluted Earnings per Share From	$	0.97		$	0.85		$	0.79		$	3.14		$	2.55
Continuing Operations
Total charges, net of tax		0.02	(a)		0.01	(b)		(0.03)	(c)		0.21	(d)		(0.01)	(e)

Non-GAAP Diluted Earnings per Share
From Continuing Operations	$	0.99		$	0.86		$	0.76		$	3.35		$	2.54

Note (a): This amount represents investigation and exit costs incurred in connection with on-going investigations by the U.S. government. On an after tax basis, these charges approximated $8.1 million during the three months ended December 31, 2007.

Note (b): This amount represents investigation and exit costs incurred in connection with on-going investigations by the U.S. government. On an after tax basis, these charges approximated $2.9 million during the three months ended September 30, 2007.

Note (c): This amount represents severance charges associated with the Company’s restructuring activities. On an after tax basis, these charges approximated $18.1 million during the three months ended December 31, 2006. In addition, the Company realized a tax benefit of $26.4 million related to the favorable settlement of certain foreign tax exposures.

Note (d): This amount represents investigation and exit costs incurred in connection with on-going investigations by the U.S. government. On an after-tax basis, these charges approximated $11.0 million during the year ended December 31, 2007. In addition, the Company incurred severance charges associated with its restructuring activities during the first half of 2007. On an after tax basis, these charges approximated $11.2 million for the year ended December 31, 2007. The Company also incurred a tax charge of $50.0 million for withholding taxes required to be paid on a distribution made by the Company to one of its foreign subsidiaries.

Note (e): This amount represents severance charges associated with the Company’s restructuring activities. On an after tax basis, these charges approximated $19.9 million during the year ended December 31, 2006. In addition, the Company realized a tax benefit of $26.4 million related to the favorable settlement of certain foreign tax exposures.