Exhibit 99.1

		News Release

Weatherford Reports Second Quarter Results
International improvements drive earnings of $0.17 per diluted share, before items

GENEVA, SWITZERLAND, July 26, 2011 — Weatherford International Ltd. (NYSE and SIX: WFT) today reported second quarter 2011 income of $126 million, or $0.17 per diluted share, excluding an after-tax loss of $16 million. On a GAAP basis, our net income for the second quarter of 2011 was $110 million, or $0.15 per diluted share. The excluded after-tax loss is comprised of $13 million in severance and exit charges and $3 million in government investigation costs.

Second quarter diluted earnings per share reflect an increase of $0.09 over the second quarter of 2010 diluted earnings per share of $0.08, before charges. Sequentially, the company’s second quarter diluted earnings per share, before charges, were $0.07 higher than the first quarter of 2011. International markets drove the entire sequential improvement in both revenue and profitability.

Second quarter revenues of $3,052 million were the highest in the company’s history, despite the severe negative impact of Canada’s spring break-up. Revenues were 25 percent higher than the same period last year and seven percent higher than the prior quarter. International revenues were up 14 percent sequentially and up 12 percent versus the year ago quarter. North America revenue was down one percent sequentially and up 46 percent versus the second quarter of 2010. The sequential decline in North America was due to the severe impact of the Canadian break-up. The Canadian results overshadowed a very strong performance in the U.S., where sequential revenue growth outpaced rig count by more than two-to-one and operating margins expanded.

Segment operating income of $421 million improved 36 percent year-over-year and 19 percent sequentially. The company’s international operations provided all of the sequential growth compared to the first quarter of 2011 and delivered 51 percent incremental margins. International operating income was down three percent compared to the year ago quarter.

The company expects earnings per share before excluded items of approximately $0.24 to $0.26 in the third quarter of 2011, supported by a seasonal recovery in Canada and steady improvement in the U.S. and international markets. For full-year 2011, the company anticipates that revenue growth will be approximately 25 percent, which is higher than the 20 percent growth rate estimated last quarter. In addition, the company expects international margins in the fourth quarter of 2011 to be meaningfully higher than full-year 2010 margins of 11 percent.

North America

Revenues for the quarter were $1,344 million, which is a 46 percent increase over the same quarter in the prior year and down one percent sequentially. The Stimulation and Chemicals, Artificial Lift and Well Construction product lines contributed strong results for the quarter.

The current quarter’s operating income was $244 million, up $117 million from the second quarter of 2010 and was down $40 million, or 14 percent, compared to the prior quarter. On a sequential basis, strong growth and steadily expanding margins in the U.S. were offset by the impact of the Canadian break-up.

Middle East/North Africa/Asia

Second quarter revenues of $617 million were two percent higher than the second quarter of 2010 and seven percent higher than the prior quarter. Weather improvements in China and Australia and a stronger Iraq helped offset the impact of a full quarter of reduced activity due to political unrest in the Middle East and North Africa. Libya operating expenses cost almost $0.01 per share. The Well Construction, Integrated Drilling and Artificial Lift product lines posted strong sequential performances.

The current quarter’s operating income of $34 million decreased 54 percent as compared to the same quarter in the prior year and increased $23 million compared to the first quarter of 2011.

Europe/West Africa/FSU

Second quarter revenues of $592 million were 17 percent higher than the second quarter of 2010 and 16 percent higher than the prior quarter. The region had strong performances in the North Sea, Russia and Caspian as the winter seasonality abated. The Completion, Stimulation and Chemicals, Drilling Services and Integrated Drilling product lines had the strongest sequential growth.

The current quarter’s operating income of $93 million was up 37 percent compared to the same quarter in the prior year and up $55 million compared to the prior quarter.

Latin America

Second quarter revenues of $498 million were 21 percent higher than both the second quarter of 2010 and the first quarter of 2011. Argentina, Colombia and Venezuela posted strong sequential performances. The Drilling Services, Stimulation and Chemicals and Artificial Lift product lines benefited from improved demand.

The current quarter’s operating income of $51 million increased 22 percent as compared to the same quarter in the prior year and increased $30 million compared to the prior quarter.

Liquidity and Net Debt

Net debt for the quarter increased $144 million, with working capital increasing $193 million during the quarter. Recently, the company successfully renegotiated its unsecured revolving credit facility to increase the size of the facility from $1.75 billion to $2.25 billion and extend the scheduled maturity to July 16, 2016.

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 2011 second quarter results on July 26, 2011 at 7:00 a.m. (CDT). The company invites investors to listen to a play back of the conference call and to access the call transcript at the company’s website, http://www.weatherford.com in the “investor relations” section.

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 58,000 people worldwide.

# # #

Contacts:		Andrew P. Becnel		+41.22.816.1502
		Chief Financial Officer
		Karen David-Green		+1.713.693.2530
		Vice President — Investor Relations

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 Thousands, Except Per Share Amounts)

		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
Net Revenues:
North America		$	1,344,245			$	917,696			$	2,704,717			$	1,806,275
Middle East/North Africa/Asia			617,376				602,602				1,192,902				1,164,658
Europe/West Africa/FSU			592,458				506,177				1,102,881				959,936
Latin America			497,735				410,688				907,500				837,361
			3,051,814				2,437,163				5,908,000				4,768,230
Operating Income (Expense):
North America			243,613				127,001				527,310				235,433
Middle East/North Africa/Asia			33,964				73,993				44,768				149,707
Europe/West Africa/FSU			92,511				67,366				130,015				113,664
Latin America			51,081				41,991				72,172				68,065
Research and Development			(62,231	)			(53,530	)			(126,778	)			(102,387	)
Corporate Expenses			(43,030	)			(42,670	)			(98,859	)			(87,728	)
Revaluation of Contingent Consideration			—				(81,753	)			—				(92,763	)
Severance, Exit and Other Adjustments			(18,693	)			(27,309	)			(39,525	)			(71,341	)
			297,215				105,089				509,103				212,650
Other Income (Expense):
Interest Expense, Net			(113,684	)			(95,719	)			(226,190	)			(191,058	)
Devaluation of Venezuelan Bolivar			—				—				—				(63,859	)
Other, Net			(22,367	)			(14,186	)			(40,933	)			(23,404	)
Income (Loss) Before Income Taxes			161,164				(4,816	)			241,980				(65,671	)
Benefit (Provision) for Income Taxes:
Provision for Operations			(48,955	)			(42,646	)			(70,753	)			(72,529	)
Benefit from Devaluation of Venezuelan Bolivar			—				—				—				23,973
Benefit from Severance, Exit and Other Adjustments			2,827				2,888				5,348				5,331
			(46,128	)			(39,758	)			(65,405	)			(43,225	)
Net Income (Loss)			115,036				(44,574	)			176,575				(108,896	)
Net Income Attributable to Noncontrolling Interest			(4,938	)			(3,316	)			(7,276	)			(7,351	)
Net Income (Loss) Attributable to Weatherford		$	110,098			$	(47,890	)		$	169,299			$	(116,247	)
Earnings (Loss) Per Share Attributable to Weatherford:
Basic		$	0.15			$	(0.06	)		$	0.23			$	(0.16	)
Diluted		$	0.15			$	(0.06	)		$	0.22			$	(0.16	)
Weighted Average Shares Outstanding:
Basic			750,539				743,209				749,003				740,537
Diluted			757,910				743,209				757,763				740,537

Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In Thousands)

		Three Months Ended
		6/30/2011				3/31/2011				12/31/2010				9/30/2010				6/30/2010
Net Revenues:
North America		$	1,344,245			$	1,360,472			$	1,263,643			$	1,096,963			$	917,696
Middle East/North Africa/Asia			617,376				575,526				684,630				601,215				602,602
Europe/West Africa/FSU			592,458				510,423				528,380				496,113				506,177
Latin America			497,735				409,765				446,162				335,461				410,688
		$	3,051,814			$	2,856,186			$	2,922,815			$	2,529,752			$	2,437,163
Operating Income (Expense):
North America		$	243,613			$	283,697			$	261,145			$	199,029			$	127,001
Middle East/North Africa/Asia			33,964				10,804				49,222				65,718				73,993
Europe/West Africa/FSU			92,511				37,504				64,398				63,236				67,366
Latin America			51,081				21,091				52,960				40,914				41,991
Research and Development			(62,231	)			(64,547	)			(57,637	)			(54,457	)			(53,530	)
Corporate Expenses			(43,030	)			(55,829	)			(43,283	)			(41,907	)			(42,670	)
Revaluation of Contingent Consideration			—				—				15,349				90,011				(81,753	)
Severance, Exit and Other Adjustments			(18,693	)			(20,832	)			(48,775	)			(87,120	)			(27,309	)
		$	297,215			$	211,888			$	293,379			$	275,424			$	105,089

		Three Months Ended
		6/30/2011				3/31/2011				12/31/2010				9/30/2010				6/30/2010
Product Line Revenues
Stimulation and Chemicals		$	544,953			$	457,557			$	396,241			$	333,630			$	330,483
Artificial Lift Systems			535,016				443,691				471,276				417,464				358,619
Drilling Services			487,559				474,440				481,687				428,930				386,592
Well Construction			382,077				346,052				362,668				332,118				357,096
Integrated Drilling			316,554				319,661				356,871				261,974				317,160
Completion Systems			248,850				206,760				256,676				191,559				177,123
Drilling Tools			182,956				220,538				211,823				200,555				186,236
Wireline and Evaluation Services			160,246				188,778				159,426				155,402				129,365
Re-entry and Fishing			159,851				164,274				165,094				153,569				148,401
Pipeline & Specialty Services			33,752				34,435				61,053				54,551				46,088
		$	3,051,814			$	2,856,186			$	2,922,815			$	2,529,752			$	2,437,163

		Three Months Ended
		6/30/2011				3/31/2011				12/31/2010				9/30/2010				6/30/2010
Depreciation and Amortization:
North America		$	88,006			$	87,793			$	83,996			$	81,843			$	81,040
Middle East/North Africa/Asia			82,548				81,380				81,596				75,968				75,139
Europe/West Africa/FSU			57,696				56,594				53,408				56,960				52,371
Latin America			48,722				46,388				47,377				46,527				44,753
Research and Development			2,471				1,964				2,398				2,420				2,324
Corporate			2,725				2,936				3,075				3,491				2,943
		$	282,168			$	277,055			$	271,850			$	267,209			$	258,570

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 June 30, 2011, March 31, 2011, and June 30, 2010 and for the six months ended June 30, 2011 and June 30, 2010. 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 Amounts)

		Three Months Ended												Six Months Ended
		June 30,				March 31,				June 30,				June 30,				June 30,
		2011				2011				2010				2011				2010
Operating Income:
GAAP Operating Income		$	297,215			$	211,888			$	105,089			$	509,103			$	212,650
Severance, Exit and Other Adjustments			18,693				20,832				27,309				39,525				71,341
Revaluation of Contingent Consideration			—				—				81,753				—				92,763
Non-GAAP Operating Income		$	315,908			$	232,720			$	214,151			$	548,628			$	376,754
Income (Loss) Before Income Taxes:
GAAP Income (Loss) Before Income Taxes		$	161,164			$	80,816			$	(4,816	)		$	241,980			$	(65,671	)
Severance, Exit and Other Adjustments			18,693				20,832				27,309				39,525				71,341
Revaluation of Contingent Consideration			—				—				81,753				—				92,763
Devaluation of Venezuelan Bolivar			—				—				—				—				63,859
Non-GAAP Income (Loss) Before Income Taxes		$	179,857			$	101,648			$	104,246			$	281,505			$	162,292
Benefit (Provision) for Income Taxes:
GAAP Benefit (Provision) for Income Taxes		$	(46,128	)		$	(19,277	)		$	(39,758	)		$	(65,405	)		$	(43,225	)
Devaluation of Venezuelan Bolivar			—				—				—				—				(23,973	)
Severance, Exit and Other Adjustments			(2,827	)			(2,521	)			(2,888	)			(5,348	)			(5,331	)
Non-GAAP Benefit (Provision) for Income Taxes		$	(48,955	)		$	(21,798	)		$	(42,646	)		$	(70,753	)		$	(72,529	)
Net Income (Loss) Attributable to Weatherford:
GAAP Net Income (Loss)		$	110,098			$	59,201			$	(47,890	)		$	169,299			$	(116,247	)
Total Charges, net of tax			15,866	(a)			18,311	(b)			106,174	(c)			34,177				198,659	(d)
Non-GAAP Net Income		$	125,964			$	77,512			$	58,284			$	203,476			$	82,412
Diluted Earnings (Loss) Per Share Attributable to Weatherford:
GAAP Diluted Earnings (Loss) per Share		$	0.15			$	0.08			$	(0.06	)		$	0.22			$	(0.16	)
Total Charges, net of tax			0.02	(a)			0.02	(b)			0.14	(c)			0.05				0.27	(d)
Non-GAAP Diluted Earnings per Share		$	0.17			$	0.10			$	0.08			$	0.27			$	0.11

Weatherford International Ltd.
Consolidated Condensed Balance Sheet
(Unaudited)
(In Thousands)

		June 30,				December 31,
		2011				2010
Current Assets:
Cash and Cash Equivalents		$	329,555			$	415,772
Accounts Receivable, Net			3,020,645				2,629,403
Inventories			2,939,356				2,590,008
Other Current Assets			1,075,761				856,884
			7,365,317				6,492,067
Long-Term Assets:
Property, Plant and Equipment, Net			7,244,754				6,939,754
Goodwill			4,311,104				4,185,477
Other Intangibles, Net			758,765				730,429
Equity Investments			558,668				539,580
Other Assets			266,020				244,347
			13,139,311				12,639,587
Total Assets		$	20,504,628			$	19,131,654
Current Liabilities:
Short-term Borrowings and Current Portion of Long-term Debt		$	1,113,724			$	235,392
Accounts Payable			1,517,806				1,335,020
Other Current Liabilities			1,143,402				1,012,567
			3,774,932				2,582,979
Long-term Liabilities:
Long-term Debt			6,256,711				6,529,998
Other Liabilities			551,771				553,830
			6,808,482				7,083,828
Total Liabilities			10,583,414				9,666,807
Shareholders’ Equity:
Weatherford Shareholders’ Equity			9,862,322				9,400,931
Noncontrolling Interest			58,892				63,916
Total Shareholders’ Equity			9,921,214				9,464,847
Total Liabilities and Shareholders’ Equity		$	20,504,628			$	19,131,654

Weatherford International Ltd.
Net Debt
(Unaudited)
(In Thousands)

Change in Net Debt for the Three Months Ended June 30, 2011:
Net Debt at March 31, 2011		$	(6,896,637	)
Operating Income			297,215
Depreciation and Amortization			282,168
Severance, Exit and Other Adjustments			18,693
Capital Expenditures			(387,587	)
Increase in Working Capital			(179,314	)
Income Taxes Paid			(69,928	)
Interest Paid			(58,504	)
Acquisitions and Divestitures of Assets and Businesses, Net			(19,121	)
Foreign Currency Contract Settlements			(35,818	)
Other			7,953
Net Debt at June 30, 2011		$	(7,040,880	)
Change in Net Debt for the Six Months Ended June 30, 2011:
Net Debt at December 31, 2010		$	(6,349,618	)
Operating Income			509,103
Depreciation and Amortization			559,223
Severance, Exit and Other Adjustments			39,525
Capital Expenditures			(743,237	)
Increase in Working Capital			(479,037	)
Income Taxes Paid			(135,460	)
Interest Paid			(234,429	)
Acquisitions and Divestitures of Assets and Businesses, Net			(38,510	)
Foreign Currency Contract Settlements			(89,946	)
Other			(78,494	)
Net Debt at June 30, 2011		$	(7,040,880	)

		June 30,				March 31,				December 31,
		2011				2011				2010
Components of Net Debt
Cash		$	329,555			$	249,317			$	415,772
Short-term Borrowings and Current Portion of Long-Term Debt			(1,113,724	)			(619,490	)			(235,392	)
Long-term Debt			(6,256,711	)			(6,526,464	)			(6,529,998	)
Net Debt		$	(7,040,880	)		$	(6,896,637	)		$	(6,349,618	)

“Net Debt” is debt less cash. Management believes that Net Debt provides useful information regarding the level of Weatherford indebtedness by reflecting cash that could be used to repay debt.

Working capital is defined as accounts receivable plus inventory less accounts payable.