Weatherford Granted Extension for Interim Report from Six Swiss Exchange
Weatherford International Ltd. (NYSE: 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 date.
The extension granted by the SIX requires the company to publish the following text:
The postponement of the publication of the half-year report 2012 of I. 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. In case the half-year report 2012 should not be published by 17 December II. 2012, the trading of securities of Weatherford International Ltd.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.
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