Weatherford International Ltd. 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In case the half-year report 2012 should not be published by 17 December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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