Weatherford

Weatherford International Ltd. is one of the leading oilfield service companies in the world. Since its beginning in 1941 as the Weatherford Spring Company, we have maintained a culture of service and innovation. Our capabilities span the drilling, completion and production cycles of oil and gas. In total we employ more than 17,000 people in more than 500 locations across more than 100 countries.

The Weatherford of today was formed in 1998 from the merger of EVI, Inc., a leading manufacturer of drill stem products, premium tubulars, completion products and artificial lift systems, and Weatherford Enterra, Inc., a leading provider of drilling and cementing products, well installation and intervention services, and compression products and services. Since the merger, the new Weatherford has rationalized and refocused itself on customer needs in the drilling, completion and production segments of the oil and gas industry. Acquisitions since the merger have added significantly greater technological and service capabilities to our product and service lines, particularly for underbalanced drilling services, expandable tubulars, intelligent well systems and production optimization systems.

In addition, two public oilfield equipment companies have been formed from specialized sets of Weatherford products and services. In April 2000, Grant Prideco, Inc., a leading worldwide producer of drill pipe and premium tubulars, was distributed to shareholders. Weatherford did not retain an ownership position in Grant Prideco. In February 2001, Weatherford Global Compression Services was merged into Universal Compression Holdings, Inc. Weatherford maintains a 45% ownership position in Universal's common stock for investment purposes.

Weatherford's enterprise value (market value + debt - cash) is approximately $6 billion and the Company ranks fourth in size among the large diversified upstream service companies behind Schlumberger, Baker Hughes and Halliburton (source: Simmons & Company International, November 30, 2002).

For the year ended December 31, 2002, Weatherford revenues and net income from continuing operations were approximately $2.3 billion and $155 million, respectively. Total assets, as of September 30, 2002, were approximately $4.4 billion and long-term debt, inclusive of convertibles, was approximately $1.5 billion.

Weatherford's business can be conveniently divided into three applications-focused segments of the upstream oil and gas markets in which they operate.

www.weatherford.com