Sept 25 Oilfield services company Weatherford
International Ltd has been given more time to work out
tax structure problems that have already led to more than $800
million in additional expenses spread over the past five years.
The Swiss SIX exchange, where Weatherford is listed
along with its New York Stock Exchange listing, granted the
company's request to extend the due date for publishing its
earnings report for the first half of 2012 by two months to Nov.
"This postponement follows previously announced agreed
extensions of Weatherford's due date for providing its final
second-quarter results to its lenders and debtholders," the
company said in a statement on Tuesday.
Weatherford also set a date of Nov. 13 for a conference call
to discuss its third-quarter results, which is a few weeks later
Shares of the company, which had fallen nearly 4 percent on
Tuesday prior to the post-market disclosure of the earnings
report delay, have been weighed down by the accounting
uncertainty. Weatherford has shed 14 percent so far in 2012,
compared with a 5 percent drop for Baker Hughes Inc.
Weatherford said in July it had found about $100 million in
tax-related expenses for previous periods, on top of between
$225 million and $250 million of adjustments announced in
February for the tax years 2007 to 2010.
That was on top of $500 million of tax adjustments announced
in March 2011 for the previous four years.
John Briscoe, who took over as chief financial officer in
March, said in July he expected the tax accounting remediation
to be complete by the end of this year.
Last Friday, the SIX exchange said it was investigating
executive share transactions at Weatherford that analysts said
were due to administrative lapses and would lead to only minimal