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Six Swiss Exchange Grants Weatherford International Ltd. Extension For Interim Report


Wednesday, 28 Nov 2012 05:37pm EST 

Weatherford International Ltd announced 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 its independent auditors have finalized their audit and review procedures. Weatherford expects all of these reports to be filed within the extended due date.