Dailey Plan of Reorganization Confirmed - Acquisition by Weatherford Moves Ahead

19 Aug 1999

Houston, August 19, 1999

Weatherford International, Inc. (NYSE: WFT) today announced that Dailey’s pre-negotiated plan of reorganization has been confirmed by the United States Bankruptcy Court for the District of Delaware. The confirmation of the plan, which had been overwhelmingly supported by the holders of Dailey’s 9 ½% Senior Notes due 2008, clears the way for the acquisition of Dailey by Weatherford. The transaction is expected to close August 31, 1999.

Dailey International is a leading provider of specialty drilling equipment and services to the oil and gas industry and designs, manufactures and rents proprietary downhole tools for oil and gas drilling and workover applications worldwide.

Houston-based Weatherford International, Inc. is one of the largest global providers of engineered products and services to the drilling and production sectors of the oil and gas industry.

Don Galletly (713) 693-4148

Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027