Weatherford Announces Fourth Quarter 1999 and Year End Results

Houston, January 31, 2000

HOUSTON, January 31, 2000 -- Weatherford International, Inc. (NYSE:WFT) today reported fourth quarter 1999 income from continuing operations of $7.5 million, or 7 cents per share, on revenues of $372.6 million. This compares to fourth quarter 1998 income from continuing operations of $10.5 million, or 11 cents per share, excluding one time charges of $30.5 million, net of tax, related to the downturn in the industry that occurred in the second half of 1998.

Fourth quarter revenues were up 15% from the third quarter of 1999, reflecting continued increase in North American activity levels, as well as the beneficial impact of acquisitions and joint ventures completed in late 1998 and 1999. Operating income for the fourth quarter of 1999 was $23.5 million and was up 33% over the third quarter of 1999 and essentially flat with the fourth quarter of 1998 before $47.0 million of prior year charges.

During the fourth quarter the Company substantially completed its integration of its acquisitions of Dailey International, Inc., Petroline Wellsystems Limited and Williams Tool Co. and began realizing the consolidation and financial benefits of these acquisitions and other acquisitions completed during the year. Partially offsetting these benefits were historically low activity levels in the higher margin international markets, in particular the Eastern Hemisphere, and the impact of price decreases from prior quarters in response to the downturn in those markets.

As a result of the Company’s proposed spin-off of its Grant Prideco Drilling Products Division, fourth quarter 1999 results for that division are reported as Income (Loss) from Discontinued Operations. The loss from discontinued operations in the fourth quarter was $17.8 million, or 16 cents per share, inclusive of a one time charge of $6.1 million, net of tax, directly related to the write off of certain assets in India.

The spin-off of Grant Prideco is continuing to move forward, with the timing of the spin-off to be dependent on the timing of the receipt of the private letter ruling from the Internal Revenue Service. Based on conversations with the Internal Revenue Service, the Company currently expects that the requested ruling should be received sometime during the latter part of the first quarter of 2000. The Company expects that once the ruling is received, a record date for the spin-off would be announced and the spin-off would be completed within three to four weeks following the record date.

For the year ended December 31, 1999, consolidated revenues were $1.2 billion, down 9% compared to 1998. Income from continuing operations was $16.2 million, compared to $103.1 million last year, excluding one time charges of $104.0 million, net of taxes for charges related to the merger of EVI and Weatherford Enterra and the downturn in business in 1998.

Completion and Oilfield Services

Revenues in the Completion & Oilfield Services division were up 11% over the fourth quarter 1998 and 23% sequentially from the third quarter to $218.1 million. North American revenues continued to increase in the quarter, particularly in the United States which was up 50% over the previous quarter, inclusive of revenues of approximately $25 million related to acquisitions made in the third quarter of 1999. International revenues continue to be significantly down from fourth quarter 1998 levels but were flat compared to last quarter, including acquisition related revenues.

As a result of higher revenues, particularly in the drilling and intervention services segment which has a high fixed cost component in its operations, operating margins were up 3% as a percent of sales, compared to the third quarter 1999.

Artificial Lift Systems

Revenues in this division were up 54% over last year’s fourth quarter to $95.1 million. Most of this increase in revenues is a direct result of higher North American activity levels. Sequentially, revenues increased by 21%, with most of the increase again attributable to Canada. Artificial Lift’s operating income margin continues to improve, up approximately 2% from the third quarter, primarily due to the higher revenue level, combined with significant cost reductions taken early in 1999.

Compression Services

Weatherford Global Compression Services (WGCS) had revenues of $59.5 million in the fourth quarter, $14.8 million higher than the fourth quarter 1998, due to added revenues from the joint venture with GE Capital early in 1999 and increased international activity. Revenues were down sequentially from the third quarter by $8.5 million, or 12% primarily due to lower equipment sales compared to the third quarter. Service revenues remained relatively flat compared to last quarter.

In December 1999, WGCS sold Gemini, its compression manufacturing company to GE Power Systems. This disposal is consistent with WGCS objective to participate more in the service sector of the gas compression business.

Houston-based Weatherford International, Inc. (http://www.weatherford.com) is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 50 countries and employs more than 10,000 people worldwide.

Contacts:
Bruce F. Longaker (713) 693-4161
Don Galletly (713) 693-4148

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford's prospects for its operations and the integration of recent acquisitions, all of which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International, Inc.'s Annual, Quarterly and Current Reports filed with the Securities and Exchange Commission, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the demand and pricing of Weatherford's products, as well as the ability to achieve the anticipated synergies and savings from the recent merger between EVI, Inc. and Weatherford Enterra, Inc. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.

Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000