OneStim(SM) Joint Venture Receives Regulatory Clearance

BAAR, Switzerland, Nov. 28, 2017 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) announces that the U.S. Department of Justice has cleared the proposed OneStimSM joint venture between Weatherford and Schlumberger Ltd., granting early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, thus paving the way for a fourth quarter 2017 closing.  

Following closing, OneStim will deliver completions products and services for the development of unconventional resource plays in the United States and Canada land markets and offer one of the broadest multistage completions portfolios in the market combined with one of the largest hydraulic fracturing fleets in the industry.

Forward-Looking Statements

This press release contains forward-looking statements regarding the OneStim joint venture and Weatherford. These forward-looking statements include, among other things, the joint venture, and Weatherford's strategies and priorities and are also generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "outlook," "budget," "intend," "strategy," "plan," "guidance," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon Weatherford's current beliefs and are subject to significant risks, assumptions and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results of Weatherford or the joint venture may vary. Readers are also cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results. Forward-looking statements are also affected by the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company's Quarterly Reports on Form 10-Q, and those set forth from time-to-time in the Company's other filings with the Securities and Exchange Commission. We undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.

About Weatherford

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 90 countries and has a network of approximately 860 locations, including manufacturing, service, research and development, and training facilities and employs approximately 29,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Twitter, YouTube and Facebook.

Weatherford ContactsChristoph Bausch – Executive Vice President and Chief Financial OfficerTel: +1 713.836.4615

Karen David-Green – Vice President Investor Relations, Marketing & CommunicationsTel: +1 713.836.7430

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SOURCE Weatherford International plc