Weatherford Files Second Amended Plan Of Reorganization

Weatherford International plc (OTC-PINK:WFTIQ), Weatherford International Ltd., and Weatherford International, LLC (collectively, "Weatherford" or the "Company") announced today that the Company has filed the Second Amended Joint Prepackaged Plan of Reorganization of Weatherford International plc and its Affiliate Debtors under Chapter 11 of the Bankruptcy Code (the "Amended Plan") with the United States Bankruptcy Court for the Southern District of Texas (the "Court"). The Amended Plan is accompanied by an amendment to the Restructuring Support Agreement, which has been signed by holders of approximately 82% of the Company's outstanding senior unsecured notes, and an amendment to the Backstop Commitment Agreement, which has been signed by approximately 80% of the holders of the Company's outstanding senior unsecured notes.

Under the Amended Plan, upon exit from bankruptcy the Company will have access to additional financing in the form of (a) an undrawn first lien exit revolving credit facility in the principal amount of at least $600 million, and (b) up to $2.1 billion of a single tranche of new senior unsecured notes with a five-year maturity. The new senior unsecured notes will consist of $500 million of new takeback notes and up to $1.6 billion in new financing (the "Rights Offering Notes") to be issued for cash to holders of subscription rights issued in a rights offering to holders of the Company's outstanding senior unsecured notes. The issuance of Rights Offering Notes is supported by the amended backstop commitment from the ad hoc noteholder group, reflecting an increase in the backstop commitment from the original $1.25 billion to up to $1.6 billion. The amount of new senior unsecured notes, up to $2.1 billion, represents a reduction of $400 million in aggregate principal amount of unsecured notes compared to what was contemplated under the Company's original plan of reorganization. As a result of the $400 million reduction in unsecured notes, the Company believes that there will be a dollar-for-dollar increase in the imputed range of potential equity value for the reorganized Company.

The full terms of the Amended Plan are available online at: https://cases.primeclerk.com/weatherford or by calling the Company's claims agent, Prime Clerk, toll-free in the U.S. and Canada at 844-233-5155 (or + 917-942-6392 for international calls) or by sending an email to Weatherfordinfo@primeclerk.com. The Amended Plan is subject to confirmation by the Court.

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 80 countries and has a network of 620 locations, including manufacturing, service, research and development, and training facilities and employs more than 24,500 people. For more information, visit http://www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.

CONTACTS

Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer

Karen David-Green
+1.713.836.7430
Senior Vice President, Stakeholder Engagement and Chief Marketing Officer