Weatherford Announces Closing of Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Ordinary Shares

BAAR, Switzerland, March 7, 2016 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the "Company" or "Weatherford") announced today the completion of its previously announced underwritten public offering of 115,000,000 ordinary shares at $5.65 per ordinary share (the "Offering"). The 115,000,000 ordinary shares included 15,000,000 ordinary shares sold to the underwriters pursuant to the exercise of the underwriters' 30-day option to purchase additional ordinary shares from the Company.

Net proceeds received by the Company from the Offering were approximately $630,257,500 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for general corporate purposes, including the repayment of existing indebtedness.

J.P. Morgan and Morgan Stanley acted as joint book-running managers of the Offering.

The Offering was made pursuant to an effective registration statement previously filed with the U.S. Securities & Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus describing the terms of the Offering were filed with the SEC and may be obtained free of charge at the SEC's website at www.sec.gov or from the underwriters of the Offering as follows:

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (888) 803-9204
Email: prospectus-eq_fi@jpmchase.com  

Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Weatherford International plc

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 100 countries and has a network of approximately 1,200 locations, including manufacturing, service, research and development, and training facilities and employs approximately 37,000 people.

Forward-Looking Statements

This press release includes forward-looking statements as defined under federal law, including those related to the Company's securities offering. These forward-looking statements are generally identified by the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "may," "should," "could," "will," "would," and "will be," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are subject to significant risks, assumptions and uncertainties. Known material factors that could cause the Company's actual results to differ materially from the results contemplated by such forward-looking statements are described in the prospectus as supplemented, which is a part of the Registration Statement, and the risk factors described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and those risk factors set forth from time-to-time in other filings with the SEC. Weatherford undertakes 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.

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