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Weatherford International Ltd.Merrill LynchNovember 1, 2006

1

Nine months ended September 2006 Annualized ($ in millions)

Vital Statistics

$ 1,765EBITDA

$ 953Capital Expenditures

$ 835Net Income

$ 1,293Operating Income

$ 6,362Revenue

Evaluation, Drilling & Intervention Services

Completion & Production Systems

85Manufacturing Facilities

716Service Bases

68%% of Employees outside US

Two Divisions:

Ten Service Lines

108Number of Countries

32,057Employees

Financial Operational

2

Geographic Overview

United States

38%

Latin America

11%

Eastern Hemisphere

32%

Canada

19%

Revenues

Nine months ended September 30, 2006

3

Drilling Services• Directional Drilling• MWD• LWD• Rotary Steerable• Underbalanced • Managed Pressure• Coiled Tubing Drilling• Drilling with Casing

Wireline• Open Hole Wireline• Geoscience• Cased Hole Wireline• Slickline

Well Construction• Tubular Running• Cementation• Liner Hangers• Inflatables• Expandable Solids

Evaluation, Drilling & Intervention Services

Re-entry and Fishing• Casing Exit• Fishing • Thru-Tubing

Drilling Tools• Drilling Products • Rentals

Integrated Drilling

4

Completion• Completion Tools• Sand Screens• Expandable Screens• Intelligent Completion• Fiber Optic Sensing• Field Optimization

Artificial Lift• Progressing Cavity• Reciprocating• Gas Lift• Hydraulic• Electric Submersible• Lift Optimization

Stimulation & Chemicals• Fracturing Services• Production Chemicals

Completion & Production Systems

Pipeline & Specialty Services

5

Service Lines

Nine months ended September 2006 Annualized

($ in millions)

6505. Completion

7254. Drilling Tools

9752. Well Construction

9010. Pipeline & Specialty Services

3459. Integrated Drilling

3608. Stimulation & Chemicals

4807. Re-entry & Fishing

6406. Wireline

9303. Directional & Underbalanced

$ 1,1701. Artificial Lift

3

6

Highest GrowthRate

6

Segments: Technology, Market Position ED

I

#2Med• Liner Hangers

#1Low• Cementation

#4High• Directional

#4LowIntegrated Drilling

#1Low• Non-Proprietary

#1Med• Proprietary

Drilling Tools

#1MedRe-entry & Fishing

#4Med• Cased Hole

#4High• Open Hole

Wireline

#2High• Expandables

#1Med• TRS

Well Construction

#1High• Underbalanced

Drilling Services

Market LeadershipTechnology Intensity

7

Segments: Technology, Market Position C

PS

#1Low• Gas

#1Low• Hydraulic

#1Low• Recriprocating

#4High• Sand Control

#3Med• Completion Tools

Completion

N/AMedPipeline & Specialty Services

#5LowStimulation & Chemicals

#1High• Optimization

#6Med• ESP

#1Med• Progressing

Artificial Lift

#1High• Sensing

Market LeadershipTechnology Intensity

8

Historical Operating Results($ in millions, except EPS)

+78% Year-on-Year

Q3 Q4 Q1 Q2 Q3

Evaluation, Drilling & Intervention 627.7$ 920.1$ 1,006.3$ 965.5$ 1,100.1$

Completion & Production 449.1 541.3 529.7 573.1 596.7

Total Revenues 1,076.8$ 1,461.4$ 1,536.0$ 1,538.6$ 1,696.8$

Evaluation, Drilling & Intervention 143.3$ 209.6$ 271.2$ 241.0$ 293.0$

Completion & Production 67.8 89.6 92.2 115.9 131.1

Research & Development (27.1) (35.3) (36.4) (37.4) (38.3)

Equity in Earnings 3.0 3.3 2.6 3.3 (0.2)

Corporate (19.2) (21.0) (22.2) (21.5) (24.7)

Total Operating Income 167.8$ 246.2$ 307.4$ 301.3$ 360.9$

Net Income from Continuing Operations 117.6$ 163.9$ 203.3$ 188.6$ 234.2$

EPS from Continuing Operations .37 .46 .57 .53 .66

2005 2006

9

Balance Sheets

Net Debt / Net Debt / CapitalizationCapitalization

~ 25.9%~ 25.9%

Repurchased Repurchased 12 million 12 million

SharesSharesYearYear--toto--datedate

($ in millions)

December 2005

September 2006

ASSETSCash 134.2$ 120.3$ Accounts Receivable 1,260.0 1,522.2 Inventories 890.1 1,169.0 Other Current Assets 354.6 449.4

Total Current Assets 2,638.9$ 3,260.9$ Fixed Assets 2,367.2 2,818.4 Goodwill 2,808.2 3,007.6 Other Assets 766.0 759.3

8,580.3$ 9,846.2$

LIABILITIES & SHAREHOLDERS' EQUITYCurrent Portion of Debt 954.8$ 633.0$ Current Liabilities 1,043.3 1,372.9 Long-Term Debt 632.1 1,571.4 Long-Term Liabilities 283.3 307.3 Shareholders' Equity 5,666.8 5,961.6

8,580.3$ 9,846.2$

10

Forward Regional Spotlight:North America

11

North America: Recent Growth

2,1041,768Rig Count

$ 2,716$ 1,947Revenue

YTDSept ’06

YTDSept ’05*

N. America

* pro forma for Precision

+39%

+19%

WFT Growth: Twice the Rate of Market

($ in millions)

12

Market Penetration• Directional• Electric Submersible Pumps• Intelligent Completion• Lift Optimization• Open Hole Wireline• Sand Control• Solid Expandables• Stimulation• Tubular Running Services• Underbalanced

2007 Growth Prognosis: U.S. Higher than Rig Activity

13

Forward Regional Spotlight:Eastern Hemisphere

14

United States

38%

Latin America

11%

Eastern Hemisphere

32%

Canada

19%

E & P Spending *WFT

* Lehman – 2006 Survey

Eastern Hemisphere: Most Growth Opportunities

Eastern Hemisphere

10%

United States

Canada

25%

53%

Latin America

12%

15

Eastern Hemisphere0 50,000 100,000 150,000 200,000 250,000 300,000 350,000

Saudi Aramco

Gazprom

NIOC

Qatar Petroleum

INOC

KPC

PDVSA

ADNOC

NOC

Sonotrach

NNPC

Rosneft

ExxonMobil

Pemex

Shell

Lukoil

Petronas

PetroChina

BP

Pertamina

Reserves (Mboe)

Black is W. HemisphereWhite is Mixed

Orange is E. Hemisphere

16

E. Hemisphere Competitive Requirements

• Breadth

• Depth

• Infrastructure

17

Latin America103 Service Locations10 Manufacturing Facilities17% of employees

North America422 Service Locations47 Manufacturing Facilities44% of employees

Asia60 Service Locations10 Manufacturing Facilities7% of employees

Europe / W Africa77 Service Locations14 Manufacturing Facilities9% of employees

Middle East54 Service Locations4 Manufacturing Facilities23% of employees

Infrastructure

18

19

Eastern Hemisphere – Growth Track Record

$ 269213180Rig Count

$ 572$ 302$ 214Middle East*

Q3 YTD ’06Annualized

20032001WeatherfordRevenues

* Excluding impact of acquisitions

+167%

+49%

($ in millions)

20

Segments with Early E. Hemisphere Market PenetrationED

I

#2Med• Liner Hangers

#1Low• Cementation

#4High• Directional

#4LowIntegrated Drilling

#1Low• Non-Proprietary

#1Med• Proprietary

Drilling Tools

#1MedRe-entry & Fishing

#4Med• Cased Hole

#4High• Open Hole

Wireline

#2High• Expandables

#1Med• TRS

Well Construction

#1High• Underbalanced

Drilling Services

Market LeadershipTechnology Intensity

21

CPS

#1Low• Gas

#1Low• Hydraulic

#1Low• Recriprocating

#4High• Sand Control

#3Med• Completion Tools

Completion

N/AMedPipeline & Specialty Services

#5LowStimulation & Chemicals

#1High• Optimization

#6Med• ESP

#1Med• Progressing

Artificial Lift

#1High• Sensing

Market LeadershipTechnology Intensity

Segments with Early E. Hemisphere Market Penetration

22

E. Hemisphere: Return to 40%

Targeted

Rest of World68%

Eastern Hemisphere32%

2006

Current

Eastern Hemisphere

40%

Rest of World60%

2008

23

Geographic Revenue Prognosis: 2007 vs 2006

Eastern Hemisphere + 40 - 50%

Canada Higher than Rig Activity

United States Higher than Rig Activity

Latin America + 20 - 25%

24

Technology: Underlying Growth Factor

25

Accelerating decline rates & aging of exploitation base

WaterSand

DrainageCorrosionPressure

TemperatureDepleted Zones

Differential StickingFormation Damage

Complex Architecture

• Technology existential for our clients

• Technology secures:- Higher rates of growth- Higher returns

26

Oilfield Services Own Technology

Number of Issued Upstream Patents

FourMajor Oil

Companies**

SixService

Companies*

0 100 200 300 400 500 600 700

2003

1996199719981999200020012002

20042005

2003

1996199719981999200020012002

20042005

* BHI, BJS, HAL, SII, SLB, WFT** BP, Chevron, Exxon, Shell

Service Companies Lead Upstream

Innovation

27

WFT Research and Development

• Technology Culture

• Large Inventory of Intellectual Property

2.5%

$ 107.4

’05

2.3%

$149.4

’06*

2.7%% of revenue

$ 83.6R&D

’04

*Nine months ended September 2006 Annualized

Pursuit of Intellectual Property Advantage

0 100 200 300 400 500 600

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

HALSLBBHIWFTSIIBJS

U.S. Patents IssuedWFT

WFT

29

Accelerated Growth Through TechnologyGrowth Accelerators:• Compact™ logging • Extreme LWD• Underbalanced / CPD• EM / MWD• Drilling with Casing• Rotary steerable• Solid expandables• Zonal Isolation• Top drive TRS• Sand screens• Fiber optic sensing• Lift optimization

30

Examples of Milestones for WFT’s Core Technology• Installed first installation of wireless, non-reciprocating system for cyclical steam injection well

• First application of Managed Pressure Drilling in GoM

• Underbalanced wells in 32 countries

• Installed 50th Expandable Solids System

• Installed over 175 Optical Sensing Systems

• Installed 400th Expandable Sand Screen System

• Completed 575 Drilling with Casing operations to date

• Installed 1000th Subsurface Safety Valve without a reported failure

• Installed 1200th Electric Submersible Pump

• Passed 4,000 Underbalanced jobs in one year during 2005

• Completed Drilling with Casing with highest pressure differential: 6,550 PSI

• Monitoring 75,000 wells real time with optimization technology

• Surpassed 1,000,000 feet of optical cable installed in wellbores

• Exceeded 5 billion barrels of heavy oil lifted

31

Three Examples of Early Commercialization Technology at WFT

32

• Unique conveyance options• Flexibility for challenging wellbores

- Horizontal, extended reach- Highly deviated wells- Mobilization to remote areas

Compact® Logging System

33

Age of Drainage

• Optimized well construction• Directional drilling• Controlled pressure drilling• Flexible formation evaluation• Multilaterals• Expandables• Subsurface monitoring• Subsurface control systems

34

34%

72%

4%0%

10%

20%

30%

40%

50%

60%

70%

80%

19941995

19961997

19981999

20002001

20022003

20042005

Directional Land Directional Offshore Underbalanced

% o

f Tot

al R

igs

Underlying Secular Trend : Growth of Directional: Birth of Underbalanced

Percent of Drilling Rigs: Land, Offshore & Underbalanced

35

• Highest Rate of Angle Build: 16° per 100 ft.• Full Size Range• Very High Secular Growth

Point-the-bitPush-the-bit

Revolution® Rotary Steerable Systems

Hole Quality

Current Market > $1 billionCurrent Market > $1 billion

WFT: < 2% Market ShareWFT: < 2% Market Share

All Western HemisphereAll Western Hemisphere

36

HEL® LWD systems

• Record setting temperature and pressure- 315°F 32,000 PSI- Deepwater Record

• Deep-reading resistivity• Speed of Logging• Wireline quality measurements• Drilled and logged world’s deepest offshore wells

Current Market > $1.5 billionCurrent Market > $1.5 billion

WFT: < 5% Market ShareWFT: < 5% Market Share

All Western HemisphereAll Western Hemisphere

37

• Drilling 6 miles from the drillship

• 32,000 psi 6.5 elephants on an ipod

• > 315° F temperature of molten sugar

HEL® LWD: 3 World Records

38

Further Growth: North AmericaAccelerating Growth: Eastern Hemisphere

Early Commercialization: Technology

39

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995

concerning, among other things, the prospects for Weatherford’s operations which are subject to certain risks, uncertainties and

assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.’s reports and registration

statements filed with the SEC, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the

demand for and pricing of Weatherford's products and services and domestic and international economic and regulatory conditions. 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.