GENEVA, Switzerland, Feb. 26, 2013 /PRNewswire/ -- Weatherford International Ltd. (NYSE and SIX: WFT) today reported fourth quarter 2012 revenues of $4,058 million, the highest in the company's history. In addition, Weatherford reduced net debt by $207 million via positive cash flow from operations during the quarter.

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Weatherford reported a loss for the quarter of $122 million or $0.16 per share. After excluding losses, net of tax, of $130 million or $0.17 per share earnings were $8 million or $0.01 per share.  The excluded items include:

• $43 million in professional fees associated with our accounting for income tax remediation efforts,
• $64 million associated with legacy lump sum contracts in Iraq consisting of operating losses $30 million and tax receivable write offs $34 million and
• $23 million in severance, exit and other charges.

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