GENEVA, Nov. 12, 2012 /PRNewswire/ -- Weatherford International Ltd. (NYSE and SIX: WFT) today reported preliminary third quarter 2012 earnings before income taxes of $191 million, or $264 million after excluding pre-tax losses of $73 million.  The excluded items include:

• $29 million for a lower of cost or market adjustment to the carrying value of our inventory,
• $27 million in professional fees associated with our ongoing income tax remediation efforts,
• $11 million in fees and expenses associated with our August 2012 consent solicitation that extends the financial statement filing deadline of our senior notes to March 31, 2013 and
• Severance, exit and other charges of $6 million.

The company also reports a revised preliminary second quarter 2012 loss before income taxes of $753 million, or earnings of $146 million after excluding pre-tax losses of $899 million.  These results had been previously reported on a preliminary basis, and the excluded items include:

• $589 million for non-cash goodwill impairment charges in the Middle East/North Africa and Sub-Sahara Africa regions,
• $204 million primarily for the non-cash write down of equity method investments,
• $100 million charge representing management's best estimate of a potential settlement with the U.S. government related to its investigation of alleged improper sales in certain sanctioned countries, which was included in our previously reported second quarter results,
• $28 million for the gain on sale of a business, which includes a $25 million revision from the amount previously reported,
• $11 million in professional fees associated with our ongoing income tax remediation efforts and
• $23 million in severance, exit and other adjustments.

Other non-excluded items that are adjustments to the previously reported results are $76 million related to changes in operating income amounts previously reported on contracts accounted for on a percentage-of-completion basis and $55 million related to charges for excess and obsolete inventory.

Third quarter revenues of $3,818 million were a quarterly record, up two percent sequentially from the revised second quarter revenues of $3,747.  Third quarter revenues also climbed 13 percent from the same quarter of 2011.  North America revenue was up four percent sequentially limited by the lower than anticipated rig count inCanada and pressure pumping pricing declines in the U.S. and up seven percent versus the same quarter of 2011.  International revenues were flat sequentially but up 20 percent versus the same quarter of 2011.  Completion and Production led the sequential growth with strong performance from Artificial Lift partially offset by