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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): MAY 24, 2004
WEATHERFORD INTERNATIONAL, INC. 401(k) SAVINGS PLAN
(Exact name of registrant as specified in charter)
BERMUDA 1-31339 98-0371344
(State of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.)
515 POST OAK BOULEVARD
SUITE 600
HOUSTON, TEXAS 77027
(Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 693-4000
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EXHIBIT INDEX APPEARS ON PAGE 4
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) On May 24, 2004, the Registrant dismissed KPMG LLP ("KPMG") as the
Weatherford International, Inc. 401(k) Savings Plan's ("the Plan")
independent accountants. The Plan has engaged Ernst & Young LLP ("Ernst &
Young") as its new independent accountants effective immediately. Ernst &
Young's engagement had been previously approved by Weatherford
International Ltd.'s Audit Committee. Their engagement and KPMG's dismissal
became effective upon the Securities and Exchange Commission's approval of
Ernst & Young accepting the engagement.
(b) KPMG's report on the Plan's financial statements for the year ended
December 31, 2002 did not contain an adverse opinion or disclaimer of
opinion, nor was such report qualified or modified as to uncertainty, audit
scope, or accounting principles.
(c) During the year ended December 31, 2002, and the subsequent interim period
through the date hereof, there were no disagreements with KPMG on any
matters of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreement(s), if not
resolved to the satisfaction of KPMG, would have caused the former
accountant to make reference to the subject matter of the disagreement(s)
in connection with its report on the Plan's financial statements.
(d) During the year ended December 31, 2002, and the subsequent interim period
through the date hereof, there were no "reportable events" (hereinafter
defined) requiring disclosure pursuant to Item 304(a)(1)(v)(A) - (D) of
Regulation S-K.
(e) Effective May 24, 2004, the Plan engaged Ernst & Young as its independent
accountants. During the two years ended December 31, 2002, and the
subsequent interim period through the date hereof, neither the Plan nor
anyone on its behalf consulted Ernst & Young regarding either the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered
on the Plan's consolidated financial statements or any other matters or
reportable events as set forth in Item 304(a)(2)(i) and (ii) of Regulation
S-K, nor has Ernst & Young provided to the Plan a written report or oral
advice regarding such principles or audit opinion.
(f) The Plan has requested that KMPG furnish it with a letter addressed to the
Securities and Exchange Commission stating whether or not it agrees with
the above statements. A copy of the letter from KPMG dated May 25, 2004 is
filed as Exhibit 16.1 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits
16.1 Letter from KPMG LLP, dated May 25, 2004, pursuant to
Item 304(a)(3) of Regulation S-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEATHERFORD INTERNATIONAL LTD.
Dated: May 28, 2004 /s/ Lisa W. Rodriguez
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Lisa W. Rodriguez
Senior Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
Number
Exhibit Description
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16.1 Letter from KPMG LLP, dated May 25, 2004, pursuant to
Item 304(a)(3) of Regulation S-K.