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Weatherford names new CFO

The Associated Press

Weatherford International Ltd. announced changes to its executive team Friday, following the oil and gas company's disclosure that it was having problems with internal controls on its financial reporting.

The Switzerland-based oilfield services company told investors in February that they should not rely on previously issued financial statements until it can resolve the issues and warned that it expects to restate earnings for 2008 through 2010.

Weatherford has said there were weaknesses in internal controls over financial reporting for income taxes related to current taxes payable, certain deferred tax assets and liabilities, reserves for uncertain tax positions and current and deferred income tax expenses.

The company said Friday that it appointed John Briscoe as its senior vice president and chief financial officer. Briscoe, 54, joined the company in August as vice president and chief accounting officer. Previously he was vice president and controller of Transocean Ltd.

Andrew Becnel, the current chief financial officer, and James Hudgins, vice president of tax, will leave the company on March 31.

Weatherford shares fell 5 cents to close at $16.63. They rose 19 cents to $16.82 in after-hours trading.