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                                                                    EXHIBIT 99.1


NEWS RELEASE                                                EASTERLY
                                                            INVESTOR RELATIONS




FOR IMMEDIATE RELEASE                  Contacts:   Jean Davenport, I.R. Manager
                                                   Dailey International Inc.
                                                   davenpoj@dailey.com
                                                   409-523-4705

                                                   Ken Dennard / Lisa Elliott
                                                   Easterly Investor Relations
                                                   kdennard@easterly.com
                                                   713-529-6600


                       DAILEY INTERNATIONAL INC. ANNOUNCES
      SIGNING OF ACQUISITION AGREEMENT WITH WEATHERFORD INTERNATIONAL, INC.

         May 21, 1999, Conroe, Texas -- Dailey International Inc. (OTCBB:DALY)
announced today that it has entered into an agreement to be acquired by
Weatherford International, Inc., a Houston-based oilfield products and services
company. The terms of the acquisition contemplate the issuance of shares of
Weatherford common stock having a market value of $195 million. The terms of the
acquisition are set forth in an Acquisition Agreement between the Company and
Weatherford which was signed on May 21, 1999. Under the agreement, the Company's
outstanding $275 million senior note indebtedness would be exchanged pro rata
for $185 million in Weatherford stock. All outstanding equity securities held by
the Company's equity security holders would be exchanged for $10 million in
Weatherford stock that would be shared pro rata based on share ownership. The
value of the Weatherford common stock would be fixed as of the date of the
consummation of the acquisition and will be based on an average closing sale
price calculation over a 10 trading-day period preceding the date of
consummation. The acquisition agreement contemplates the filing by Dailey and
eight of its domestic subsidiaries in the United States Bankruptcy Court for the
District of Delaware of petitions for relief under Chapter 11 of the Bankruptcy
Code, along with a plan of reorganization and a disclosure statement, that will
implement the financial restructuring. The closing of the acquisition is subject
to a number of conditions, including bankruptcy court approvals and requisite
regulatory approvals. Dailey expects to file the petition in bankruptcy along
with the plan of reorganization and disclosure statement by June 1, 1999. The
plan has been agreed to by the holders of approximately $225 million (82%) of
the outstanding principal amount of the Company's senior notes and more than 50%
of the Company's common stock. The agreement provides that the plan of
reorganization will contemplate the payment of all trade creditors' claims as
and when they come due in the ordinary course of business or in full on the
effective date of the plan. This press release is not to be considered an offer
with respect to any securities or solicitation of offers to purchase a security.
Such an offer or solicitation will be made only in compliance with all
applicable securities laws and other applicable federal law.


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         Certain statements included above which are not statements of
historical fact are intended to be, and are hereby identified as,
"forward-looking statements" as defined in the Securities Exchange Act of 1934,
as amended, and involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among other things, the success or failure of the Company in implementing its
business and operational strategies while subject to the reorganization
proceedings; and the ability of the Company to conclude a judicially-approved
restructuring of its obligations with its creditors on the terms discussed
above.

                  Dailey International is a leading provider of specialty
                  drilling equipment and services to the oil and gas industry
                  and designs, manufactures and rents proprietary downhole tools
[DAILEY LOGO]     for oil and gas drilling and workover applications worldwide.
                  Weatherford International, Inc. is one of the world's largest
                  providers of equipment and services used for the exploration
                  and production of oil and natural gas.




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