Document:

<PAGE>
                                                                   EXHIBIT 10.1

                            INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made on the 29th day of September, 2005

BETWEEN:

WEATHERFORD INTERNATIONAL LTD., a company incorporated under the laws of Bermuda
with its registered office located at Clarendon House, 2 Church Street,
Hamilton, Bermuda (the "Company"); and

JOHN R. KING (the "Indemnitee").

WHEREAS the Indemnitee is an officer of the Company;

WHEREAS highly skilled and competent persons are becoming more reluctant to
serve public companies as directors or officers unless they are provided with
adequate protection through insurance and indemnification against inordinate
risks of claims and actions against them arising out of their service to and
activities on behalf of such companies;

WHEREAS uncertainties relating to indemnification increase the difficulty of
attracting and retaining such persons;

WHEREAS the Board has determined that an inability to attract and retain such
persons is detrimental to the best interests of the Company and that the Company
should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually
to obligate itself to indemnify Indemnitee to the fullest extent permitted by
Bermuda law so that Indemnitee will serve or continue to serve the Company free
from undue concern that Indemnitee will not be so indemnified;

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified;

NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows:

1.       INTERPRETATION

1.1      In this Agreement unless the context otherwise requires, the following
         words and expressions shall have the following meanings:

         this "Agreement"           means this Indemnification Agreement;

<PAGE>

         the "Board"                means the board of directors of the Company;

         "Business Day"             means any day on which banks in Bermuda
                                    are open for business;

         the "Companies Act"        means the Companies Act 1981;

         "Corporate Status"         means the status of a person who is or
                                    was a director, officer, employee, agent, or
                                    fiduciary of the Company or any other Group
                                    Company, or is or was serving at the request
                                    of the Company as a director, officer,
                                    employee, agent or fiduciary of any other
                                    company, corporation, partnership, limited
                                    liability company, joint venture, trust,
                                    employee benefit plan or other entity or
                                    enterprise;

         "the Court"                means the Supreme Court of Bermuda;

         "Disinterested Director"   means a director of the Company who is not
                                    or was not a party to a Proceeding in
                                    respect of which indemnification is sought
                                    by Indemnitee;

         "Group Companies"          means the Company and each subsidiary of the
                                    Company (wherever incorporated or
                                    organized);

         "Independent Counsel"      means a law firm or a member of a law firm
                                    that neither is presently nor in the past
                                    five years has been retained to represent:
                                    (i) the Company or Indemnitee in any matter
                                    material to either such party, or (ii) any
                                    other party to the Proceeding giving rise to
                                    a claim for indemnification hereunder.
                                    Notwithstanding the foregoing, the term
                                    "Independent Counsel" shall not include any
                                    person who, under the applicable standards
                                    of professional conduct then prevailing,
                                    would have a conflict of interest in
                                    representing either the Company or
                                    Indemnitee in an action to determine
                                    Indemnitee's right to indemnification under
                                    this Agreement;

         the "Parties"              means the parties to this Agreement
                                    collectively, and "Party" means any one of
                                    them; and

         "Proceeding"               means any action, suit, arbitration,
                                    alternate dispute resolution mechanism,
                                    investigation, administrative hearing or any
                                    other proceeding whether civil,

                                      -2-
<PAGE>

                                    criminal, administrative or investigative
                                    and whether formal or informal;

1.2      In this Agreement unless the context otherwise requires:

         1.2.1    references to statutory provisions shall be construed as
                  references to those provisions as amended or re-enacted or as
                  their application is modified by other provisions from time to
                  time and shall include references to any provisions of which
                  they are re-enactments (whether with or without modification);

         1.2.2    references to clauses and schedules are references to clauses
                  hereof and schedules hereto; references to sub-clauses or
                  paragraphs are, unless otherwise stated, references to
                  sub-clauses of the clause or paragraphs of the schedule in
                  which the reference appears;

         1.2.3    references to the singular shall include the plural and vice
                  versa and references to the masculine shall include the
                  feminine and/or neuter and vice versa; and

         1.2.4    references to persons shall include companies, partnerships,
                  associations and bodies of persons, whether incorporated or
                  unincorporated.

2.       AGREEMENT TO SERVE

         Indemnitee agrees to continue to serve as an officer of the Company.
         This Agreement does not create or otherwise establish any right on the
         part of Indemnitee to be and continue to be elected or appointed an
         officer of the Company or any other Group Company and does not create
         an employment contract between the Company and Indemnitee.

3.       INDEMNITY OF DIRECTOR/OFFICER

3.1      Subject to clause 10, the Company shall indemnify Indemnitee if
         Indemnitee is a party or is threatened to be made a party to any
         threatened, pending or completed Proceeding, including a Proceeding
         brought by or in the right of the Company, by reason of the fact that
         Indemnitee is or was a director, officer, employee, agent, or fiduciary
         of the Company or is or was serving at the request of the Company as a
         director, officer, employee, agent, or fiduciary of any other company,
         corporation, partnership, limited liability company, joint venture,
         trust, employee benefit plan or other entity or enterprise or by reason
         of anything done or not done by Indemnitee in any such capacity.
         Subject to clause 10, pursuant to this sub-clause 3.1 Indemnitee shall
         be indemnified against expenses (including attorneys' fees and
         disbursements), judgments, penalties, fines and amounts paid in
         settlement actually and reasonably incurred by Indemnitee in connection
         with such Proceeding (including, but not limited to, the investigation,
         defense, settlement or appeal thereof).

                                      -3-
<PAGE>

3.2      Notwithstanding any other provision of this Agreement other than clause
         10, Indemnitee shall be indemnified against all expenses (including
         attorneys' fees and disbursements) actually and reasonably incurred by
         Indemnitee or on Indemnitee's behalf in defending any Proceedings
         referred to in clause 3.1 in which judgement is given in his favour, in
         which he is acquitted, or in respect of which relief is granted to him
         by the Court under section 281 of the Companies Act.

3.3      Subject to clause 10, the Company shall indemnify Indemnitee for such
         portion of the expenses (including attorneys' fees), witness fees,
         damages, judgments, fines and amounts paid in settlement and any other
         amounts that Indemnitee becomes legally obligated to pay in connection
         with any Proceeding referred to in clause 3.1 in respect of which
         Indemnitee is entitled to indemnification hereunder, even if Indemnitee
         is not entitled to indemnification hereunder for the total amount
         thereof.

3.4      Without limiting the scope of the indemnity provided under any other
         provision of this Agreement, if the Indemnitee has reason to apprehend
         that any claim will or might be made against him in respect of any
         negligence, default, breach of duty or breach of trust, he may apply to
         the Court for relief pursuant to section 281 of the Companies Act and,
         to the extent that the Court relieves him, either wholly or partly,
         from his liability in accordance with section 281 of the Companies Act,
         the Indemnitee shall be indemnified against any liability incurred by
         him in defending any Proceedings in accordance with paragraph 98(2)(b)
         of the Companies Act.

4.       INDEMNIFICATION FOR EXPENSES OF A WITNESS

         Subject to clause 10, to the extent that Indemnitee is, by reason of
         Indemnitee's Corporate Status, a witness in any proceeding, Indemnitee
         shall be indemnified by the Company against all expenses actually and
         reasonably incurred by Indemnitee or on Indemnitee's behalf in
         connection therewith.

5.       DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

5.1      The Indemnitee shall request indemnification pursuant to this Agreement
         by notice in writing to the secretary of the Company. The secretary
         shall, promptly upon receipt of Indemnitee's request for
         indemnification, advise in writing the Board or such other person or
         persons empowered to make the determination as provided in sub-clause
         5.2 that Indemnitee has made such request for indemnification. Subject
         to clause 10, upon making such request for indemnification, Indemnitee
         shall be presumed to be entitled to indemnification hereunder and the
         Company shall have the burden of proof in the making of any
         determination contrary to such presumption.

5.2      Upon written request by Indemnitee for indemnification pursuant to
         sub-clause 3.1, the entitlement of the Indemnitee to indemnification
         pursuant to the terms of this Agreement

                                      -4-
<PAGE>

         shall be determined by the following person or persons who shall be
         empowered to make such determination:

                  5.2.1    the Board, by a majority vote of the Disinterested
                           Directors; or

                  5.2.2    if such vote is not obtainable or, even if
                           obtainable, if such Disinterested Directors so direct
                           by majority vote, by Independent Counsel in a written
                           opinion to the Board, a copy of which shall be
                           delivered to Indemnitee; or

                  5.2.3    by a majority vote of the shareholders.

5.3      For purposes of sub-clause 5.2, Independent Counsel shall be selected
         by the Board and approved by Indemnitee. Upon failure of the Board to
         so select such Independent Counsel or upon failure of Indemnitee to so
         approve, such Independent Counsel shall be selected by a single
         arbitrator pursuant to the rules of the American Arbitration
         Association. Such determination of entitlement to indemnification shall
         be made not later than 60 days after receipt by the Company of a
         written request for indemnification. Such request shall include
         documentation or information which is necessary for such determination
         and which is reasonably available to Indemnitee. Subject to clause 10,
         any expenses (including attorneys' fees) incurred by Indemnitee in
         connection with Indemnitee's request for indemnification hereunder
         shall be borne by the Company irrespective of the outcome of the
         determination of Indemnitee's entitlement to indemnification. If the
         person or persons making such determination shall determine that
         Indemnitee is entitled to indemnification as to part (but not all) of
         the application for indemnification, such persons may reasonably
         prorate such partial indemnification among such claims, issues or
         matters in respect of which indemnification is requested.

6.       ADVANCEMENT OF EXPENSES

         All reasonable expenses incurred by Indemnitee (including attorneys'
         fees, retainers and advances of disbursements required of Indemnitee)
         shall be paid by the Company in advance of the final disposition of any
         Proceeding at the request of Indemnitee as promptly as possible, and in
         any event within twenty days after the receipt by the Company of a
         statement or statements from Indemnitee requesting such advance or
         advances from time to time. Indemnitee's entitlement to such expenses
         shall include those incurred in connection with any Proceeding by
         Indemnitee seeking an adjudication or award in arbitration pursuant to
         this Agreement. Such statement or statements shall reasonably evidence
         the expenses incurred by Indemnitee in connection therewith and shall
         include or be accompanied by an undertaking by or on behalf of
         Indemnitee to repay such amount if it is ultimately determined that
         Indemnitee is not entitled to be indemnified against such expenses by
         the Company as provided by this Agreement or otherwise. Subject to
         clause 10, the Company shall have the burden of proof in any
         determination under this clause 6. No amounts advanced hereunder shall
         be deemed an extension of credit by the Company to Indemnitee.

                                      -5-
<PAGE>

7.       REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO
         ADVANCE EXPENSES

7.1      In the event that: (a) a determination is made that Indemnitee is not
         entitled to indemnification hereunder; (b) payment has not been timely
         made following a determination of entitlement to indemnification
         pursuant to clause 5; or (c) expenses are not advanced pursuant to
         clause 6, Indemnitee shall be entitled to apply to the Court or any
         other court of competent jurisdiction for a determination of
         Indemnitee's entitlement to such indemnification or advance.

7.2      Alternatively to sub-clause 7.1, Indemnitee, at Indemnitee's option,
         may seek an award in arbitration to be conducted by a single arbitrator
         pursuant to the rules of the American Arbitration Association, such
         award to be made within sixty days following the filing of the demand
         for arbitration. The Company shall not oppose Indemnitee's right to
         seek any such adjudication or award in arbitration or any other claim.

7.3      A judicial proceeding or arbitration pursuant to this clause 7 shall be
         made de novo and Indemnitee shall not be prejudiced by reason of a
         determination otherwise made hereunder (if so made) that Indemnitee is
         not entitled to indemnification. Subject to clause 10, if a
         determination is made pursuant to the terms of clause 5 that Indemnitee
         is entitled to indemnification, the Company shall be bound by such
         determination and is precluded from asserting that such determination
         has not been made or that the procedure by which such determination was
         made is not valid, binding and enforceable. If the court or arbitrator
         shall determine that Indemnitee is entitled to any indemnification
         hereunder, the Company shall pay all reasonable expenses (including
         attorneys' fees and disbursements) actually incurred by Indemnitee in
         connection with such adjudication or award in arbitration (including,
         but not limited to, any appellate proceedings).

8.       OTHER RIGHTS TO INDEMNIFICATION

         The indemnification and advancement of expenses (including attorneys'
         fees) provided by this Agreement shall not be deemed exclusive of any
         other right to which Indemnitee may now or in the future be entitled
         under any provision of the Company's bye-laws, any agreement, vote of
         shareholders, the Board or Disinterested Directors, provision of law,
         or otherwise; provided, however, that: (a) this Agreement supersedes
         any other agreement that has been entered into by the Company with the
         Indemnitee which has as its principal purpose the indemnification of
         Indemnitee (except that this Agreement shall not supersede that certain
         Indemnification Agreement entered into on or about the date hereof
         between Indemnitee and Weatherford International, Inc., a subsidiary of
         the Company, it being the intention of the Parties that Indemnitee
         shall be entitled to the indemnification provided under either or both
         agreements to the fullest extent permitted by law); and (b) where the
         Company may indemnify the Indemnitee pursuant to either this Agreement
         or the bye-laws of the Company, the Company may indemnify the
         Indemnitee under either this Agreement or the bye-laws but the
         Indemnitee shall, in no

                                      -6-
<PAGE>

         case, be indemnified by the Company in respect of any expense,
         liability or cost of any type for which payment is or has been actually
         made to Indemnitee under any insurance policy, indemnity clause,
         bye-law or agreement, except in respect of any excess beyond such
         payment.

9.       ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

         In the event that Indemnitee is subject to or intervenes in any
         Proceeding in which the validity or enforceability of this Agreement is
         at issue or seeks an adjudication or award in arbitration to enforce
         Indemnitee's rights under, or to recover damages for breach of, this
         Agreement, Indemnitee, if Indemnitee prevails in whole or in part in
         such action, shall be entitled to recover from the Company and shall be
         indemnified by the Company against, any actual expenses for attorneys'
         fees and disbursements reasonably incurred by Indemnitee, provided that
         in bringing such action, Indemnitee acted in good faith.

10.      LIMITATION OF INDEMNIFICATION

         Notwithstanding any other terms of this Agreement, nothing herein shall
         indemnify the Indemnitee against, or exempt the Indemnitee from, any
         liability in respect of the Indemnitee's fraud or dishonesty.

11.      LIABILITY INSURANCE

         To the extent the Company maintains an insurance policy or policies
         providing directors' and officers' liability insurance, Indemnitee
         shall be covered by such policy or policies, in accordance with its or
         their terms, to the maximum extent of the coverage available for any
         Company director or officer.

12.      DURATION OF AGREEMENT

         This Agreement shall apply with respect to Indemnitee's occupation of
         any of the position(s) described in sub-clause 3.1 of this Agreement
         prior to the date of this Agreement and with respect to all periods of
         such service after the date of this Agreement, even though the
         Indemnitee may have ceased to occupy such positions(s).

13.      NOTICE OF PROCEEDINGS BY INDEMNITEE

13.1     Indemnitee agrees promptly to notify the Company in writing upon being
         served with any summons, citation, subpoena, complaint, indictment,
         information or other document relating to any Proceeding which may be
         subject to indemnification hereunder, provided, however, that the
         failure to so notify the Company will not relieve the Company from any
         liability it may have to Indemnitee except to the extent that such
         failure materially prejudices the Company's ability to defend such
         claim. With respect to any such Proceeding as to which Indemnitee
         notifies the Company of the commencement thereof:

                                      -7-
<PAGE>

         13.1.1   the Company will be entitled to participate therein at its own
                  expense; and

         13.1.2   except as otherwise provided below, to the extent that it may
                  wish, the Company jointly with any other indemnifying party
                  similarly notified will be entitled to assume the defense
                  thereof, with counsel reasonably satisfactory to Indemnitee.
                  After notice from the Company to Indemnitee of its election so
                  to assume the defense thereof, the Company will not be liable
                  to Indemnitee under this Agreement for any legal or other
                  expenses subsequently incurred by Indemnitee in connection
                  with the defense thereof other than reasonable costs of
                  investigation or as otherwise provided below. Indemnitee shall
                  have the right to employ Indemnitee's own counsel in such
                  Proceeding, but the fees and expenses of such counsel incurred
                  after notice from the Company of its assumption of the defense
                  thereof shall be at the expense of Indemnitee and not subject
                  to indemnification hereunder unless (a) the employment of
                  counsel by Indemnitee has been authorized by the Company; (b)
                  in the reasonable opinion of counsel to Indemnitee there is or
                  may be a conflict of interest between the Company and
                  Indemnitee in the conduct of the defense of such Proceeding;
                  or (c) the Company shall not in fact have employed counsel to
                  assume the defense of such action, in each of which cases,
                  subject to clause 10, the fees and expenses of counsel shall
                  be at the expense of the Company.

13.2     Neither the Company nor the Indemnitee shall settle any claim without
         the prior written consent of the other (which shall not be unreasonably
         withheld).

14.      NOTICES

         Any notice required to be given hereunder shall be in writing in the
         English language and shall be served by sending the same by prepaid
         recorded post, facsimile or by delivering the same by hand to the
         address of the Party or Parties in question as set out below (or such
         other address as such Party or Parties shall notify the other Parties
         of in accordance with this clause). Any notice sent by post as provided
         in this clause shall be deemed to have been served five Business Days
         after despatch and any notice sent by facsimile as provided in this
         clause shall be deemed to have been served at the time of despatch and
         in proving the service of the same it will be sufficient to prove in
         the case of a letter that such letter was properly stamped, addressed
         and placed in the post; and in the case of a facsimile that such
         facsimile was duly despatched to a current facsimile number of the
         addressee.

                                      -8-

<PAGE>
         Company -

         Weatherford International Ltd.

         c/o Weatherford International, Inc.
         515 Post Oak Park, Suite 600
         Houston, Texas  77027-3415
         Attn:  Secretary

         Fax:              713-693-4484

         Indemnitee -
         Name:             John R. King
         Address:          515 Post Oak Boulevard, Suite 600
                           Houston, Texas 77027
         Fax:              (713) 693-4484

15.      MISCELLANEOUS

15.1     Notwithstanding the expiration or termination of this Agreement
         howsoever arising, such expiration or termination shall not operate to
         affect such of the provisions hereof as are expressed or intended to
         remain in full force and effect.

15.2     If any of the clauses, conditions, covenants or restrictions of this
         Agreement or any deed or document emanating from it shall be found to
         be void but would be valid if some part thereof were deleted or
         modified, then such clause, condition, covenant or restriction shall
         apply with such deletion or modification as may be necessary to make it
         valid and effective so as to give effect as nearly as possible to the
         intent manifested by such clause, condition, covenant or restriction.

15.3     This Agreement shall be binding upon the Company and its successors and
         assigns (including any transferee of all or substantially all of its
         assets and any successor or resulting company by merger, amalgamation
         or operation of law) and shall inure to the benefit of Indemnitee and
         Indemnitee's spouse, assigns, heirs, estate, devises, executors,
         administrators or other legal representatives.

15.4.    This Agreement (together with any documents referred to herein)
         constitutes the whole agreement between the Parties relating to its
         subject matter and supersedes any prior indemnification arrangement
         between the Company (or its predecessor) and Indemnitee (except as
         specifically set forth in clause 8).

15.5     No provision in this Agreement may be amended unless such amendment is
         agreed to in writing, signed by the Indemnitee and by a duly authorised
         officer of the Company. No waiver by either Party of any breach by the
         other Party of any condition or provision of this Agreement to be
         performed by such other Party shall be deemed a waiver of a similar

                                      -9-
<PAGE>

         or dissimilar condition or provision at the same or any prior or
         subsequent time. Any waiver must be in writing and signed by the
         Indemnitee or a duly authorised officer of the Company, as the case may
         be.

15.6     The headings in this Agreement are inserted for convenience only and
         shall not affect the construction of this Agreement.

15.7     This Agreement may be executed in counterparts each of which when
         executed and delivered shall constitute an original but all such
         counterparts together shall constitute one and the same instrument.

15.8     The terms and conditions of this Agreement and the rights of the
         parties hereunder shall be governed by and construed in all respects in
         accordance with the laws of the Islands of Bermuda. The parties to this
         Agreement hereby irrevocably agree that the courts of Bermuda shall
         have non-exclusive jurisdiction in respect of any dispute, suit,
         action, arbitration or proceedings ("Agreement Proceedings") which may
         arise out of or in connection with this Agreement and waive any
         objection to Agreement Proceedings in the courts of Bermuda on the
         grounds of venue or on the basis that the Agreement Proceedings have
         been brought in an inconvenient forum.

15.9     All payments made by the Company to Indemnitee hereunder shall be
         deemed to have been made in the ordinary course of business of the
         Company, and shall not be deemed to be extraordinary payments.

                                     -10--
<PAGE>

IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have duly
executed this Agreement as of the date first written above.

SIGNED by and on behalf of          )                    /s/ Burt M. Martin
THE COMPANY                         )                  ------------------------
in the presence of:                 )                      Burt M. Martin
                                                        Senior Vice President

Witness:  /s/ Andrew P. Becnel
         ---------------------------

Name:    Andrew P. Becnel
         ---------------------------

SIGNED by                           )                     /s/ John R. King
THE INDEMNITEE                      )                  -----------------------
in the presence of:                 )                      John R. King

Witness: /s/ E. Lee Colley III
         ---------------------------

Name:    E. Lee Colley III
         ---------------------------

                                      -11-<PAGE>
                                                                    EXHIBIT 10.2

                            INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made on the 29th day of September, 2005

BETWEEN:

WEATHERFORD INTERNATIONAL LTD., a company incorporated under the laws of Bermuda
with its registered office located at Clarendon House, 2 Church Street,
Hamilton, Bermuda (the "Company"); and

IAN E. KELLY (the "Indemnitee").

WHEREAS the Indemnitee is an officer of the Company;

WHEREAS highly skilled and competent persons are becoming more reluctant to
serve public companies as directors or officers unless they are provided with
adequate protection through insurance and indemnification against inordinate
risks of claims and actions against them arising out of their service to and
activities on behalf of such companies;

WHEREAS uncertainties relating to indemnification increase the difficulty of
attracting and retaining such persons;

WHEREAS the Board has determined that an inability to attract and retain such
persons is detrimental to the best interests of the Company and that the Company
should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually
to obligate itself to indemnify Indemnitee to the fullest extent permitted by
Bermuda law so that Indemnitee will serve or continue to serve the Company free
from undue concern that Indemnitee will not be so indemnified;

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified;

NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows:

1.       INTERPRETATION

1.1      In this Agreement unless the context otherwise requires, the following
         words and expressions shall have the following meanings:

         this "Agreement"           means this Indemnification Agreement;

<PAGE>

         the "Board"                means the board of directors of the Company;

         "Business Day"             means any day on which banks in Bermuda are
                                    open for business;

         the "Companies Act"        means the Companies Act 1981;

         "Corporate Status"         means the status of a person who is or was a
                                    director, officer, employee, agent, or
                                    fiduciary of the Company or any other Group
                                    Company, or is or was serving at the request
                                    of the Company as a director, officer,
                                    employee, agent or fiduciary of any other
                                    company, corporation, partnership, limited
                                    liability company, joint venture, trust,
                                    employee benefit plan or other entity or
                                    enterprise;

         "the Court"                means the Supreme Court of Bermuda;

         "Disinterested Director"   means a director of the Company who is not
                                    or was not a party to a Proceeding in
                                    respect of which indemnification is sought
                                    by Indemnitee;

         "Group Companies"          means the Company and each subsidiary of the
                                    Company (wherever incorporated or
                                    organized);

         "Independent Counsel"      means a law firm or a member of a law firm
                                    that neither is presently nor in the past
                                    five years has been retained to represent:
                                    (i) the Company or Indemnitee in any matter
                                    material to either such party, or (ii) any
                                    other party to the Proceeding giving rise to
                                    a claim for indemnification hereunder.
                                    Notwithstanding the foregoing, the term
                                    "Independent Counsel" shall not include any
                                    person who, under the applicable standards
                                    of professional conduct then prevailing,
                                    would have a conflict of interest in
                                    representing either the Company or
                                    Indemnitee in an action to determine
                                    Indemnitee's right to indemnification under
                                    this Agreement;

         the "Parties"              means the parties to this Agreement
                                    collectively, and "Party" means any one of
                                    them; and

         "Proceeding"               means any action, suit, arbitration,
                                    alternate dispute resolution mechanism,
                                    investigation, administrative hearing or any
                                    other proceeding whether civil,

                                      -2-
<PAGE>

                                    criminal, administrative or investigative
                                    and whether formal or informal;

1.2      In this Agreement unless the context otherwise requires:

         1.2.1    references to statutory provisions shall be construed as
                  references to those provisions as amended or re-enacted or as
                  their application is modified by other provisions from time to
                  time and shall include references to any provisions of which
                  they are re-enactments (whether with or without modification);

         1.2.2    references to clauses and schedules are references to clauses
                  hereof and schedules hereto; references to sub-clauses or
                  paragraphs are, unless otherwise stated, references to
                  sub-clauses of the clause or paragraphs of the schedule in
                  which the reference appears;

         1.2.3    references to the singular shall include the plural and vice
                  versa and references to the masculine shall include the
                  feminine and/or neuter and vice versa; and

         1.2.4    references to persons shall include companies, partnerships,
                  associations and bodies of persons, whether incorporated or
                  unincorporated.

2.       AGREEMENT TO SERVE

         Indemnitee agrees to continue to serve as an officer of the Company.
         This Agreement does not create or otherwise establish any right on the
         part of Indemnitee to be and continue to be elected or appointed an
         officer of the Company or any other Group Company and does not create
         an employment contract between the Company and Indemnitee.

3.       INDEMNITY OF DIRECTOR/OFFICER

3.1      Subject to clause 10, the Company shall indemnify Indemnitee if
         Indemnitee is a party or is threatened to be made a party to any
         threatened, pending or completed Proceeding, including a Proceeding
         brought by or in the right of the Company, by reason of the fact that
         Indemnitee is or was a director, officer, employee, agent, or fiduciary
         of the Company or is or was serving at the request of the Company as a
         director, officer, employee, agent, or fiduciary of any other company,
         corporation, partnership, limited liability company, joint venture,
         trust, employee benefit plan or other entity or enterprise or by reason
         of anything done or not done by Indemnitee in any such capacity.
         Subject to clause 10, pursuant to this sub-clause 3.1 Indemnitee shall
         be indemnified against expenses (including attorneys' fees and
         disbursements), judgments, penalties, fines and amounts paid in
         settlement actually and reasonably incurred by Indemnitee in connection
         with such Proceeding (including, but not limited to, the investigation,
         defense, settlement or appeal thereof).

                                      -3-
<PAGE>

3.2      Notwithstanding any other provision of this Agreement other than clause
         10, Indemnitee shall be indemnified against all expenses (including
         attorneys' fees and disbursements) actually and reasonably incurred by
         Indemnitee or on Indemnitee's behalf in defending any Proceedings
         referred to in clause 3.1 in which judgement is given in his favour, in
         which he is acquitted, or in respect of which relief is granted to him
         by the Court under section 281 of the Companies Act.

3.3      Subject to clause 10, the Company shall indemnify Indemnitee for such
         portion of the expenses (including attorneys' fees), witness fees,
         damages, judgments, fines and amounts paid in settlement and any other
         amounts that Indemnitee becomes legally obligated to pay in connection
         with any Proceeding referred to in clause 3.1 in respect of which
         Indemnitee is entitled to indemnification hereunder, even if Indemnitee
         is not entitled to indemnification hereunder for the total amount
         thereof.

3.4      Without limiting the scope of the indemnity provided under any other
         provision of this Agreement, if the Indemnitee has reason to apprehend
         that any claim will or might be made against him in respect of any
         negligence, default, breach of duty or breach of trust, he may apply to
         the Court for relief pursuant to section 281 of the Companies Act and,
         to the extent that the Court relieves him, either wholly or partly,
         from his liability in accordance with section 281 of the Companies Act,
         the Indemnitee shall be indemnified against any liability incurred by
         him in defending any Proceedings in accordance with paragraph 98(2)(b)
         of the Companies Act.

4.       INDEMNIFICATION FOR EXPENSES OF A WITNESS

         Subject to clause 10, to the extent that Indemnitee is, by reason of
         Indemnitee's Corporate Status, a witness in any proceeding, Indemnitee
         shall be indemnified by the Company against all expenses actually and
         reasonably incurred by Indemnitee or on Indemnitee's behalf in
         connection therewith.

5.       DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

5.1      The Indemnitee shall request indemnification pursuant to this Agreement
         by notice in writing to the secretary of the Company. The secretary
         shall, promptly upon receipt of Indemnitee's request for
         indemnification, advise in writing the Board or such other person or
         persons empowered to make the determination as provided in sub-clause
         5.2 that Indemnitee has made such request for indemnification. Subject
         to clause 10, upon making such request for indemnification, Indemnitee
         shall be presumed to be entitled to indemnification hereunder and the
         Company shall have the burden of proof in the making of any
         determination contrary to such presumption.

5.2      Upon written request by Indemnitee for indemnification pursuant to
         sub-clause 3.1, the entitlement of the Indemnitee to indemnification
         pursuant to the terms of this Agreement

                                      -4-
<PAGE>

         shall be determined by the following person or persons who shall be
         empowered to make such determination:

                  5.2.1    the Board, by a majority vote of the Disinterested
                           Directors; or

                  5.2.2    if such vote is not obtainable or, even if
                           obtainable, if such Disinterested Directors so direct
                           by majority vote, by Independent Counsel in a written
                           opinion to the Board, a copy of which shall be
                           delivered to Indemnitee; or

                  5.2.3    by a majority vote of the shareholders.

5.3      For purposes of sub-clause 5.2, Independent Counsel shall be selected
         by the Board and approved by Indemnitee. Upon failure of the Board to
         so select such Independent Counsel or upon failure of Indemnitee to so
         approve, such Independent Counsel shall be selected by a single
         arbitrator pursuant to the rules of the American Arbitration
         Association. Such determination of entitlement to indemnification shall
         be made not later than 60 days after receipt by the Company of a
         written request for indemnification. Such request shall include
         documentation or information which is necessary for such determination
         and which is reasonably available to Indemnitee. Subject to clause 10,
         any expenses (including attorneys' fees) incurred by Indemnitee in
         connection with Indemnitee's request for indemnification hereunder
         shall be borne by the Company irrespective of the outcome of the
         determination of Indemnitee's entitlement to indemnification. If the
         person or persons making such determination shall determine that
         Indemnitee is entitled to indemnification as to part (but not all) of
         the application for indemnification, such persons may reasonably
         prorate such partial indemnification among such claims, issues or
         matters in respect of which indemnification is requested.

6.       ADVANCEMENT OF EXPENSES

         All reasonable expenses incurred by Indemnitee (including attorneys'
         fees, retainers and advances of disbursements required of Indemnitee)
         shall be paid by the Company in advance of the final disposition of any
         Proceeding at the request of Indemnitee as promptly as possible, and in
         any event within twenty days after the receipt by the Company of a
         statement or statements from Indemnitee requesting such advance or
         advances from time to time. Indemnitee's entitlement to such expenses
         shall include those incurred in connection with any Proceeding by
         Indemnitee seeking an adjudication or award in arbitration pursuant to
         this Agreement. Such statement or statements shall reasonably evidence
         the expenses incurred by Indemnitee in connection therewith and shall
         include or be accompanied by an undertaking by or on behalf of
         Indemnitee to repay such amount if it is ultimately determined that
         Indemnitee is not entitled to be indemnified against such expenses by
         the Company as provided by this Agreement or otherwise. Subject to
         clause 10, the Company shall have the burden of proof in any
         determination under this clause 6. No amounts advanced hereunder shall
         be deemed an extension of credit by the Company to Indemnitee.

                                      -5-
<PAGE>

7.       REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO
         ADVANCE EXPENSES

7.1      In the event that: (a) a determination is made that Indemnitee is not
         entitled to indemnification hereunder; (b) payment has not been timely
         made following a determination of entitlement to indemnification
         pursuant to clause 5; or (c) expenses are not advanced pursuant to
         clause 6, Indemnitee shall be entitled to apply to the Court or any
         other court of competent jurisdiction for a determination of
         Indemnitee's entitlement to such indemnification or advance.

7.2      Alternatively to sub-clause 7.1, Indemnitee, at Indemnitee's option,
         may seek an award in arbitration to be conducted by a single arbitrator
         pursuant to the rules of the American Arbitration Association, such
         award to be made within sixty days following the filing of the demand
         for arbitration. The Company shall not oppose Indemnitee's right to
         seek any such adjudication or award in arbitration or any other claim.

7.3      A judicial proceeding or arbitration pursuant to this clause 7 shall be
         made de novo and Indemnitee shall not be prejudiced by reason of a
         determination otherwise made hereunder (if so made) that Indemnitee is
         not entitled to indemnification. Subject to clause 10, if a
         determination is made pursuant to the terms of clause 5 that Indemnitee
         is entitled to indemnification, the Company shall be bound by such
         determination and is precluded from asserting that such determination
         has not been made or that the procedure by which such determination was
         made is not valid, binding and enforceable. If the court or arbitrator
         shall determine that Indemnitee is entitled to any indemnification
         hereunder, the Company shall pay all reasonable expenses (including
         attorneys' fees and disbursements) actually incurred by Indemnitee in
         connection with such adjudication or award in arbitration (including,
         but not limited to, any appellate proceedings).

8.       OTHER RIGHTS TO INDEMNIFICATION

         The indemnification and advancement of expenses (including attorneys'
         fees) provided by this Agreement shall not be deemed exclusive of any
         other right to which Indemnitee may now or in the future be entitled
         under any provision of the Company's bye-laws, any agreement, vote of
         shareholders, the Board or Disinterested Directors, provision of law,
         or otherwise; provided, however, that: (a) this Agreement supersedes
         any other agreement that has been entered into by the Company with the
         Indemnitee which has as its principal purpose the indemnification of
         Indemnitee (except that this Agreement shall not supersede that certain
         Indemnification Agreement entered into on or about the date hereof
         between Indemnitee and Weatherford International, Inc., a subsidiary of
         the Company, it being the intention of the Parties that Indemnitee
         shall be entitled to the indemnification provided under either or both
         agreements to the fullest extent permitted by law); and (b) where the
         Company may indemnify the Indemnitee pursuant to either this Agreement
         or the bye-laws of the Company, the Company may indemnify the
         Indemnitee under either this Agreement or the bye-laws but the
         Indemnitee shall, in no

                                      -6-
<PAGE>

         case, be indemnified by the Company in respect of any expense,
         liability or cost of any type for which payment is or has been actually
         made to Indemnitee under any insurance policy, indemnity clause,
         bye-law or agreement, except in respect of any excess beyond such
         payment.

9.       ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

         In the event that Indemnitee is subject to or intervenes in any
         Proceeding in which the validity or enforceability of this Agreement is
         at issue or seeks an adjudication or award in arbitration to enforce
         Indemnitee's rights under, or to recover damages for breach of, this
         Agreement, Indemnitee, if Indemnitee prevails in whole or in part in
         such action, shall be entitled to recover from the Company and shall be
         indemnified by the Company against, any actual expenses for attorneys'
         fees and disbursements reasonably incurred by Indemnitee, provided that
         in bringing such action, Indemnitee acted in good faith.

10.      LIMITATION OF INDEMNIFICATION

         Notwithstanding any other terms of this Agreement, nothing herein shall
         indemnify the Indemnitee against, or exempt the Indemnitee from, any
         liability in respect of the Indemnitee's fraud or dishonesty.

11.      LIABILITY INSURANCE

         To the extent the Company maintains an insurance policy or policies
         providing directors' and officers' liability insurance, Indemnitee
         shall be covered by such policy or policies, in accordance with its or
         their terms, to the maximum extent of the coverage available for any
         Company director or officer.

12.      DURATION OF AGREEMENT

         This Agreement shall apply with respect to Indemnitee's occupation of
         any of the position(s) described in sub-clause 3.1 of this Agreement
         prior to the date of this Agreement and with respect to all periods of
         such service after the date of this Agreement, even though the
         Indemnitee may have ceased to occupy such positions(s).

13.      NOTICE OF PROCEEDINGS BY INDEMNITEE

13.1     Indemnitee agrees promptly to notify the Company in writing upon being
         served with any summons, citation, subpoena, complaint, indictment,
         information or other document relating to any Proceeding which may be
         subject to indemnification hereunder, provided, however, that the
         failure to so notify the Company will not relieve the Company from any
         liability it may have to Indemnitee except to the extent that such
         failure materially prejudices the Company's ability to defend such
         claim. With respect to any such Proceeding as to which Indemnitee
         notifies the Company of the commencement thereof:

                                      -7-
<PAGE>

         13.1.1   the Company will be entitled to participate therein at its own
                  expense; and

         13.1.2   except as otherwise provided below, to the extent that it may
                  wish, the Company jointly with any other indemnifying party
                  similarly notified will be entitled to assume the defense
                  thereof, with counsel reasonably satisfactory to Indemnitee.
                  After notice from the Company to Indemnitee of its election so
                  to assume the defense thereof, the Company will not be liable
                  to Indemnitee under this Agreement for any legal or other
                  expenses subsequently incurred by Indemnitee in connection
                  with the defense thereof other than reasonable costs of
                  investigation or as otherwise provided below. Indemnitee shall
                  have the right to employ Indemnitee's own counsel in such
                  Proceeding, but the fees and expenses of such counsel incurred
                  after notice from the Company of its assumption of the defense
                  thereof shall be at the expense of Indemnitee and not subject
                  to indemnification hereunder unless (a) the employment of
                  counsel by Indemnitee has been authorized by the Company; (b)
                  in the reasonable opinion of counsel to Indemnitee there is or
                  may be a conflict of interest between the Company and
                  Indemnitee in the conduct of the defense of such Proceeding;
                  or (c) the Company shall not in fact have employed counsel to
                  assume the defense of such action, in each of which cases,
                  subject to clause 10, the fees and expenses of counsel shall
                  be at the expense of the Company.

13.2     Neither the Company nor the Indemnitee shall settle any claim without
         the prior written consent of the other (which shall not be unreasonably
         withheld).

14.      NOTICES

         Any notice required to be given hereunder shall be in writing in the
         English language and shall be served by sending the same by prepaid
         recorded post, facsimile or by delivering the same by hand to the
         address of the Party or Parties in question as set out below (or such
         other address as such Party or Parties shall notify the other Parties
         of in accordance with this clause). Any notice sent by post as provided
         in this clause shall be deemed to have been served five Business Days
         after despatch and any notice sent by facsimile as provided in this
         clause shall be deemed to have been served at the time of despatch and
         in proving the service of the same it will be sufficient to prove in
         the case of a letter that such letter was properly stamped, addressed
         and placed in the post; and in the case of a facsimile that such
         facsimile was duly despatched to a current facsimile number of the
         addressee.

                                      -8-

<PAGE>

         Company -

         Weatherford International Ltd.

         c/o Weatherford International, Inc.
         515 Post Oak Park, Suite 600
         Houston, Texas  77027-3415
         Attn:  Secretary

         Fax:              713-693-4484

         Indemnitee -
         Name:             Ian E. Kelly
         Address:          515 Post Oak Boulevard, Suite 600
                           Houston, Texas 77027
         Fax:              (713) 693-4484

15.      MISCELLANEOUS

15.1     Notwithstanding the expiration or termination of this Agreement
         howsoever arising, such expiration or termination shall not operate to
         affect such of the provisions hereof as are expressed or intended to
         remain in full force and effect.

15.2     If any of the clauses, conditions, covenants or restrictions of this
         Agreement or any deed or document emanating from it shall be found to
         be void but would be valid if some part thereof were deleted or
         modified, then such clause, condition, covenant or restriction shall
         apply with such deletion or modification as may be necessary to make it
         valid and effective so as to give effect as nearly as possible to the
         intent manifested by such clause, condition, covenant or restriction.

15.3     This Agreement shall be binding upon the Company and its successors and
         assigns (including any transferee of all or substantially all of its
         assets and any successor or resulting company by merger, amalgamation
         or operation of law) and shall inure to the benefit of Indemnitee and
         Indemnitee's spouse, assigns, heirs, estate, devises, executors,
         administrators or other legal representatives.

15.4.    This Agreement (together with any documents referred to herein)
         constitutes the whole agreement between the Parties relating to its
         subject matter and supersedes any prior indemnification arrangement
         between the Company (or its predecessor) and Indemnitee (except as
         specifically set forth in clause 8).

15.5     No provision in this Agreement may be amended unless such amendment is
         agreed to in writing, signed by the Indemnitee and by a duly authorised
         officer of the Company. No waiver by either Party of any breach by the
         other Party of any condition or provision of

                                      -9-
<PAGE>

         this Agreement to be performed by such other Party shall be deemed a
         waiver of a similar or dissimilar condition or provision at the same or
         any prior or subsequent time. Any waiver must be in writing and signed
         by the Indemnitee or a duly authorised officer of the Company, as the
         case may be.

15.6     The headings in this Agreement are inserted for convenience only and
         shall not affect the construction of this Agreement.

15.7     This Agreement may be executed in counterparts each of which when
         executed and delivered shall constitute an original but all such
         counterparts together shall constitute one and the same instrument.

15.8     The terms and conditions of this Agreement and the rights of the
         parties hereunder shall be governed by and construed in all respects in
         accordance with the laws of the Islands of Bermuda. The parties to this
         Agreement hereby irrevocably agree that the courts of Bermuda shall
         have non-exclusive jurisdiction in respect of any dispute, suit,
         action, arbitration or proceedings ("Agreement Proceedings") which may
         arise out of or in connection with this Agreement and waive any
         objection to Agreement Proceedings in the courts of Bermuda on the
         grounds of venue or on the basis that the Agreement Proceedings have
         been brought in an inconvenient forum.

15.9     All payments made by the Company to Indemnitee hereunder shall be
         deemed to have been made in the ordinary course of business of the
         Company, and shall not be deemed to be extraordinary payments.

                                      -10-
<PAGE>

IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have duly
executed this Agreement as of the date first written above.

SIGNED by and on behalf of          )                  /s/ Burt M. Martin
THE COMPANY                         )             -----------------------------
in the presence of:                 )                     Burt M. Martin
                                                      Senior Vice President

Witness: /s/ Andrew P. Becnel
         ---------------------------

Name:    Andrew P. Becnel
         ---------------------------

SIGNED by                           )                    /s/ Ian E. Kelly
THE INDEMNITEE                      )             ------------------------------
in the presence of:                 )                      Ian E. Kelly

Witness: /s/ D. Sutherland
         ---------------------------

Name: D. Sutherland
      ------------------------------

                                      -11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]