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Exhibit 10.1    
    

 
 

AMENDED AND RESTATED
  REGISTRATION RIGHTS AGREEMENT    
    

        This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of March 23, 2004, is
by and between Weatherford International Ltd., a Bermuda entity ("Weatherford Ltd."), and Universal Compression Holdings, Inc., a
Delaware corporation ("Parent"). Certain capitalized terms used herein are defined in Section 6
below. Capitalized terms not otherwise defined herein have the meaning ascribed to them in the Merger Agreement (as hereinafter defined). 

RECITALS:  

        WHEREAS, Weatherford International, Inc., a Delaware corporation ("Weatherford"), the
predecessor-in-interest to Weatherford Ltd. and the parent of WEUS Holding, Inc. ("WEUS"), WEUS, Enterra
Compression Company, a Delaware corporation and a wholly owned subsidiary of WEUS (the "Company"), Parent and Universal Compression, Inc., a
Texas corporation and a wholly owned subsidiary of Parent ("Merger Subsidiary"), entered into an Agreement and Plan of Merger, dated as of
October 23, 2000 (the "Merger Agreement"), that provided, subject to the terms and conditions thereof, for the merger (the
"Merger") of the Company with and into Merger Subsidiary; 

        WHEREAS,
as consideration to be paid in the Merger, WEUS acquired 13,750,000 shares (the "Acquired Shares") of Common Stock, par value
$.01 per share, of Parent (the "Common Stock"); 

        WHEREAS,
in order to induce Weatherford and WEUS to enter into the Merger Agreement, Parent agreed to provide certain registration rights on the terms and subject to the conditions set
forth in that certain Registration Rights Agreement between WEUS and Parent, dated February 9, 2001 (the "Original Agreement"); 

        WHEREAS,
in connection with Weatherford's corporate restructuring in June 2002, the registration rights provided to WEUS pursuant to the Original Agreement were transferred and
assigned to Weatherford Ltd.; and 

        WHEREAS,
effective as of the date set forth above, this Agreement amends and restates the Original Agreement in its entirety. 

        NOW,
THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

        Section 1.  Registration Under The Securities Act. 

        1.1   Demand Registrations. 

        (a)   Requests for Registration. Subject to Section 1.1(b) hereof, Weatherford Ltd. may at any time request
registration under the Securities Act of all or any portion of its Registrable Securities on Form S-l or, if available, on Form S-2 or S-3, or any
similar short-form registration. All registrations requested pursuant to this Section 1.1(a) are referred to herein as
"Demand Registrations." Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be
registered; provided, however, that a request for an offering shall not qualify for a Demand Registration unless the market value of the Registrable Securities to be included is at least
$5 million in the case of a non-underwritten offering and $20 million in the case of an underwritten offering. Following receipt of the request from Weatherford Ltd.
for a Demand Registration, Parent will file a registration statement on the appropriate form to cover the Registrable Securities to be included. 

 

        (b)   Determination of Demand Registration. Weatherford Ltd. shall be entitled to receive three Demand Registrations. On
February 2, 2004, Weatherford Ltd. requested that Parent register a portion of Weatherford Ltd.'s Registrable Securities (the "First Demand Registration"). Such request shall be
deemed a Demand Registration unless the request is withdrawn prior to effectiveness or as otherwise set forth herein. A registration shall not count as one of the Demand Registrations until it has
become effective (unless such Demand Registration has not become effective due solely to the fault of
Weatherford Ltd.), and unless at least 75% of the Registrable Securities requested to be included in such registration are registered; provided,  however, that if, after such registration has become effective, the offering of the Registrable Securities included therein is interfered with by any
stop order, injunction or other order or requirement of the Securities and Exchange Commission (the "SEC") or other governmental agency or court, such
registration will be deemed not to have been effective (and it shall not count as one of the three Demand Registrations); and provided further that in any event Parent shall pay all Registration
Expenses in connection with any registration initiated as a Demand Registration whether or not it has become effective. 

        (c)   Priority on Demand Registrations. Parent shall not include in any Demand Registration any securities other than the
Registrable Securities without the prior written consent of Weatherford Ltd. If a Demand Registration is an underwritten offering and the managing underwriters advise Parent and
Weatherford Ltd. in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number
of Registrable Securities and other securities, if any, which can be sold therein without adversely affecting the marketability of the offering, Parent shall include in such registration prior to the
inclusion of any securities which are not Registrable Securities such Registrable Securities requested to be included by Weatherford Ltd. which in the opinion of such underwriters can be sold
without adversely affecting the marketability of the offering. 

        (d)   Restrictions on Demand Registrations. Parent shall not be obligated to effect any Demand Registration within
180 days after the effective date of a previous Demand Registration. Parent may postpone for up to 180 consecutive days in any two-year period the filing or the effectiveness of a
registration statement for a Demand Registration if Parent determines that such Demand Registration would reasonably be expected to have a material adverse effect on any proposal or plan by Parent or
any of its Subsidiaries to engage in any acquisition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer, reorganization, or similar transaction;
provided that in such event, Weatherford Ltd. shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations hereunder and Parent shall pay all Registration Expenses in connection with such registration. 

        (e)   Suspension of Sales. Notwithstanding anything else to the contrary set forth herein, if, after a registration statement
for a Demand Registration becomes effective, Parent advises the holders of the Registrable Securities covered by such Demand Registration that Parent's board of directors has determined that further
sales of Registrable Securities would reasonably be expected to have a material adverse effect on any board-approved proposal or plan by Parent or any of its Subsidiaries to engage in any acquisition
of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer, reorganization, offering of securities (public or otherwise), or similar transaction, the holders
of the Registrable Securities covered by such Demand Registration shall suspend for up to 120 consecutive days in any two-year period any further sales of their registered shares until
Parent advises them that further sales would not reasonably be expected to have a material adverse effect on such plan or proposal. Determinations by Parent's board of directors under this
Section 1.1(e) that sales of Registrable Securities would reasonably be expected to have a material adverse effect on any board-approved proposal or plan 

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by
Parent or any of its Subsidiaries shall be made by not less than a majority of the disinterested directors and will be delivered to Weatherford Ltd. in writing within two business days of
the time such determination is made. The time period referred to in Section 1.3(c) herein during which the registration statement for such Demand Registration must be kept usable after its
effective date shall be extended for an additional number of business days equal to the number of business days during which sales of shares were suspended pursuant to this Section 1.1(e). 

        (f)    Selection of Underwriters. Weatherford Ltd. shall select the investment banker(s) and manager(s) to administer
each Demand Registration, which banker(s) or manager(s), to the extent that Parent will sell securities therein, shall be subject to the reasonable approval of Parent. 

        1.2.  Piggyback Registrations. 

        (a)   Right to Piggyback. Whenever Parent proposes to register any of its securities under the Securities Act (whether or not
such registration relates to a primary offering of securities by Parent or a secondary sale of securities by a selling securityholder) and the registration form to be used may be used for the
registration of Registrable Securities (a "Piggyback Registration"), Parent shall give prompt written notice to Weatherford Ltd. of its intention
to effect such a registration and shall include, subject to Sections 1.2(b) and 1.2(c), in such
registration all Registrable Securities with respect to which Parent has received a written request for inclusion therein within twenty (20) days after Parent's notice, provided that the
foregoing shall not apply to a registration on Form S-4 or S-8 or an effective registration statement as of the date of this Agreement. 

        (b)   Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of
Parent, and the managing underwriters advise Parent and Weatherford Ltd. in writing that in their opinion the number of securities requested to be included in such registration exceeds the
number which can be sold in such offering without adversely affecting the marketability of the offering, Parent shall include in such registration (i) first, the securities Parent proposes to
sell, (ii) second, the Registrable Securities requested to be included in such registration, pro rata with holders entitled to
registration rights under the Registration Rights Agreement, dated as of February 20, 1998, by and among Parent, Castle Harlan Partners III, L.P. and the other persons or entities signatory
thereto, and (iii) third, other securities requested to be included in such registration, pro rata among other holders of such securities. 

        (c)   Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of
holders (other than Weatherford Ltd.) of Parent securities, and the managing underwriters advise Parent and Weatherford Ltd. in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, Parent shall include in such
registration (i) first, the securities requested to be included therein by the holders requesting such registration, (ii) second, the securities Parent proposes to sell,
(iii) third, the Registrable Securities requested to be included in such registration, pro rata with holders entitled to registration rights under the Registration Rights Agreement, dated as of
February 20, 1998, by and among Parent, Castle Harlan Partners III, L.P. and the other persons or entities signatory thereto, and (iv) fourth, other securities requested to be included
in such registration, pro rata among other holders of such securities. 

        (d)   Selection of Underwriters. Parent shall select the investment banker(s) and manager(s) to administer each Piggyback
Registration. 

        1.3   Registration Procedures. Whenever Weatherford Ltd. has requested that any Registrable Securities be registered
pursuant to this Agreement, Parent shall use its reasonable best efforts to effect 

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the
registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto Parent shall as expeditiously as possible: 

        (a)   promptly
prepare and file with the SEC a registration statement with respect to such Registrable Securities (and any amendment, including any post-effective
amendment, to such registration statement Parent deems to be necessary) and use its reasonable best efforts to cause such registration statement to become effective and to comply with the provisions
of the Securities Act applicable to it (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, Parent shall furnish to counsel for
Weatherford Ltd. copies of all such documents proposed to be filed so as to provide Weatherford Ltd. and its counsel a reasonable opportunity to review and comment on such documents, and
such documents shall be subject to the review and comment of Weatherford Ltd. and its counsel); 

        (b)   furnish
to Weatherford Ltd. such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such
registration statement (including each preliminary prospectus) and such other documents as Weatherford Ltd. may reasonably request in order
to facilitate the disposition of the Registrable Securities owned by Weatherford Ltd. (including, without limitation, the documentation referred to in  Section 1.3(o) below); 

        (c)   make
such filings of the preliminary and final prospectus, and any amended or supplemented prospectus, as may be required under Rule 424 and keep the registration
statement with respect to such Registrable Securities continuously effective in order to permit the prospectus forming a part thereof to be usable for the offer and sale of the Registrable Securities
for a period of time not less than the earlier of: (i) 365 days after the date such registration statement is declared effective, in the case of the First Demand Registration, or
180 days after the date such registration statement is declared effective, in the case of the second and third Demand Registrations; and (ii) the date that all of the Registrable
Securities covered by such registration statement have been sold pursuant to such registration statement; to the extent that Weatherford Ltd. is obligated not to effect any public sales or
distributions of equity securities pursuant to Section 2.1, then the time periods referred to in this Section 1.3(c)(i) shall be extended for an additional number of days equal to
the number of days during which Weatherford Ltd. was obligated not to effect public sales or distributions pursuant to Section 2.1; 

        (d)   use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as
Weatherford Ltd. (or any other holder whose securities are undivided in a registration statement on which Registrable Securities are requested) reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable Weatherford Ltd. to consummate the disposition in such jurisdictions of the Registrable Securities owned by
Weatherford Ltd. (provided that Parent shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

        (e)   notify
Weatherford Ltd. and any underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act (i) when a
registration statement or any post-effective amendment has become effective under the Securities Act, (ii) of the happening of any event as a result of which the prospectus included
in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, and, except as otherwise set forth herein, at the request of Weatherford Ltd., Parent shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or 

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omit
to state any fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (iii) of the issuance of any stop order suspending
the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any of the Registrable Securities included
in such registration statement for sale in any jurisdiction; 

        (f)    cause
all such Registrable Securities to be listed on each securities exchange on which similar securities issued by Parent are then listed and, if not so listed, to be
listed on a securities exchange or on the NASD automated quotation system and, if listed on the NASD automated quotation system, use its reasonable best efforts to secure designation of all such
Registrable Securities covered by such registration statement as a NASDAQ "national market system security" within the meaning of Rule 11Aa2-1 of the Securities and Exchange
Commission or, failing that, to secure NASDAQ authorization for such Registrable Securities; 

        (g)   provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

        (h)   enter
into such customary agreements (including underwriting agreements in customary form and with customary provisions relating to indemnification from Parent and
Weatherford Ltd.) and take all such other actions as Weatherford Ltd. or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities (including effecting a stock split or a combination of shares); 

        (i)    make
available for inspection by Weatherford Ltd., any underwriter participating in any disposition pursuant to such registration statement, and any attorney,
accountant or other agent retained by Weatherford Ltd. or any such underwriter, all financial and other records, pertinent corporate documents, and properties of Parent, and cause Parent's
officers, directors, employees, and independent accountants to supply all information reasonably requested by Weatherford Ltd. and any such underwriter, attorney, accountant, or agent in
connection with such registration statement; 

        (j)    otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of Parent's first full fiscal quarter after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

        (k)   permit
Weatherford Ltd., if Weatherford Ltd. is an underwriter or controlling person of Parent, to participate in the preparation of such registration or
comparable statement and to require the insertion therein of material, furnished to Parent in writing, which in the reasonable judgment of Weatherford Ltd. and its counsel should be included; 

        (l)    in
the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the use of any related
prospectus or suspending the qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction, Parent shall use its reasonable best efforts promptly to
obtain the withdrawal of such order and shall prepare and file an amended or supplemented prospectus, if required; 

        (m)  use
its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental
agencies or authorities as may be necessary to enable Weatherford Ltd. and the underwriters, if any to consummate the disposition of such Registrable Securities; 

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        (n)   obtain
a cold comfort letter addressed to Parent, Weatherford Ltd., and the underwriters from Parent's independent public accountants in customary form and
covering such matters of the type customarily covered by cold comfort letters; 

        (o)   use
reasonable efforts to cause certificates for the Registrable Securities covered by such registration statement to be delivered by Weatherford Ltd. to the
underwriters in such denominations and registered in such names as the underwriters may request; and 

        (p)   in
the case of a Demand Registration which is an underwritten offering, participate in customary "roadshow" and similar marketing presentations as reasonably requested
by the underwriters. 

        Section 2.
Holdback Agreements. 

        2.1   Weatherford Ltd.
hereby agrees to not effect any public sale or distribution (including sales pursuant to Rule 144 other than Rule 144(k)) of equity
securities of Parent, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to and the 90-day period beginning on the effective
date of any underwritten registered public offering of equity securities of Parent or its subsidiaries or securities convertible or exchangeable into or exercisable for equity securities of Parent or
its subsidiaries (except as part of such underwritten registration), unless the underwriters managing the registered public offering otherwise agree, and Weatherford Ltd. will deliver an
undertaking to the managing underwriters (if requested) consistent with this covenant. Weatherford Ltd. shall not be obligated to comply with the provisions of this  Section 2.1 more than two
times in any 12-month period. 

        2.2   Parent
(i) shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such
securities, during the seven days prior to and during the 90-day period beginning on the effective date of any underwritten Demand Registration or any underwritten Piggyback Registration
(except as part of such underwritten registration or pursuant to registrations on Form S-4 or S-8 or any successor forms), unless the underwriters managing the
registered public offering otherwise agree, and (ii) shall use reasonable efforts to cause each holder of at least 5% of the outstanding Common Stock purchased from Parent at any time after the
date of this Agreement (other than in a registered public offering) to agree not to effect any public sale or distribution (including sales pursuant to Rule 144 other than Rule 144(k))
of any such securities during such period (except as part of such underwritten registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise agree.
Parent shall not be obligated to comply with the provisions of this Section 2.2 more than two times in any 12-month period. 

        Section 3.
Registration Expenses. 

        3.1   All
Registration Expenses shall be borne by Parent. Also, Parent shall be responsible for its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual or special audit or quarterly review, the expense of any liability insurance, and the expenses and fees
for listing the securities to be registered on each securities exchange on which similar securities issued by Parent are then listed or on the NASD automated quotation system. 

        3.2   In
connection with each Demand Registration and each Piggyback Registration, Parent shall reimburse Weatherford Ltd. for the reasonable fees and disbursements of
its counsel. 

        Section 4.  Indemnification. 

        4.1   Parent
agrees to indemnify, to the extent permitted by law, Weatherford Ltd., its officers and directors and each Person who controls Weatherford Ltd.
(within the meaning of the Securities Act) against all losses, claims, damages, liabilities, and expenses caused by any untrue or alleged untrue 

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statement
of material fact contained in any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to
Parent by Weatherford Ltd. expressly for use therein or by Weatherford Ltd.'s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements
thereto after Parent has furnished Weatherford Ltd. with a sufficient number of copies of the same. In connection with an underwritten offering, Parent shall indemnify the underwriters, their
officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of
Weatherford Ltd. 

        4.2   In
connection with any registration statement in which Weatherford Ltd. is participating, Weatherford Ltd. shall furnish to Parent in writing such
information as Parent reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify Parent, its directors and
officers, and each Person who controls Parent (within the meaning of the Securities Act) against any losses, claims, damages, liabilities, and expenses resulting from any untrue or alleged untrue
statement of material fact contained in the registration statement, prospectus, or preliminary prospectus, or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that any information or affidavit so furnished in writing by
Weatherford Ltd. contains such untrue statement or omits a material fact required to be stated therein necessary to make the statements therein not misleading; provided that the obligation to
indemnify shall be limited to the net amount of proceeds received by Weatherford Ltd. from the sale of Registrable Securities pursuant to such registration statement. 

        4.3   Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks
indemnification (provided that the failure to give prompt notice shall not impair any Person's right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party)
and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to local counsel) for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect
to such claim. 

        4.4   The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party
or any officer, director, or controlling Person of such indemnified party and shall survive the transfer of securities. If the indemnification provided under Section 4.1 or Section 4.2
of this Agreement (other than as it relates to underwriters) is for any reason unavailable to, or insufficient to hold harmless, an indemnified party, then each indemnifying party shall contribute to
the amount paid or payable to the indemnified party or parties an amount that is proportionate to reflect the relative fault of such indemnifying party on the one hand and the indemnified party or
parties on the other. 

        Section 5.
Participation in Underwritten Registrations. 

        No
Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person's securities on the basis provided in any customary
underwriting 

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arrangements
approved by the Person or Persons entitled hereunder to approve such arrangements (which shall be on the same terms for all holders of securities participating in such registration) and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily required under the terms of such underwriting
arrangements. 

        Section 6.  Definitions. 

        "Person" means any individual, firm, partnership, corporation, trust, joint venture, limited liability company, association, joint stock
company, unincorporated organization, or any other entity or organization, including a governmental entity or any department, agency, or political subdivision thereof. 

        "Public Sale" means any sale of equity interests of Parent to the public pursuant to an offering registered under the Securities Act or to
the public through a broker, dealer, or market maker pursuant to the provisions of Rule 144 adopted under the Securities Act. 

        "Registrable Securities" means (i) the Acquired Shares, (ii) any other shares of Common Stock issued as a dividend or other
distribution on or as a result of a subdivision, combination, or reclassification of any such shares of Common Stock; (iii) any other shares of Common Stock acquired by Weatherford Ltd.
at any time; and (iv) any Common Stock issued to Weatherford Ltd. in any merger, consolidation, or business combination involving Parent. 

        "Registration Expenses" means all expenses incident to Parent's performance of or compliance with this Agreement, including without
limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, fees with respect to filings required to be made with the NASD, roadshow expenses,
printing expenses, messenger and delivery and mailing expenses, fees and disbursements of custodians, and fees and disbursements of counsel for Parent and all independent certified public accountants,
underwriters (excluding discounts and commissions) and other Persons retained by Parent, and such other expenses payable by Parent as provided herein. 

        "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any successor statute. 

        "Subsidiary" means, with respect to any Person, any company, partnership, limited liability company, association, or other business entity
of which at the time of such determination (i) if a company, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a
combination thereof, or (ii) if a partnership, limited liability company, association, or other business entity, a majority of the partnership or other similar ownership interest thereof is at
the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to
have a majority ownership interest in a partnership, limited liability company, association, or other business entity if such Person or Persons shall be allocated a majority of partnership, limited
liability company, association, or other business entity gains or losses or shall be or control any managing director or general partner of such partnership, limited liability company, association, or
other business entity. 

        Section 7.  Miscellaneous. 

        7.1   No Inconsistent Agreements. Parent shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to Weatherford Ltd. in this Agreement. Parent shall also not grant more favorable registration rights to any party than those granted to
Weatherford Ltd. in this Agreement. 

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        7.2   Adjustments Affecting Registrable Securities. Parent shall not take any action, or permit any change to occur, with
respect to its securities which would materially and adversely affect the ability of Weatherford Ltd. to include such Registrable Securities in a registration undertaken pursuant to this
Agreement or which would materially and adversely affect the marketability of such Registrable Securities in any such registration (including, without, effecting a stock split or a combination of
shares). 

        7.3   Specific Performance. The parties hereto acknowledge and agree that in the event of any breach of this Agreement, the
non-breaching parties would be irreparably harmed and could not be made whole by monetary damages. It is accordingly agreed that the parties hereto shall and do hereby waive the defense in
any action for specific performance that a remedy at law would be adequate and that the parties hereto, in addition to any other remedy to which they may be entitled at law or in equity, shall be
entitled to compel specific performance of this Agreement in any action instituted in the Supreme Court of the State of Texas or the United States District Court for the Southern District of Texas,
or, in the event such courts shall not have jurisdiction of such action, in any court of the United States or any state thereof having subject matter jurisdiction of such action. 

        7.4   Amendments and Waivers. The failure of any party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. No modification,
amendment, or waiver of any provision of this Agreement shall be effective against Parent or Weatherford Ltd. except by a written agreement signed by Parent and Weatherford Ltd. 

        7.5   Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not including, without limitation, any Person which is the successor to Parent or
an affiliate of Weatherford Ltd., it being understood that Weatherford Ltd. shall have the right to assign any of its rights in whole or in part, hereunder to any Person. 

        7.6   Severability. If any term, provision, covenant or restriction of this Agreement, or any part thereof, is held by a court
of competent jurisdiction or any foreign federal, state, county, or local government or any other governmental, regulatory, or administrative agency or authority to be invalid, void, unenforceable, or
against public policy for any reason, the remainder of the terms, provisions, covenants, and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired, or invalidated. 

        7.7   Entire Agreement. Except as otherwise expressly set forth herein, this document embodies the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements, or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way. 

        7.8   Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which shall constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. 

        7.9   Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning of terms contained herein. 

        7.10 Governing Law; Consent of Jurisdiction; Waiver of Jury Trial. This Registration Rights Agreement and the validity and
performance of the terms hereof shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law or choice of law, except to the
extent that the laws of Delaware regulate Parent's issuance of securities. The parties hereto hereby agree that all actions or proceedings arising directly or indirectly from or in 

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connection
with this Registration Rights Agreement shall be litigated only in the Supreme Court of the State of Texas or the United States District Court for the Southern District of Texas. To the
extent permitted by applicable law, the parties hereto consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of motion or other application to either of
said courts or a judge thereof may be served inside or outside the State of New York or the Southern District of New York by registered mail, return receipt requested, directed to such party at its
address set forth in this Registration Rights Agreement (and service so made shall be deemed complete five (5) days after the same has been posted as aforesaid) or by personal service or in
such other manner as may be permissible under the rules of said courts. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Registration Rights
Agreement. 

        7.11 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be
delivered personally, telecopied with confirmed receipt, sent by certified, registered, or express mail, postage prepaid, or sent by a national next-day delivery service. Such notice or
other communication shall be sent to Weatherford Ltd. at the address indicated below or to such other address or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party and shall be deemed given when so delivered personally or telecopied, or if mailed, 5 days after the date of mailing, or, if by national
next-day delivery service, on the day after delivery to such service. 

[Remainder
of page intentionally left blank] 

10

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Registration Rights Agreement on the day and year first above written. 

	 	 	WEATHERFORD INTERNATIONAL LTD.
	

 	
 	
By:	

/s/  BURT M. MARTIN      
	 	 	 	
 Name: Burt M. Martin

Title: Senior Vice President and General Counsel

Address: 515 Post Oak Park, Suite 600

                Houston, Texas 77027

                Attn: Burt M. Martin
	

 	
 	
UNIVERSAL COMPRESSION HOLDINGS, INC.
	

 	
 	
By:	

/s/  D. BRADLEY CHILDERS      
	 	 	 	
 Name: D. Bradley Childers

Title: Senior Vice President, General Counsel and Secretary

Address: 4444 Brittmoore Road

                Houston, Texas 77041

                Attn: D. Bradley Childers

11

QuickLinks

Exhibit 10.1

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENTEXHIBIT 10.95

 

ADVISORY SERVICES AGREEMENT

 

AGREEMENT
dated as of January 1, 2003 between SECURITY CAPITAL CORPORATION, a Delaware
corporation, (“Security Capital”), and CAPITAL PARTNERS, INC., a Connecticut
corporation (“Capital Partners”).

 

WITNESSETH

 

WHEREAS,           Capital Partners will provide
advisory and other services to Security Capital and its subsidiaries in the
areas of investments, general administration, corporate development, strategic
planning, stockholder relations, financial matters and general business policy.

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree, intending to be legally bound, as follows:

 

1.             Advisory Services.  Capital
Partners shall, during the periods provided for in Section 2, provide advisory
services to Security Capital and its subsidiaries in the areas of investments,
general administration, corporate development, strategic planning, stockholder
relations, financial matters and general business policy.

 

2.             Advisory Periods.  Capital
Partners shall provide the services described in Section 1 for an initial
period of one year commencing on January 1, 2003 and ending on December 31,
2003 and, thereafter, for successive additional one-year periods unless either
party gives written notice of termination to the other party not less than 60
days prior to the end of the initial period or any such additional period in
which case the period during which Capital Partners shall provide such services
shall terminate as of the end of the initial period or such additional period,
as the case may be.

 

3.             Advisory Fee.  Security
Capital shall pay to Capital Partners an advisory fee (the “Fee”) at the rate
of $1,250,000 per annum for the services described in Section 1.  The Fee shall be payable in equal quarterly
installments, in arrears, with the first payment for the quarter commencing
January 1, 2003 and ending March 31, 2003 payable on April 26, 2003 and with
the installment for each succeeding quarter payable on the 26th day
of the month following the end of such quarter.

 

The Fee shall
be subject to an appropriate adjustment, as reasonably agreed by the parties
pursuant to Section 7, whenever there is the occurrence of any material
unforeseen event, including, but not limited to, any significant change in the
scope of the operations of Security Capital, such as, for example, a
significant change in scope which results from any acquisition or disposition
made by Security Capital.

 

The Fee shall
be exclusive of reasonable out-of-pocket costs incurred by Capital Partners
directly in the performance of the services described in Section 1.

 

1

 

4.             Costs.  Security
Capital shall reimburse Capital Partners for all reasonable out-of-pocket costs
incurred directly in connection with the services described in Section 1 except
for rent, utilities and compensation for any employees of Capital
Partners.  In particular, no separate
compensation will be paid by Security Capital to, among any others, Brian D.
Fitzgerald, A. George Gebauer, William R. Schlueter, Diane M. LaPointe or Ryan
D. Bell, or their successors, who serve as officers of Security Capital, and
who are also employees of Capital Partners. 
Such reimbursement shall be made within a reasonable period after
receipt of invoices therefore submitted by Capital Partners to Security Capital
from time to time.

 

5.             Acquisition Opportunities.  From
time to time, Capital Partners may present acquisition opportunities to
Security Capital which Capital Partners believes may be appropriate for
Security Capital.  However, Capital
Partners is under no obligation to present any or all acquisition candidates of
which it is aware to Security Capital.

 

6.             Investment Banking Advisory Fee.  In
the event that Security Capital or any of its subsidiaries completes any
acquisition which was presented to Security Capital by Capital Partners,
Security Capital shall pay an investment banking advisory fee to Capital
Partners in an amount which is reasonable and customary for transactions of
such size and complexity as reasonably agreed to in advance by the parties
pursuant to Section 7.

 

7.             Amendment and Modifications;
Further Agreements.  Subject to applicable law, this Agreement
may be amended, modified or supplemented only by the written agreement of
Security Capital and Capital Partners. 
For purposes of this Agreement, Security Capital shall act only with the
approval of its independent directors.

 

8.             Headings.              The Section headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

 

9.             Execution in Counterparts. This Agreement may be executed in counterparts,
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

 

10.           Governing Law.    This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

 

IN WITNESS
WHEREOF,  the parties hereto have caused this Agreement to be duly
executed as of the date first above written.

 

	
   

  	
  SECURITY
  CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  R. Schlueter

  	
   

  
	
   

  	
   

  	
  William R.
  Schlueter

  
	
   

  	
   

  	
  Vice President and Chief Financial

  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:  February 24, 2003

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPITAL
  PARTNERS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian D.
  Fitzgerald

  	
   

  
	
   

  	
   

  	
    Brian D. Fitzgerald

  
	
   

  	
   

  	
    President

  
	
   

  	
   

  
	
   

  	
  Date:
  February 24, 2003

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