This watch was severely damaged by water. I had to completely take the watch to pieces and remove the rust from each part. Once this was done I cleaned the parts and then inspected each tooth and pivot on the wheels. Regretfully the 3rd wheel pivot was corroded and broken and this had to be dealt with. I fitted a new jewel and repaired the 3rd wheel then cleaned it all again.
Once cleaned I put the wheels in and checked that they were running freely and uniformly. Then I assembled the rest of the movement and lubricated it. I had make many adjustments to the escapement (the part of the watch you hear tick) in order to adjust the timekeeping.
With the dial and hands back on it is important to test the watch in three positions in order to observe the timekeeping.
Further work is required – I will update this when the watch is complete.