WUXI, China, April 18 /Xinhua-PRNewswire-FirstCall/ -- WSP Holdings Limited (NYSE: WH) (“WSP Holdings” or “the Company”), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction (“Oil Country Tubular Goods” or “OCTG”), and other pipes and connectors, today announced that it recently received a new purchase order for 5,300 tonnes of the Company’s non-API products from China Petroleum & Chemical Corporation Northwest Oilfield Branch (“SINOPEC Northwest”).
In March 2008, WSP Holdings signed a purchase agreement with SINOPEC Northwest through which the Company will sell 5,300 tonnes of non-API casing pipe to SINOPEC Northwest. Most of the order is for casing pipe that is specially manufactured to prevent corrosion from hydrogen sulfide (H2S). This anti-H2S corrosion pipe is more technology-intensive to manufacture than ordinary pipe. WSP Holdings expects to complete delivery by May 2008.
SINOPEC Northwest operates some of the deepest oil and gas wells in China. These wells are subject to corrosive conditions and can be saturated with H2S. The Company’s anti-H2S corrosion casing pipe meets SINOPEC Northwest quality standards, and is a substitute for SINOPEC Northwest’s usual purchases from overseas. SINOPEC Northwest previously placed an purchase order for 3,700 tonnes of non-API products from WSP Holdings earlier this year.
“The successful sale of our products for use in extreme conditions to SINOPEC shows that our products are competitive with those produced by international manufacturers. This new order represents our further penetration into the Xinjiang province market, and expands our non-API market share in China. We believe this purchase agreement will lead to further sales of our high quality non-API products to SINOPEC Northwest and other oil and gas exploration companies,” said Mr. Longhua Piao, Chairman and CEO of WSP Holdings.
About WSP Holdings Limited
WSP Holdings develops and manufactures seamless Oil Country Tubular Goods (OCTG), including seamless casing, tubing and drill pipes used for on-shore and off-shore oil and gas exploration, drilling and extraction, and other pipes and connectors. Founded as WSP China in 1999, the Company offers a wide range of API and non-API seamless OCTG products, including products that are used in extreme drilling and extraction conditions. The Company’s products are used in China’s major oilfields and are exported to oil producing regions throughout the world. The Company’s website is: http://www.wsphl.com .
Safe Harbor Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company’s ability to develop and market new products, the ability to access capital for expansion, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise. This press release was developed by WSP Holdings, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company’s stock. This press release is based upon information available to the public, as well as other information from sources which management believes to be reliable, but it is not guaranteed by WSP Holdings to be accurate, nor does WSP Holdings purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.
For more information, please contact:
WSP Holdings Limited
Mr. Thi Yip Kok, Chief Financial Officer
Tel: +86-510-8536-0401
Email: info@wsphl.com
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
