WUXI, China, Sept. 8 /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 its wholly-owned subsidiary, Wuxi Seamless Oil Pipes Company, Limited ("WSP China"), received four new purchase orders for non-API casing pipe and API tubing pipe from Chickasaw Distributors, Inc. ("Chickasaw") in the United States.
Chickasaw has extensive experience as an OCTG product distributor and is an OCTG provider to Shell Oil Company, one of America’s leading oil and natural gas companies.
These new purchase orders are for a total of 5,368 tonnes of non-API high-collapse casing pipe and 1,599 tonnes of API tubing pipe worth a total of approximately $15 million. The Company expects to complete delivery for these orders by the end of May 2009. Earlier in May and June 2008, WSP China received purchase orders from Shell Oil Company through Chickasaw for a total of 8,217 tonnes of API casing pipe.
"We are pleased to sell our non-API products to Shell Oil Company through Chickasaw, these new non-API and API product orders underscore the high performance characteristics of our products and illustrate our ability to compete in the global OCTG market," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "Part of our core growth strategy is to establish more direct sales relationships with international leading oil and gas companies by becoming a certified supplier to those companies. We believe our business will continue to grow because of our ability to attract and successfully fill purchase orders from Shell Oil Company and other leading oil and gas companies. We hope to gain additional United States market share as brand awareness of our products grows in the United States."
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.
Safe Harbor Statements
Safe Harbor Statements 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
Phone: +86-510-8536-0401
Email: info@wsphl.com
Web: http://www.wsphl.com
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
