WUXI, China, March 20 /Xinhua-PRNewswire-FirstCall/ -- WSP Holdings Limited (NYSE: WH) ("WSP Holdings" or the "Company"), a leading Chinese manufacturer of seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), today announced that its subsidiary Jiangsu Fanli Pipe Co., Ltd. ("Jiangsu Fanli") obtained a manufacturing license to produce seamless pressure pipes used in high-pressure boiler manufacturing in the People’s Republic of China ("PRC").
Seamless pressure pipes are high quality non-American Petroleum Institute ("API") pipes are widely used in boiler manufacturing, thermal power stations, the chemical fertilizer and petrochemical industries. Seamless pressure pipes used in high-pressure boiler manufacturing are "super high-end products" used in high temperature, high-pressure corrosive environments.
The manufacturing license was issued by the General Administration of Quality Supervision, Inspection and Quarantine of the PRC. Jiangsu Fanli met the government’s strict licensing requirements because of its use of technology, production processes and quality controls. Jiangsu Fanli currently manufactures and sells green pipes, semi-finished tubes that can be made into different grades of finished seamless pipes through heat and pressure treatment and threading, with an annual production capacity of 200,000 metric tons. With this new manufacturing license, Jiangsu Fanli can immediately start producing seamless pressure pipes used in high-pressure boiler manufacturing and plans to produce 50,000 metric tons of seamless pressure pipes in 2008.
"We believe that seamless pressure pipes for high-pressure boiler manufacturing have huge domestic market potential, and we intend to manufacture and sell them to customers in a wide-range of industries," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "By manufacturing and selling these types of seamless pressure pipes, which have technology-intensive features and are higher quality than ordinary API products, we will enhance the Company’s product mix by focusing on high profit margin products."
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. 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 address 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. Yip Kok Thi
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
