WUXI, China, July 10 /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 purchase orders for 8,217 tonnes of API products from Chickasaw Distributors, Inc. ("Chickasaw") in the United States, and 2,246 tonnes of non-API products from PTTEP Siam Limited ("PTTEPS") in Thailand.
In May and June 2008, WSP China received four purchase orders from Chickasaw for a total of 8,217 tonnes of API casing pipe. WSP China expects to complete delivery for these orders by December 2008.
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.
In July 2008, WSP China received a purchase order from PTTEPS for total of 2,246 tonnes of non-API casing, drill pipe and related accessories. WSP China expects to complete delivery for these orders by December 2008.
PTTEPS is a subsidiary of PTT Exploration and Production Public Company Limited ("PTTEP"), an oil and gas exploration and production company in Thailand. PTTEP is a listed company on The Stock Exchange of Thailand and has operations throughout the world.
"The successful sale of our API and non-API products to Shell Oil Company through Chickasaw and to PTTEPS affirms that our products are capable of competing in the global market. These casing pipe orders will enlarge our market share of API product sales in the United States and Thailand," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "Further, we believe these sales will increase awareness of our brand and product acceptance by other leading oil and gas companies."
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
Tel: +86-510-8536-0401
Email: info@wsphl.com
Web: http://www.wsphl.com
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
