WUXI, China, Feb. 4 /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 China Petroleum & Chemical Corporation Northwest Oilfield Branch ("SINOPEC Northwest") placed an order to purchase the Company's non-API products, and that the Company also signed an agreement with PetroChina Tarim Oilfield Company ("Tarim"), a subsidiary of PetroChina Company Limited, for the testing of the Company's non-API products.
The Company's non-API 110S casing and P110SS tubing passed the three-trial wells test conducted by SINOPEC Northwest. The quality of the Company's products met SINOPEC's stringent standards, and SINOPEC Northwest placed an initial order in the size of 3,700 tonnes to purchase non-API products from WSP Holdings for delivery in 2008.
Tarim recently signed an agreement with WSP Holdings to test the Company's non-API products in three-trial wells. Prior to entering into such agreement, Tarim examined the performance and specifications of the Company's V140 technical casing and 110T high collapse-resistance casing and made several on-site observations.
SINOPEC Northwest and Tarim have the deepest oil and gas wells in China. Well depths have reached approximately 5,500 to 8,500 meters in highly corrosive conditions that are saturated with hydrogen sulfide. Non-API products manufactured in France and Japan are originally used in these wells. The parties believe that the Company's high-quality non-API products can be used in lieu of imported products.
"We believe that these testings demonstrate the quality of our non-API products. We hope these events will lead to additional purchase orders for our non-API oil pipes and casing, which will further expand our share of China's non-API market," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "Northwest SINOPEC's order and Tarim's commitment to test our products are important events in the development of our Non-API business."
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.
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
For more information, please contact:
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
