WSP Holdings Wins $91.8 Million in New Orders from Venezuela's State-owned Oil Company

Dec 20, 2010, 07:00 ET from WSP Holdings Limited

WUXI, China, Dec. 20, 2010 /PRNewswire-Asia-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 twenty six new purchase orders for API and non-API casing pipe, API tubing pipe and line pipe from PDVSA Services B.V. ("PDVSA") in Venezuela.

PDVSA is the state procurement office of the Venezuelan state-owned oil corporation, Petroleos de Venezuela, S.A., which constitutionally owns the country's oil reserves.

These new purchase orders are for a total of 36,667 tonnes of API and non-API casing pipe, 11,359 tonnes of API tubing pipe and 6,298 tonnes of line pipe worth a total of approximately $91.8 million. The Company expects to complete delivery of these orders by February 2011. These are follow-on orders to three purchase orders WSP China received from PDVSA in May 2010 for a total of 12,583 tonnes of API and non-API casing pipe and 8,399 tonnes of line pipe, the delivery of which has been substantially completed.

"Our success in securing additional contract to sell our API and non-API products to PDVSA demonstrates the high performance characteristics of our products and our ability to compete in the global OCTG market," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "These new orders represent further penetration into the South American market through our continued sales and marketing efforts. We hope to expand our international market share as brand awareness of our products increases in South America and other parts of the world."

About WSP Holdings Limited

WSP Holdings develops and manufactures seamless 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.  For further information, please visit WSP Holdings' website at

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For more information, please contact:

WSP Holdings Limited Mr. Thi Yip Kok, Chief Financial Officer Phone: +86-510-8536-0401 Email: Web:

CCG Investor Relations, Inc. Mr. Crocker Coulson, President Phone: +1-646-213-1915 (New York) Email: Web:

Ms. Elaine Ketchmere, Partner Phone: +1-310-954-1345 (Los Angeles) Email:

SOURCE WSP Holdings Limited