WSP Holdings to Announce Fourth Quarter and Full Year 2010 Results on May 26, 2011

WUXI, China, April 22, 2011 /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 the Company intends to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010 on May 26, 2011 and to hold an investor call to discuss such results.

The Company is in the process of finalizing its financial statements for the year ended December 31, 2010. As anticipated, the Company did not see a noticeable improvement in its operating results in the fourth quarter of 2010. In finalizing its results, the Company is carefully working through year-end accounting procedures, critical accounting estimates and adjustments that may require significant judgments and assumptions to be made, which could result in increased provisions. The Company is fully compliant with its reporting requirements and intends to file its annual report on Form 20-F with the Securities and Exchange Commission (the "SEC") by the filing deadline.

"We value timely communication with our investors and have endeavored to uphold the principles of transparency in the past by making periodic announcements and complying with the requirements of the SEC and NYSE," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "Under the guidance of our new Chief Financial Officer who joined our executive management team on March 1, 2011, we are taking a more measured approach in finalizing our financial statements before announcing them on May 26, 2011."    

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.  For further information, please visit WSP Holdings' website at 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. These forward-looking statements can be identified by terminology such as "will,""expects,""anticipates,""future,""intends,""plans,""believes,""estimates" and similar statements. Among other things, the Company's outlook and quotations from management in this announcement contain forward-looking statements. A number of factors could cause actual results to differ materially from those contained in the forward-looking statement. Such factors include, but are not limited to, changes in anticipated level of sales, changes in national or regional economic and competitive conditions, changes in the Company's relationships with customers, the Company's ability to develop and market new products, the Company's ability to access capital for expansion, changes in principal product revenues 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 the Company, 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 also contains statements or projections that are 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 the Company 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.

SOURCE WSP Holdings Limited

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED