WSP Holdings Announces Agreement to Sell Assets of Houston OCTG
WUXI, China, Oct. 1, 2012
WUXI, China, Oct. 1, 2012 /PRNewswire/ -- 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 it has entered into a definitive agreement with Southern Tube
LLC, an affiliate of Nippon Steel & Sumitomo Metal Corporation ("Southern
Tube"), for the sale of certain assets of Houston OCTG Group, Inc. ("Houston
OCTG"), its wholly-owned U.S. subsidiary. Under the terms of the agreement,
Southern Tube will purchase production facilities held by Houston OCTG,
including land, equipment and related permits and licenses, for a total
consideration of $43.0 million.The transaction is expected to close by the
end of November 2012. The closing of the transaction is subject to certain
customary closing conditions.
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://ir.wsphl.com/.
Safe Harbor Statements
This press release contains forward-looking statements relating to the
potential sale of assets held by the Company's wholly-owned subsidiary. These
are "forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995.The actual results of the transaction could
vary materially as a result of a number of factors, including the possibility
that closing conditions for the transaction may not be satisfied or waived.
These forward-looking statements reflect the Company's expectations as of the
date of this press release. The Company does not undertake any obligation to
update any forward-looking statement, except as required under applicable law.
WSP Holdings Limited
CCG Investor Relations, Inc.
Ms. Judy Zhu, IR Director
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
SOURCE WSP Holdings Limited
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