WUXI, China, Feb. 3, 2012 /PRNewswire-Asia-FirstCall/ -- WSP Holdings restricted (NYSE: WH) ("WSP Holdings" and also the "Company"), variety one Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes found in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), furthermore as different pipes and connectors, nowadays announced the corporate can modification exactely its yankee Depositary Shares ("ADSs") to standard shares ("Shares") from 1:2 to a single:10 ("Ratio Change"), effective by February fifteen, 2012.

Pursuant on the Ratio modification, the holders with the Company's ADSs are going to be eligible to receive one (1) new ADS, every representing 10 (10) Shares, starting last month fifteen, 2012 in exchange for each 5 (5) ADSs, every representing 2 (2) Shares, currently held by them. No new Shares can possible be issued in association with the Ratio modification. JPMorgan Chase Bank, N.A. can request the exchange of this ADSs for complete bright ADSs. attributable to this Ratio modification, the ADS value is meant to automatically increase proportionally. E.g., assuming a value per ADS of $0.45, representing business value of the ADSs adjusted February two, 2012, upon finishing the Ratio modification, the value per ADS are going to be $2.25. the corporate can offer no assurance, however, that the post-Ratio modification ADS value can in all probability be admire or beyond the pre-Ratio modification ADS value multiplied due to the ratio.

This company believes the Ratio modification can enable it to regain compliance with all the continued listing commonplace on the Nyse ("NYSE") regarding minimum average stock value, subject to ongoing regular oversight and monitoring. NYSE Listed Company Manual Rule 802.01C mandates that a company's shares trade at a typical closing expense of no but $1.00 per share over any consecutive thirty trading-day amount. but the explanation for this Ratio modification would be to keep up continued set of the ADSs concerning the NYSE, the corporate will grant no assurance that strategy can in all probability achieve success.

About WSP Holdings restricted

WSP Holdings develops and manufactures seamless Oil Country Tubular product (OCTG), together with seamless casing, tubing and drill pipes used for on-shore and off-shore gas and oil exploration, drilling and extraction, at the side of pipes and connectors.  Founded as WSP China in 1999, the business provides a large vary of API and non-API seamless OCTG product, together with things that are utilised in extreme drilling and extraction conditions.  Send out merchandise is found in China's major oilfields and therefore are exported to grease manufacturing regions round the world.