WUXI, China, March 16 /PRNewswire-Asia-FirstCall/ -- WSP Holdings Limited (NYSE: WH) ("WSP" or the "Company") today announced that its board of directors declared an ordinary cash dividend in the amount of US$0.15 per ordinary share, or US$0.30 per ADS, and an one-time special cash dividend in the amount of US$0.225 per ordinary share, or US$0.45 per ADS, out of WSP's annual profits for the years ended December 31, 2007 and 2008. The ordinary cash dividend is payable on April 6, 2009 to shareholders of record at the close of business on March 30, 2009. The special cash dividend is payable on July 6, 2009 to shareholders of record at the close of business on June 30, 2009.
The board also confirmed and approved the Company's dividend policy to declare annual dividend in the range of 30% to 50% of its annual profit going forward. The amounts of the ordinary cash dividend and the special cash dividend declared are consistent with WSP's dividend policy.
"We are pleased that our strong financial performance and healthy balance sheet allow us to continue to pay cash dividends to our shareholders. We believe that after our dividend payments, our cash flows will continue to be sufficient for funding our working capital and planned capital expenditures," said Mr. Longhua Piao, the Chairman and CEO of WSP.
About WSP Holdings Limited
WSP 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, WSP offers a wide range of API (American Petroleum Institute) and non-API seamless OCTG products, including products that are used in extreme drilling and extraction conditions. WSP'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's website at http://www.wsphl.com .