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WSP Holdings fails to file annual report on time

The Associated Press

WSP Holdings Ltd. is no longer in compliance with the New York Stock Exchange's listing requirements due to its failure to file its annual report on time, the Chinese company said Friday.

The company said earlier this month in a regulatory filing that it has encountered "unforeseen delays" in completing its financial statements and corresponding delays in completing its annual audit. As result, it is unable to file its annual report on time. The company said it expects to file it by August.

WSP Holdings makes seamless casing, tubing and drill pipes for the oil and natural gas sectors.

The company has up to six months to regain compliance with NYSE listing standards.

Shares slipped a penny to $3.04 by midday amid a broader market uptick.