WSP Holdings Announces Agreement to Sell Assets of Houston OCTG

WSP Holdings Limited WH 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.