Investor Presentation June 2009

Your Access to Energy

1

Safe Harbor Statement

Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. You can identify these forward-looking statements by terminology such as “will”, “expects”, “anticipates”, “estimates”, “plans”, “future”, “intends”, “believes” and similar statements. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Forward-looking statements involve risks and uncertainties that may cause actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition expressed or implied in any forward-looking statements. Such factors include, but are not limited to the company's ability to complete product orders, coordinate product design with its customers, ability to expand and grow its distribution channels, political and economic factors in the People's Republic of China, the Company's ability to find attractive acquisition candidates, dependence on a limited number of larger customers and other factors detailed in the Company’s filings with the Securities and Exchange Commission. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties. Forward-looking statements made during this presentation speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation.

Because forward-looking statements are subject to risks and uncertainties, we caution you not to place undue reliance on any forward-looking statements. All written or oral forward-looking statements by the Company or persons acting on its behalf are qualified by these cautionary statements.

We undertake no obligation to publicly update or revise any forward-looking statements or other information or data contained in this presentation, whether to reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances on which any such statements are based or otherwise.

2

Equity Snapshot

WSP Holdings Limited is a leading manufacturer of Oil Country Tubular Goods (OCTG) consisting of seamless casing, tubing and drill pipe used for oil and natural gas exploration, drilling and extraction, and other pipes and connectors based in the People’s Republic of China

NYSE Symbol WH

ADS Share Price (6/1/09) $4.67

Market Capitalization (205,789,800 Ordinary Shares) $480.5 million

ADSs outstanding (1 ADS = 2 Ordinary Shares) 27,894,900

Net Revenues (ttm) $976.4 Million

EBITDA (ttm) $177.1 MillionNet Income (ttm) $104.9 Million

Earnings per Common Share (ttm Diluted) $0.51

Earnings per ADS (ttm Diluted) $1.02

P/E (ttm ADS) 4.6 x

Fiscal Year End December 31

3

Corporate Overview

Large Scale Production

12 threading lines and 2 drill pipe production lines

864,000 metric tons per annum (tpa) of finished production capacity as of March 2009

Acquired 600,000 tpa steel billet production capacity

3,452 full time employees as of March 31, 2009

High End Product Mix

American Petroleum Institute (API) and higher quality non-API products

Broad Product Portfolio

Over 400 different OCTG products

Six series of proprietary non-API products

Broad Base of Customers

China’s Major Oilfields

Leading International Extraction and Production Companies

Pure Play OCTG Company with Leading Market Share

4

Investment Highlights

There is continuing demand for high quality OTCG products from the oil and gas exploration and extraction industry

Manufacturing focuses on high quality API and non-API seamless casing, tubing and drill pipes

A recognized brand among top-tier customers because of customer-oriented research and development, and exceptional sales technical support

Domestic expansion and vertical integration continue to improve overall customer service

Distribution is being widened to increase domestic and international market shares

Top three OCTG supplier in China, the largest Chinese non-SOE OCTG supplier, one of the top two suppliers to CNPC and one of two non-API suppliers to SINOPEC

State of the art facilities are flexible and have scalable capacity

API Certification – The OCTG Industry Standard

5

Corporate History

June-09 WSP China together with two unrelated individuals, established Chaoyang Seamless Oil Steel Casting Pipes Co., Ltd. (“Chaoyang Seamless”) and in process of acquiring steel billet manufacturing assets

October-08 Begins building new manufacturing and sales facilities for its Bazhou Seamless Oil Pipes Company Limited (“Bazhou Seamless”) in Xinjiang Autonomous Region

July-08 WSP China acquires 100% equity ownership of Mengfeng Special Steel Co., Ltd.

April-08 Songyuan Seamless Oil Pipes Company Limited is incorporated in Songyuan, China

April-08 Liaoyang Seamless Oil Pipes Company Limited is incorporated in Liaoyang, China

December-07 WSP Holdings successfully completes an IPO of 25,000,000 ADS and begins trading on the NYSE under the ticker symbol “WH"

July-07 Launches a new hot-rolling pipe production line at Jiangsu Fanli with green pipes production capacity of 100,000 tpa

January-07 Production of green pipes starts at a new hot-rolling-pipe plant in Wuxi with annual production capacity of 450,000 tpa

April-06 WSP China acquires a 70% equity interest in Jiangsu Fanli Pipe Co., Ltd. (“Jiangsu Fanli”)

February-02 Obtains American Petroleum Institute certification

August-01 A new 150,000 tpa threading plant starts production

November-99 Wuxi Seamless Oil Pipes Company Limited. (“WSP China”) is incorporated to design, manufacture, process and sell seamless OCTG products

6

The Current OCTG Market

Worldwide OCTG market has realigned its activities to reflect reduced activities in the oil and gas exploration and extraction industry

Lower oil and gas prices, and lower North American rig count OCTG inventory in the U.S. will take time to decline to normal levelsIncreasing prices for oil and gas is expected to increase exploration and production activities

Strong domestic Chinese demand continues for high quality OCTG driven by increasingly challenging drilling and exploration environments

China’s economic stimulus package will directly and indirectly encourage the domestic energy sector to grow, increasing demand for OCTG

7

Comprehensive SeamlessOCTG Product Portfolio

End Application Drill Pipe

Casing

Tubing

Manufacturing Method Seamless OCTG

API Standard - Product standards formulated by the American Petroleum Institute, certification periodically reviewed by API

Non-API Standard - Custom specifications to meet special drilling and extraction conditions, typically command higher prices due to higher than API quality

OCTG

Standard

Round Billet

Heating & Piercing

MPM Retained Mandrel Mill

Stretch Reducing & Sizing Straightening Inspection

& Testing Green Pipe

Hot Rolling

PackagingCoatingDrifting and HydrostaticThreadingHeat

TreatmentUpsettingGreen Pipe

Finishing Process

8

Products – Drill Pipes

Steel tubes with threaded ends that connect a drill rig’s surface equipment with its drilling equipment, or bottomhole assembly

Transport drilling fluid to drill bits, and to raise, lower and rotate the bottomholeassembly along with the drill bit

Must withstand severe internal and external pressure, distortion, bending and vibration when drilling through hard rock

Typically nine meters long, with varying wall thickness

9

Products - Casing

Large-diameter pipe serves as a strong structural wall for oil and gas wells, or wellbore

Cemented in place to protect subsurface formations and wellbore from collapsing

Allow drilling fluid to circulate and oil and gas extraction to take place

Outside diameters of 114.3 mm to 508.0 mm

Surface Casing - Supports the wellhead equipment and sustains the weight of layers of casing

Intermediate Casing - Isolates different layers of pressure to facilitate circulation of drilling fluid and protect the production casing

Production Casing (Oil String) - Conduit through which oil and gas pass to the surface

10

Products - Tubing

Pipe is used to transport crude oil and natural gas from underground to the earth’s surface after drilling is done

Must withstand extreme pressure generated during the process of extracting oil or gas from great depths

60.3 mm to 114.3 mm of outside diameter

Manufactured the same way as casing, except for “upsetting” - the pipe’s exterior surface is pushed inward to thicken its walls

11

Proprietary High QualityNon-API Products

Proprietary Non-API Products Typical Application Actual Application

High collapse resistence casing Complicated geologic conditions such as salt beds and deep wells North America

High quality tubing and casing Thick hot oil well environment Karamay Oilfield in Xinjiang, CNPC

Anti-H2S corrosion tubing and casing An environment that contains high levels of corrosive H2S

Sinopec Southwest Co., Sinopec Northwest Co., Sinopec Southern E&P Co.,

High collapse resistence anti-H2S corrosion casing

An environment that contains H2S and high pressure geologic stratum

Sinopec Southwest Co., Sinopec Southern E&P Co.,

Super high-intensity tubing and casing Deep or super deep wells up to 8,000 meters

Sinopec Southwest Co., Sinopec Northwest Co.,

Anti-CO2 corrosion tubing and casing An environment that contains high levels of corrosive CO2

Sinopec Southwest Co., CNOOC

12

State of the Art Flexible andScalable Production Facilities

9 of the 12 threading lines can produce both API and Non-API products

Upstream acquisition of Mengfeng Steel secures control over steel billet quality, allows for expanded metallurgical research and development of specialized alloys for high-quality non-API production

Chaoyang Seamless’ investment in steel billet manufacturing assets will ensure steady steel billet supplies for growing OCTG manufacturing capacities

Songyuan Seamless and Liaoyang Seamless each finished construction of 60,000 tpa pipe finishing lines and began commercial production

Construction began at Bazhou Seamless in Xinjiang in Western China to add new high quality API and non-API product manufacturing and post-sales services for local oil and gas fields

Increasing production capabilities aims to ready the Company for future positive changes in the OCTG industry.

13

Customer Orientated Research and Development / Quality Control

Improving products and quality control systems, enhancing processing technology and management

Exploring new materials such as 13Cr, 9Cr, super high-intensity tubing and casing in a research laboratory dedicated to developing anti-H2S and anti-CO2 corrosion product features

Collaborating with Southwest Petroleum University in China on drill pipe research

Established an in-house postdoctoral research program for OCTG research

Developed 13 active patents and 9 additional pending patent applications

Using Mengfeng Steel to create new research and development opportunities for advanced materials

Have registered trademarks and pending trademarks throughout the world

14

Domestic and InternationalSales Network

Product certifications from domestic and international oil and gas companies allow for increased direct sales

Eight subsidiaries and four representative offices are near major oil fields in China and international customers

Marketing efforts are being increased in Africa, Southeast Asia, Central Asia and Russia, the Middle East, and Central and South America

Widely established Competitiveness in international markets because of pricing advantages and fast delivery

Top 6 Oilfields

WSP Rep offices

WSP subsidiaries with Production Facilities

Yanchang

Daqing

Changqing

Sichuan

Liaoyang

Songyuan

WSP China

Jiangsu Fanli

Xinjiang

Bazhou

Tarim

Mengfeng

Houston

OCTG Group,

Chaoyang

15

Top - Tier Customers

One of top two suppliers to CNPC

One of two non-API suppliers to SINOPEC - products meet SINOPEC’s stringent standards

Selected Major Customers Vender Certification

End User

Shell

Total

Kuwait Oil Company

LUKOIL

Petroleum Authority of Thailand

Saudi Aramco

Turkish Petroleum Corporation

Maersk Oil Kazakhstan

VICO Indonesia

CNOOC

Petronas

Uzbekneftegas

Turkmengas

Turkmengeology

Zhaikmunai Kazakhstan

ConocoPhilips

16

Well Defined Growth Strategy

• Expanding high-quality non-API business while meeting domestic demand for API products

• Growing manufacturing capacity to achieve overall future sales growth targets• Increasing customer oriented research and development, and communications with

large domestic oilfield companies through on-site presentations and product trials• Improving quality controls resulting from greater upstream vertical integration • Emphasizing direct sales through vendor certifications from large domestic and

international oil and gas companies• Continuing focus on other international markets while meeting demand from North

America

17

Management

Longhua Piao, Chairman and CEO – Mr. Piao was appointed as Director and the CEO of WSP China at its inception in 1999, and was appointed Chairman of WSP Holdings in August 2007.

Xizhong Xu, Director and Assistant General Manager – Mr. Xu joined WSP China in 2000, He is a Director and Assistant General Manager of WSP Holdings, and is responsible for strategic investment planning and management.

Yip Kok Thi, CFO – Mr. Thi joined WSP China in 2005 and currently serves as WSP Holdings’ Chief Financial Officer. He is responsible for the Company’s accounting and financial reporting.

Yi Zhang, Vice General Manager of Technology – Mr. Zhang is responsible for technology development and quality control. He joined WSP China in 2004 and currently serves as a Director of WSP China.

Prof. Dr. William H.Q. Zhang, Vice President of Strategic Planning, Business Development and Corporate Management - Dr. Zhang joined WSP Holdings in 2008 and is responsible for strategic planning, business development and corporate management

18

Financials

19

Rapid Revenue Growth

( $ millions )

128.5

241.0

366.5

483.8

131.2

912.1

195.5

2004 2005 2006 2007 2008 Unaudited 1Q08

Unaudited 1Q09

CAGR = 63.2%

49.0%

20

Revenue by Product

( $ millions )

2004 2005 2006 2007 2008 1Q08 1Q09

CAGR = 63.2%

49.0%

API 105.9 194.9 299.2 288.6 505.3 59.5 147.5Non-API 6.6 15.5 41.3 152.4 294.8 56.3 39.0Others 16.0 30.7 26.0 42.8 112.0 15.4 8.9

Total 128.5 241.1 366.5 483.8 912.1 131.2 195.5

21

Average Selling Prices

Average Selling Price ($ per tonne)

14471423

1,0921,038958

2245

1913

1,630

1,803

1,397

600

900

1200

1500

1800

2100

2400

2005 2006 2007 2008 1Q09

API Non-API

897

1329

1,073959

11971,044

1,1941,274

1608 1903

600

900

1200

1500

1800

2100

2400

2005 2006 2007 2008 1Q09Domestic Overseas

22

Improving Gross Profits

11.6

42.5

85.4

125.8

208.6

32.052.5

2004 2005 2006 2007 2008 Unaudited 1Q08

Unaudited 1Q09

CAGR = 106.1%

( $ millions )

63.9%

23

Increasing Net Income

6.5

24.3

58.9

99.3

15.821.4

74.6

2004 2005 2006 2007 2008 Unaudited 1Q08

Unaudited 1Q09

CAGR = 97.9%

( $ millions )

35.0%

24

Earnings Per ADS

( $ )

0.15

0.53

0.81

0.97 0.97

0.150.21

2004 2005 2006 2007 2008 Unaudited1Q08

Unaudited1Q09

25

Income Statement Highlights

($ thousands)2005 2006 2007 2008 Mar 31, 2008 Mar 31, 2009

Unaudited Unaudited

Net Revenues 241,012 366,501 483,783 912,090 131,189 195,503 Cost of Revenues (198,550) (281,106) (357,997) (703,531) (99,169) (143,023) Gross Profit 42,462 85,395 125,786 208,559 32,020 52,480 Gross Margin 17.6% 23.3% 26.0% 22.9% 24.4% 26.8%

Income from Operations 33,551 70,945 103,585 146,638 25,087 30,137 Operating Margin 13.9% 19.4% 21.4% 16.1% 19.1% 15.4%

Net Income 24,316$ 58,918$ 74,561$ 99,349$ 15,821$ 21,364$ Net Margin 10.1% 16.1% 15.4% 10.9% 12.1% 10.9%

Year Ended December 31 3 Months Ended

26

Balance Sheet Highlights

($ thousands) 3 mths ended2006 2007 2008 Mar 31, 2009

Unaudited

Cash and Cash Equivalents, Bank Accounts 79,162 300,889 321,196 477,972 Accounts and Bills Receivable (Net) 56,947 137,497 246,463 240,696 Total Current Assets 248,719 626,042 919,376 1,099,734

Total Assets 413,334 827,221 1,310,611 1,492,089

Current Liabilites 259,859 423,032 796,135 1,013,359 Other Liabilities 54,512 59,063 12,481 33,134 Total Liabilties 314,371 482,095 808,616 1,046,493

Total Shareholders' Equity 96,150 341,124 482,606 426,958 Total Liabilties and Shareholders' Equity 413,334$ 827,221$ 1,310,611$ 1,492,089$

Year Ended December 31

27

Investment Highlights

There is continuing demand for high quality OTCG products from the oil and gas exploration and extraction industry

Manufacturing focuses on high quality API and non-API seamless casing, tubing and drill pipes

A recognized brand among top-tier customers because of customer-oriented research and development, and exceptional sales technical support

Domestic expansion and vertical integration continue to improve overall customer service

Distribution is being widened to increase domestic and international market shares

Top three OCTG supplier in China, the largest Chinese non-SOE OCTG supplier, one of the top two suppliers to CNPC and one of two non-API suppliers to SINOPEC

State of the art facilities are flexible and have scalable capacity

API Certification – The OCTG Industry Standard

28

WSP Holdings Limited

No. 38 Zhujiang RoadXinqu, Wuxi, Jiangsu ProvincePeople’s Republic of ChinaPhone: +86-510-8536-0401Fax: +86-510-8522-6351

Judy ZhuInvestor Relations DirectorE-mail: info@wsphl.com

Website: http://www.wsphl.com

CCG Investor Relations, Inc.

1325 Avenue of the AmericasSuite 2800New York, NY 10019NY Office: 646 213-1915Fax: +1-212-202-5295

Crocker Coulson, PresidentE-mail: crocker.coulson@ccgir.comWebsite: www.ccgirasia.com

Contacts

Auditors: Deloitte Touche Tohmatsu CPA LtdBeijing, People's Republic of China

Legal Counsel: Latham & Watkins LLP

Thank YouJune 2009

Your Access to Energy