Investor Presentation June 2010

Your Access to Energy

1

i. Safe Harbor Statement

ii. Corporate Overview

iii. Market Outlook

iv. Future Growth Strategies

v. Financials

TABLE OF CONTENTS:

2

Statements in this presentation may be "forward-looking statements" within the meaning of federalsecurities 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 currentmanagement expectations that involve risks and uncertainties that may result in such expectationsnot being realized. Forward-looking statements involve risks and uncertainties that may cause actualresults, performance or financial condition to be materially different from the expectations of futureresults, 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, the company’s ability to expand and grow itsdistribution channels, political and economic targets in the People's Republic of China, theCompany's ability to find attractive acquisition candidates, dependence on a limited number of largercustomers and other factors detailed in the Company’s filings with the Securities and ExchangeCommission. Actual outcomes and results may differ materially from what is expressed or forecastedin 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 orcircumstances after the date of this presentation.

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

The Company undertakes no obligation to publicly update or revise any forward-looking statementsor other information or data contained in this presentation, whether to reflect any change in itsexpectations with respect to such statements or any change in events, conditions or circumstanceson which any such statements are based or otherwise.

Safe Harbor Statement

3

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

Equity Snapshot

NYSE Symbol WH

ADS Share Price (06/01/2010) $2.05

Market Capitalization (102,893,715 ADS) $210.95 million

ADSs Outstanding 102,893,715

Net Revenues (ttm) $442.4 million

Net (Loss) Income (ttm) ($44.2 million)

Earnings (Loss) per Common Share (ttm Diluted) ($0.21)Earnings (Loss) per ADS (ttm) ($0.43)Fiscal Year End December 31

4

Investment Highlights

API Certification – The OCTG Industry Standard

Demand for sophisticated OCTG products used in extreme conditions is accelerating, as easy-to-reach oil and gas fields are depleted

Strong demand for high-end OCTG in China’s oilfields

A recognized brand serving top-tier customers worldwide

Key supplier to China’s major oilfields, including CNPC and SINOPEC, with dominant share of high-end, non-API market

Capacity expansion and vertical integration positions WSP for a rebound in worldwide oil and gas industry

Attractive valuation, relative to industry peers and favorable dividend policy

5

Large Scale Production

13 threading lines, 2 drill pipe production lines, 1 inspectionline and 2 steel billet factories

924,000 metric tons per annum (tpa) of finished productioncapacity as of December 2009

4,337 full time employees as of December 31, 2009

High End Product Mix

American Petroleum Institute (API) and higher quality non-APIproducts, including seamless casing, tubing, drill pipes andline pipes

Broad Product Portfolio

Over 400 different OCTG products

Nine series of proprietary non-API products

Broad Base of Customers

China’s Major Oilfields

Leading International Extraction and Production Companies

Corporate Overview

Pure Play OCTG Company with Leading Market Share

6

February - 10 Established WSP Pipe Company Limited in Thailand to supply green pipes to international markets

September-09 Started operation of the first inspection line in Houston OCTG Group, Inc.

July-09 Liaoyang Seamless began production of a new pipe threading line with 60,000 tpa of pipe finishing capacity

June-09 Established Chaoyang Seamless with planned steel billet production capacity of 300,000 tpa

March-09 Began commercial production of new pipe finishing lines at Songyuan Seamless and Liaoyang Seamlessadding 120,000 tpa of finished production capacity

October-08 Began building new manufacturing and sales facilities for Bazhou Seamless subsidiary in Xinjiang Autonomous Region

July-08 WSP China acquired 100% equity ownership of Mengfeng Steel with 600,000 tpa of steel billet capacity

April-08 Incorporated Liaoyang Seamless Oil Pipes Company Limited and Songyuan Seamless Oil Pipes Company Limited

March-08 Established a sales & marketing company, and purchased of assets in Houston, Texas, the United States

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

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

February-02 Obtained American Petroleum Institute certification

August-01 Started production at new 150,000 tpa threading plant

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

Corporate History

7

Over 400 API and Non-API Products

Product Description ApplicationsDrill 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 androtate the bottomhole assembly along with the drill bit

• Must withstand severe internal and external pressure,distortion, bending and vibration when drilling through hardrock

• Typically nine meters long, with varying wall thickness

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

• Allows drilling fluid to circulate and oil and gas extraction to take place

• Outside diameters :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

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

Line Pipes • High quality line pipes of API SPEC 5L standard. • For conveyance of gas, water and oil in the petroleum and natural gas industries

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Proprietary High QualityNon-API Products

Proprietary Non-API Products Typical Application Actual Application

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

Steam injection tubing and casing Thick hot oil well environmentKaramay Oilfield in Xinjiang, CNPC

Tarim Oilfield in Xinjiang, CNPC

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

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

High collapse resistance anti-H2S corrosion casing

An environment that contains H2S and high pressure geologic stratum

Sinopec Southwest, Sinopec Southern E&P,

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

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

Sinopec Southwest, CNOOC

Anti-H2S Corrosion drill pipe An environment that contains high levels of corrosive H2S Changqing Oilfield, CNPC

Premium Connection WSP-1T Deep wells, ultra-deep wells and high pressure gas well CNPC, Sinopec

Premium Connection WSP-2T Horizontal wells, extended-reach wells and gas wells CNPC, Sinopec, CNOOC

Premium Connection WSP-3T Deep wells, gas wells Middle East, Central Asia

Premium Connection WSP-4T Well bore of small-annular-space, remedial well treatment CNPC, Sinopec

9

Sales Breakdown

Sales Revenue Breakdown By Products(2009)

17.7%

10.5%

71.8%API Non-API Others

Sales Volume Breakdown By Products(2009)

8.2%

34.9%

57.0%API Non-API Others

Revenue Breakdown ByCountry/Region (2009)

9.5%2.9%3.6%

13.2%

9.2% 61.6%

PRC

North America

South-East Asia

Africa

Middle East

OtherRegions/Countries

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Large Scale, Flexible, Integrated Manufacturing Process

NDT (UT, MT)

Piercing MPM retained mandrel mill Stretch reducing & sizing Cooling Straightening

Surfaceinspection

11111

1111111111111

Coating

Shipping

Shipping

◆ structure tube◆ Iine pipe

Tool joint heattreatment

车丝

Threading 螺纹镀铜Copper plating

热处理 Heat treatment

热轿直Hot straightening

(UT, EMI,MT, thicknessmeasuring)

Threadinspection

OCTG finishingprocess

Hot rolling pipeproductionprocess

Round billetmanufacturingprocess

Threading

Couplingthreading

Thread inspection Drifting

Threadinspection

Coupling(MT) Surface

Treatment

Length-measuring & weighing发运 Shipping

◆ Tubing & Casing◆ Heat insulated tubing

Coating

Length-measuring & weighing

Friction welding

Weld heat treatment

Weld finishing

Weld NDT (UT)

Hardnesstest

Shipping

◆Drill pipe

Billet heating Reheating

Cutting NDT(EMI, UT, MT, thickness measuring)

DriftingHydrostatic test

Tube Upsetting

11 1

1111111 11111111

Hydrostatic test

High power Refining furnace Vacuum degassingBlast furnace

Hot metal charging

Scrap steel Continous casting Round billetBillet rolling

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

Eleven series of proprietary non-API products used in extreme drilling conditions in China and North America

Exploring new materials such as 13Cr, 9Cr, and 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 and TGRC (Tubular Goods Research Center) of CNPC on tubing and casing research

Established an in-house postdoctoral research program for OCTG research

Developed 17 active patents and 16 additional pending patent applications

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

Registered trademarks and pending trademarks throughout the world

Customer-Oriented Research and Development / Quality Control

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Domestic and InternationalSales Network

Product certifications from domestic and international oil and gas companies allow for an increase of direct sales

Eight subsidiaries and five representative offices are strategically located near major oil fields in China, and international customers

Increased marketing efforts in Africa, Southeast Asia, Central Asia, Russia, the Middle East, and Central and South America

Highly competitive in international markets due to pricing advantages and expedited deliveries

Top 6 Oilfields

WSP Rep offices

WSP subsidiaries with Production Facilities

Yanchang

Daqing

Changqing

Sichuan

Liaoyang

Songyuan

WSP China

Xinjiang

Bazhou

Tarim

Mengfeng

Houston

OCTG Group,

Chaoyang

WSP Pipe, Thailand

Beijing

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Top - Tier Customers in 25 Countries Worldwide

One of top three suppliers to CNPCOne of two non-API suppliers to SINOPEC - products meet SINOPEC’sstringent standards

Selected Major Customers Vender Certification

End User

Shell

Total

Kuwait Oil Company

LUKOIL

Petroleum Authority of Thailand

Saudi Aramco

CNOOC

Petronas

Uzbekneftegas

Turkmengas

Turkmengeology

Zhaikmunai Kazakhstan

Turkish Petroleum Corporation

Maersk Oil Kazakhstan

VICO Indonesia

ConocoPhilips

ENI

PDVSA

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Competitive Advantages

Comparison to Chinese Mills:

•API & non-API Products – are both manufactured and available for customer-specific requirements

•In-house Technology – used to develop our special products

•Heightened Quality – constant research & development of existing and new products

•Established Reputation & Brand Name – ensures a trust-worthy and reliable background

•Marketing Networking – well established U.S. network and customer-base

•Reduced Transportation Fees – due to strategic plant location, which can provide expedited delivery to end customers

Comparison to U.S. Steel Mills:

•US Presence – US facility cansource raw materials from third partycountries and targets customers inNorth, Central and South America

•Latest, High Quality Equipment –the best tooling, technology, andefficient machines are used to reducelabor costs

•Premium Connections – one of thefew mills capable of producing high-end, premium connections

•High-end Products –Premium connections;Customized products with special materials with anti-H2S, anti-Chloride or anti-CO2 corrosion features;Customized products in special wall thickness, diameters or drift diameters

Comparison to Other Countries:

• High Technology –comparable to U.S. technologies and products on non-API products

• Low Costs – ensures our price competitiveness

• U.S. Plant – established inside the United States allowing for convenience and price reductions

• Quality Product – as a result of manufacturing technology and efficiency

• Economies of Scale – with total pipe finishing capacity of 924,000 tonnes per annum

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Overview of Worldwide Rig Counts

0

50

100

150

200

250

Midle East

Oil

Gas

0

10

20

30

40

50

60

70

80

Africa

Oil

Gas

0

20

40

60

80

100

120

140

160

180

200Asia Pacific

Oil

Gas

North America

0

500

1000

1500

2000

2500

May-

95Ma

y-96

May-

97Ma

y-98

May-

99Ma

y-00

May-

01Ma

y-02

May-

03Ma

y-04

May-

05Ma

y-06

May-

07Ma

y-08

May-

09Ma

y-10

Land

Offshore

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North AmericaOutlook – Signs of recovery, some uncertainty due to Europe’s financial crisisUS Rig counts have been increasing to reach 1,518 as of May 21, 2010 from1,078 in November 2009Oil prices fell below $70 a barrel as of May 21, 2010The offshore oil and gas drilling activities slow down as a result of Gulf of Mexicooil rig accidentCountervailing duties on seamless pipes made in China

Other International MarketsOutlook – Some improvement anticipated in near termHouston OCTG Group is aggressively targeting international customersKey target markets: Russia, Africa, Central & South America, the Middle East,Southeast Asia and Central Asia

ChinaOutlook – Recovery expected in the second half of 2010Challenging drilling and exploration environments to increase demand for OCTGin the long termNon-API Key target markets: Xinjiang Autonomous Region, Sichuan Province,Shaanxi Province and Inner Mongolia

OCTG Market Outlook for WSP

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Positioning WSP for Recovery in Worldwide Oil and Gas Industry

ExpansionStrategy

Northeast ChinaNew threading and hot rolling lines in Jilin and LiaoningProvince locations

Targeted Markets: North and Northeast China oilfields, overseas markets

Vertical IntegrationRecent acquisitions allow 80%-90% of steel billet requirements to be sourced in house

Lower materials costs when operating at targeted capacity

Control of quality and supply of raw materials

Provide local before- and after-sales service

Advanced metallurgical research capabilities

Northwest ChinaNew manufacturing and sales facilities in Xinjiang Autonomous Region

Serves as China’s fastest growing, and second largest crude oil producer (25.18 mn tonnes in 2009; proven reserves of 4.0 bn tonnes)

OCTG demand ≈ 500,000 tonnes/yr

Targeted Markets: Xinjiang, Russia, Central Asia

Overseas ExpansionNew production and inspection linesin Houston, TX

Targeted Market: North America, South and Central America

New pipe manufacturing facility in Thailand

Targeted Markets: International customers out of China

Eastern ChinaWSP China: Horizontal integration for upgrading facilities and reducing costs

Targeted Markets: Both overseas and domestic markets

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Subsidiary Location Production Lines Annual Capacity (tpa) Comes OnlinePipe Finishing

WSP China Wuxi, Jiangsu Province 10 threading lines 720,0002 drill pipe lines 24,000

Liaoyang Seamless Liaoyang, Liaoning Province 2 threading lines 120,000Songyuan Seamless Songyuan, Jilin Province 1 threading line 60,000

Current pipe finishing capacity 924,000

Expansion PlansHouston Group Houston, Texas 1 threading line 120,000 June 2010Bazhou Seamless Kuerler, Xinjiang 3 threading lines 300,000 August 2010

Total planned pipe finishing capacity 1,344,000

Production and Inspection LinesWSP China Wuxi, Jiangsu Province 1 hot rolling line 450,000Houston Group Houston, Texas 1 inspection line N/A

Expansion PlansLiaoyang Seamless Liaoyang, Liaoning Province 1 hot rolling line 300,000 Q2 2010WSP Pipe Thailand 2 hot rolling lines 200,000 December 2010Bazhou Seamless Kuerler, Xinjiang 1hot rolling line 500,000 December 2010

Steel Billet Manufacturing

Mengfeng Steel Inner Mongolia Steel billets 600,000Chaoyang Seamless Chaoyang, Liaoning Province Steel billets 300,000

Current Production and Expansion Plans

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Strategic Response to US Trade Remedies

Currently, countervailing duties are collected on imports to the US of OCTG from China

WSP is the only Chinese OCTG supplier with manufacturing facilities in the US and cansource materials from countries other than China

New pipe manufacturing facility under construction in Thailand with expected completiondate in December 2010

Increasing sales and marketing efforts in other areas outside the US

Central and South America

Northern and Western Africa

Middle East

Central Asia and Russia

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Management

Xizhong Xu, Director and Assistant General Manager – Mr. Xu joined WSP China in 2000, and serves as Director and Assistant General Manager of WSP Holdings. He 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.

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

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

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

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Financials

22

Total Revenue and Breakdown by Product

( $ millions )

2004 2005 2006 2007 2008 2009 2009 Q1 2010 Q1

API 105.9 194.9 299.2 288.6 505.3 414.3 147.6 30.1Non-API 6.6 15.5 41.3 152.4 294.8 102.2 39.0 6.9Others 16.0 30.7 26.0 42.8 112.0 60.5 8.9 23.9Total 128.5 241.0 366.5 483.8 912.1 577.0 195.5 60.9

128.5241.0

366.5483.8

912.1

577.0

195.560.9

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Average Selling Prices

Average Selling Price ($ per tonne)

991

2,059

958 1,0381,092

1,4231,447

1,023 944 1,008

1,397

1,8031,630

1,913

2,245

1,6121,744

1,991

600

900

1200

1500

1800

2100

2400

2005 2006 2007 2008 1Q09 2Q09 3Q09 4Q09 1Q10

API Non-API

603

1,473

7231,001968

1,1971,3291,073959897

1,405

1,073

1,7641,9031,608

1,2741,1941,044

600

900

1200

1500

1800

2100

2400

2005 2006 2007 2008 1Q09 2Q09 3Q09 4Q09 1Q10

Domestic Overseas

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Profit and Earnings

Gross Profit

Net Income

( $ )

0.15

0.53

0.81

0.97 0.97

0.04

2004 2005 2006 2007 2008 2009

Earnings per ADS

( $ million )

11.6

42.5

85.4

125.8

208.6

80.4

2004 2005 2006 2007 2008 2009

6.5 24.3

58.9 74.6

99.3

4.2

2004 2005 2006 2007 2008 2009

( $ million )

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Income Statement Highlights

Year Ended December 31 Quarter Ended March 31

($ thousands) 2007 2008 2009 2009 2010

Net Revenues 483,783 912,090 577,029 195,503 60,906

Cost of Revenues (357,997) (703,531) (496,656) (143,023) (75,096)Gross Profit 125,786 208,559 80,373 52,480 (14,190)Gross Margin % 26.0 22.9 13.9 26.8 (23.3)

Income from Operations 103,585 146,638 19,890 30,137 (22,721)Operating Margin % 21.4 16.1 3.5 15.4 (37.3)

Net Income (Loss)Attributable to WSPHoldings Limited 74,561 99,349 4,175 21,364 (27,034)Net Margin % 15.4 10.9 0.7 10.9 (44.4)

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Balance Sheet Highlights

($ thousands) Ended December 31 Ended March 31,

2006 2007 2008 2009 2010

Cash and Cash Equivalents, Bank Accounts 79,162 300,889 321,085 338,863 265,496Accounts and Bills Receivable (Net) 56,947 137,497 246,463 204,906 172,902

Total Current Assets 248,719 626,042 919,376 871,820 774,496

Total Assets 413,334 827,221 1,310,611 1,395,274 1,313,389

Current Liabilities 259,859 423,032 796,135 765,027 676,304

Other Liabilities 54,512 59,063 12,481 195,935 235,458

Total Liabilities 314,371 482,095 808,616 960,962 911,762

Total Equity 96,150 341,124 482,606 434,312 401,627

Total Liabilities and Equity $ 413,334 $ 827,221 $ 1,310,611 $ 1,395,274 $ 1,313,389

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Investment Highlights

API Certification – The OCTG Industry Standard

Demand for sophisticated OCTG products used in extreme conditions is accelerating, as easy-to-reach oil and gas fields are depleted

Strong demand for high-end OCTG in China’s oilfields

A recognized brand serving top-tier customers worldwide

Key supplier to China’s major oilfields, including CNPC and SINOPEC, with dominant share of high-end, non-API market

Capacity expansion and vertical integration positions WSP for a rebound in worldwide oil and gas industry

Attractive valuation, relative to industry peers and favorable dividend policy

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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.

Elaine Ketchmere, PartnerEmail: elaine.ketchmere@ccgir.comPhone: 310-954-1345

Crocker Coulson, PresidentE-mail: crocker.coulson@ccgir.comPh: 646 213-1915

Website: www.ccgirasia.com

Contacts

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

Legal Counsel: Latham & Watkins LLP