The following minimal example defines
\nosemic: remove printing of the end-of-line (EOL) character (typically ;);
\dosemic: reinstate printing of the EOL character;
\pushline: indents line by 1em (the typical indent); provided by algorithm2e as \Indp;
\popline: remove indent of \pushline (undent?); provided by algorithm2e as \Indm

\documentclass{article}
\usepackage{algorithm2e}% http://ctan.org/pkg/algorithm2e
\makeatletter
\newcommand{\nosemic}{\renewcommand{\@endalgocfline}{\relax}}% Drop semi-colon ;
\newcommand{\dosemic}{\renewcommand{\@endalgocfline}{\algocf@endline}}% Reinstate semi-colon ;
\newcommand{\pushline}{\Indp}% Indent
\newcommand{\popline}{\Indm\dosemic}% Undent
\makeatother
\begin{document}
\begin{algorithm}[H]
\SetAlgoLined
\KwData{this text}
\KwResult{how to write algorithm with \LaTeX2e }
initialization\;
\While{not at end of this document}{
read current\;
\eIf{understand}{
go to next section\;
\nosemic this is a very long statement that has to be\;
\pushline\dosemic wrapped over two lines\;
\popline current section becomes this one\;
}{
go back to the beginning of current section\;
}
}
\caption{How to write algorithms}
\end{algorithm}
\end{document}
Since I am unfamiliar with your algorithm2e setup, I'm not sure how you would like to combine the four commands. As such, I've kept them separate for maximum (yet manual) usage.