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Varco International Inc

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BUSINESS
April 18, 1995
Varco International Inc., an Orange-based manufacturer of oil and gas well-drilling equipment, reported first-quarter profit of $2.9 million, or 9 cents a share, up 21% from the $2.4 million, or 7 cents a share, for last year's first three months. Quarterly revenue rose 12% to $57.6 million this year from $51.3 million. The company attributed the revenue gain to increases in the drilling systems division and the inclusion of $2.9 million from an acquisition last November.
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BUSINESS
April 20, 2000
The Orange-based manufacturer of drilling equipment and machinery and rig instrumentation reported first-quarter net income of $6 million, or 9 cents a share, down 49% from the $11.7 million, or 18 cents a share, for the first quarter of 1999. Revenue declined 37% to $96.3 million.
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BUSINESS
November 7, 1997 | Bloomberg News
Varco International Inc. said it will split its stock 2-for-1 and adopted a shareholder rights plan. The Orange-based maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20. Varco said it also has adopted a shareholder rights plan, giving one preferred stock purchase right for each share of common stock, payable as a dividend Nov. 25 to shareholders of record at the end of that business day.
BUSINESS
March 23, 2000 |
Tuboscope Inc. of Houston said it will merge with rival oil field equipment company Varco International Inc. of Orange in a transaction valued at $834 million in stock. The combined company would be called Varco International Inc., and George Boyadjieff, Varco's chairman and chief executive, would retain his titles at the new company. Varco and Tuboscope said the merger would allow them to attract more customers by offering a broader product line.
BUSINESS
October 15, 1996
Varco International Inc., which makes oil and gas drilling equipment and machinery, posted sharply higher profit and revenue for the third quarter. The company said it has benefited from an increase in worldwide drilling activity and an improved offshore drilling climate. The company said use of its offshore rig fleet has increased, leading to higher day rates and improved financial results. Net income for the quarter rose 95% to $7.2 million, or 22 cents a share, from $3.
BUSINESS
May 23, 1990 | CRISTINA LEE, TIMES STAFF WRITER
Varco International Inc. announced Tuesday that it has acquired the Martin-Decker division of Houston-based Cooper Industries Inc. for $30 million in cash. Martin Decker, a Cedar Park, Tex., company with annual sales of roughly $25 million, manufactures instruments, measurement and monitoring devices, and pipe-handling equipment for the oil industry and other heavy industries. The sale includes manufacturing facilities in Houston and Marshall, Tex.
BUSINESS
April 26, 1987
Varco International Inc., an Orange-based oil services company, reported a net loss of $2.1 million for the first quarter, contrasted with net income of $68,000 for the first quarter of 1986. First-quarter revenues of $7.8 million were down 48% from $15.1 million in the year-ago quarter. The company said its first quarter financial results reflect the continued low level of worldwide drilling activity.
BUSINESS
February 19, 2000 | Dow Jones
Varco International Inc., an Orange drilling equipment maker, said Friday it has named Michael W. Sutherlin to the newly created positions of president and chief operating officer. The company said it also named Wallace K. Chan chief financial officer and vice president of finance. Chan replaces Richard A. Kertson, who is retiring. The company said George Boyadjieff remains its chairman and chief executive.
BUSINESS
April 23, 1999
Varco International Inc.: The Orange-based manufacturer of equipment and machinery for drilling oil and gas wells reported first-quarter net income of $11.7 million, or 18 cents a share, down 22% from $15 million, or 23 cents a share, for the year-earlier period. Revenue was up 1% to $152.2 million from $150.2 million.
BUSINESS
April 7, 1999 | Russ Stanton
Varco International Chairman and Chief Executive George Boyadjieff saw his 1998 compensation fall 26% because of a sharp reduction in his bonus. The top official at the Orange-based provider of oil-field services received a 5% increase in his base salary, to $580,000. But his bonus, which is based on the company's profitability and the performance of its stock, fell 43%, to $587,719.
BUSINESS
October 7, 1998 | From Bloomberg News
Varco International Inc. shares fell 11% Tuesday after the maker of oil field equipment said third-quarter earnings will be less than expected because of higher manufacturing costs and lower oil prices. The stock closed at $6.38 a share, down 75 cents, after hitting a 52-week low of $6.13 earlier in the session. More than 2.36 million shares were traded, up from average daily volume of 920,629 over the last three months. Orange-based Varco's profit warning is the most recent in the oil industry.
BUSINESS
November 7, 1997 | (Bloomberg News)
Varco International Inc. said it approved a 2-for-1 stock split and adopted a shareholder rights plan to defend against unwanted takeover efforts. The maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20. Under the shareholder rights plan, shareholders will receive one right to purchase preferred stock for each share of common stock.
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