Varco International Inc.: The Orange-based oil drilling...

Varco International Inc.: The Orange-based oil drilling equipment manufacturer reported that net income for 1989 had edged up 5%, to $2.4 million from the $2.3 million for 1988. Revenue jumped 26%, to $86.6 million from $68.9 million. Most of the increase, the company said, was the result of the additional sales generated by the BJ Machinery division, which was acquired at the end of the 1988 third quarter.

For the fourth quarter of 1989, net income was $1.1 million, contrasted with net income of $220,000 for the year earlier period. Revenue rose 6%, to $21.3 million from $20.2 million.

Chairman W.B. Reinhold said: “Our financial performance for the year was particularly gratifying when viewed in light of relatively weak drilling activity. During 1989 we saw an approximate 11% decline in the average number of active drilling rigs worldwide when contrasted to the average for 1988.”