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

Varco International Inc.: The Orange-based oil-drilling equipment company recorded net income of $408,000 for the third quarter, a 5% decline from the $430,000 posted for the 1988 third quarter. Revenue rose 42%, to $21.8 million from $15.3 million. For the first nine months of 1989, net income declined 36%, to $1.3 million from $2 million for the comparable 1988 period. Revenue increased 34%, to $65.3 million from $48.8 million. The company said the revenue increase was attributable primarily to the acquisition of Baker Hughes Inc.’s BJ Machinery division at the end of September, 1988. “Our financial results reflect a continuing weakness in the level of drilling activity,” said W.B. Reinhold, chairman of Varco.