Varco International Inc.
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The Orange-based maker of oil rig equipment posted net income of $10.3 million, or 16 cents a share, down 31% from the $15 million, or 23 cents a share, reported for the like period last year. Revenue declined 26% to $140.4 million.
Varco said the continued low level of worldwide drilling activity and the absence of new rig construction contributed to lower orders.
In the first half, Varco fired about 740 workers--25% of its workers.
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