Varco International Inc. Reports $2.1-Million Loss

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.