Varco Agrees to Acquire Scottish Company for $9.5 Million

Varco International Inc. said Thursday that it has reached a tentative agreement to buy a Scottish company for $9.5 million in cash. Varco, a maker of oil- and gas-drilling equipment, expects to complete the acquisition of Rig Technology in Aberdeen, Scotland, by the end of the month, said Richard A. Kertson, Varco’s chief financial officer.

Privately held Rig, which operates as Thule Rigtech, provides equipment and systems used in the handling, mixing, transporting and conditioning of drilling fluids. The company has annual revenue of $8 million to $10 million, Kertson said.

Varco, based in Orange, earned $8.3 million for the first nine months this year on revenue of $163.1 million.