Varco International Inc.: The Orange-based designer and...

Varco International Inc.: The Orange-based designer and manufacturer of drilling equipment for gas and oil rigs said that it plans to buy back 3.14 million shares of its common stock at $8 per share. The company had sought to purchase up to 5.3 million shares, but it could not entice enough shareholders to tender their stock at the $8 price. The company’s stock closed at $8.625 a share Monday, up 68.75 cents a share on the New York Stock Exchange.