ORANGE COUNTY EARNINGS

Varco International Inc.: The Orange-based manufacturer of oil and gas drilling equipment and machinery and rig instrumentation posted net income of $18.3 million, or 23 cents a share, for the fourth quarter. That was more than double the $8.7 million, or 13 cents a share, for the final quarter of 1996. Revenue rose 60% to $174.7 million from $109 million. Net income for the year reached a record $49.9 million, or 76 cents a share, double the $24.5 million, or 38 cents a share, for the previous year. Revenue increased 48% to $545.8 million from $368.4 million. The company attributed the growth primarily to a strong offshore drilling market.