Varco International Inc.

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.