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

Varco International Inc.: The Orange-based designer and manufacturer of drilling equipment and machinery reported record net income of $10.8 million, or 33 cents a share, for the second quarter, 89% higher than the $5.7 million, or 18 cents a share, recorded for the comparable 1996 quarter. Revenue increased 43% to $129.6 million from $90.4 million. For the first six months of 1997, net income more than doubled to $18.2 million, or 56 cents a share, from $8.7 million, or 28 cents a share, a year ago. Revenue increased 43% to $230.7 million from $161.3 million.