Varco International Inc.: The Orange-based manufacturer of...

Varco International Inc.: The Orange-based manufacturer of tools and equipment for the petroleum industry reported that second-quarter net income more than doubled, to $1.8 million from $784,000 in the year-earlier period. Revenue increased 16%, to $27.6 million from $23.8 million. For the first six months of 1990, net income was $3.2 million, in contrast with $904,000 for the year-earlier period. Revenue rose 17%, to nearly $51 million from $43.5 million. G.I. Boyadjieff, president of Varco, said increased investment in drilling rigs has resulted in several large orders for the company.