Varco’s Second Quarter Loss Totals $2.9 Million

Just four months after a stringent belt-tightening campaign resulted in a profitable first quarter, Varco International is reporting a second-quarter loss of $2.9 million, compared with a $743,000 loss for the same period last year.

Revenues at the Orange-based oil services company were down more than 16.8% to $11.9 million from $14.3 million.

For the first six months of 1986, Varco’s net loss was $2.8 million, compared with a loss of $2.4 million for the comparable 1985 period. Revenues for the first half were down nearly 7.9% to $26.9 million from $29.2 million.