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Business Description
Varco International, Inc. is a provider of highly engineered drilling and well servicing equipment, products and services to the world's oil and gas industry. With operations in over 350 locations in over 40 countries across six continents, the Company manufactures and supplies drilling systems and rig instrumentation; performs inspection and internal coating of oilfield tubulars; provides drill cuttings separation, management and disposal systems and services, and manufactures coiled tubing, wireline, and pressure control equipment for land and offshore drilling and well stimulation operations. Varco also manufactures coiled tubing, provides in-service pipeline inspections, manufactures high-pressure fiberglass and composite tubing and sells and rents advanced in-line inspection equipment to makers of oil country tubular goods. The Company operates in four groups: Drilling Equipment, Tubular Services, Drilling Services and Coiled Tubing and Wireline Products.

Financial Information
For the nine months ended 30 September 2004, revenues rose 3% to $1.13 billion. Net income from continuing operations rose 5% to $72.9 million. Revenues reflect an increase in tubular and drilling services. Net income also reflects improved operating margins and lower interest expense.