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BAROID CORP. AND VARCO INTERNATIONAL INC. SIGN DEFINITIVE AGREEMENT FOR THE SALE OF SHAFFER

 BAROID CORP. AND VARCO INTERNATIONAL INC.
 SIGN DEFINITIVE AGREEMENT FOR THE SALE OF SHAFFER
 ORANGE, Calif., April 10 /PRNewswire/ -- Baroid Corp. (NYSE: BRC) and Varco International Inc. (NYSE: VRC) today jointly reported that they have signed the definitive agreement for the previously announced sale of Baroid Corp.'s Shaffer subsidiary to Varco International Inc. for approximately $39 million in total consideration.
 The transaction is expected to close in May 1992, upon Varco's obtaining the required financing.
 Baroid Corp. is a leading worldwide supplier of petroleum services. Varco International Inc. is a leader in the design and manufacture of drilling equipment and machinery and rig instrumentation for the oil and gas well drilling industry worldwide.
 -0- 4/10/92
 /CONTACT: Robert P. Wallace of Baroid, 713-987-5186; or Richard A. Kertson of Varco International, 714-978-1900/
 (BRC VRC) CO: Baroid Corp.; Varco International Inc. ST: California IN: OIL SU: TNM


KJ-CH -- LA021 -- 7412 04/10/92 17:30 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
Words:156
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