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VARCO INTERNATIONAL INC. ANNOUNCES PRELIMINARY AGREEMENT TO ACQUIRE RIGHTS TO MDS SYSTEM

 VARCO INTERNATIONAL INC. ANNOUNCES PRELIMINARY AGREEMENT
 TO ACQUIRE RIGHTS TO MDS SYSTEM
 ORANGE, Calif., Feb. 27 /PRNewswire/ -- Varco International Inc. (NYSE: VRC) announced today that it had reached a preliminary agreement to acquire the rights to MDS System(a), a computer-based integrated drilling monitoring and planning network, from Sedco Forex, a unit of Schlumberger Ltd.
 Under the terms of the agreement, Varco is to be granted an exclusive license to develop, manufacture and market the MDS System worldwide. The consideration would consist of an initial payment plus future royalties based upon the revenue generated by MDS and future systems.
 Varco International Inc. is a leader in the design and manufacture of drilling equipment and machinery, and rig instrumentation for oil and gas well drilling worldwide.
 (a) Mark of Sedco Forex
 -0- 2/27/92
 /CONTACT: Richard Kertson of Varco International, 714-978-1900/
 (VRC) CO: Varco International Inc. ST: California IN: OIL CPR SU:


DM-JL -- LA034 -- 3378 02/27/92 15:15 EST
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Publication:PR Newswire
Date:Feb 27, 1992
Words:161
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