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VARCO INTERNATIONAL INC. TO ACQUIRE BAROID CORPORATION'S SHAFFER SUBSIDIARY

 VARCO INTERNATIONAL INC. TO ACQUIRE
 BAROID CORPORATION'S SHAFFER SUBSIDIARY
 ORANGE, Calif., Feb. 2 /PRNewswire/ -- Varco International Inc. (NYSE: VRC) today announced the signing of a letter of intent covering the purchase of Baroid Corporation's Shaffer subsidiary for approximately $39 million in total consideration. The total consideration consists of $37 million in cash and an estimated payment of $2 million based upon Shaffer's 1992 operating results.
 Shaffer, with 1991 sales of $72 million, is a leading international supplier of pressure control equipment, including blowout preventers, blowout preventer control systems, motion compensation equipment, subsea production control systems and spare parts and service.
 Varco President and Chief Executive Officer George Boyadjieff said, "The Shaffer product line will expand significantly our drilling equipment product offerings. We are pleased to have concluded this agreement."
 The transaction, subject to the execution of a definitive agreement, board approval, financing and appropriate governmental review, is expected to close in March 1992.
 Varco is a leader in the design and manufacture of drilling equipment and machinery and rig instrumentation for oil and gas well drilling worldwide.
 -0- 2/2/92
 /CONTACT: Richard Kertson, CFO of Varco International, 714-978-1900/
 (VRC) CO: Varco International Inc.; Baroid Corp. ST: California IN: OIL SU: TNM


KJ-CH -- LASU001 -- 5934 02/03/92 02:00 EST
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Publication:PR Newswire
Date:Feb 3, 1992
Words:211
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