Varco International Inc.: The Orange manufacturer of...

Varco International Inc.: The Orange manufacturer of oil and gas well drilling equipment and machinery said Friday that its board of directors has authorized a 50% increase in its stock repurchase program and has extended the life of the program. Under the extension, the company may buy back a total of 1.5 million shares, for as much as $11 million, through Dec. 31, 1996. The initial program authorized it to buy back up to 1 million common shares for up to $6 million through Dec. 31, 1995. Varco has repurchased 267,200 shares under the program at an average purchase price of $6.28.