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EXHIBIT 99.1
Varco and Tuboscope Complete Merger With Overwhelming Stockholder Support
HOUSTON and ORANGE, Calif., May 30 /PRNewswire/ -- Tuboscope Inc. (NYSE: TBI -
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news) and Varco International, Inc. (NYSE: VRC - news) today announced that they
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have completed their previously announced merger. The stockholders of Varco
International and Tuboscope overwhelmingly approved the merger at separate
stockholder meetings held earlier today. The shares of the combined company
will be owned equally by the current stockholders of each company.
In the merger, which will be accounted for as a pooling of interests, each share
of Varco common stock has been converted into 0.7125 shares of Tuboscope common
stock. As part of the merger, Tuboscope has changed its corporate name to Varco
International, Inc. and its trading symbol to "VRC". Based on each company's
closing price on May 30, 2000, the combined company will have a market
capitalization of approximately $2.0 billion. George Boyadjieff, Chairman and
CEO of the combined company said, "We are very pleased with our stockholders'
support and the timely completion of the merger. The combination of these two
outstanding organizations creates one of the premier oilfield service and
equipment companies in the industry. Our collective strength, technological
focus and global capability are expected to benefit our customers, employees and
stockholders."
John Lauletta, President and COO of the new company, continued, "This is the
beginning of an exciting time for everyone at the new organization. We are
anxious to begin reaping the rewards of the combined entity and working together
to create innovative products and services for our customers."
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. Tuboscope is the world's leading supplier of internal tubular
coating and tubular inspection services, solids control equipment and services
and coiled tubing and pressure control equipment to the petroleum industry.
The foregoing contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. The forward-looking statements are those that do not state historical
facts and are inherently subject to risk and uncertainties. The forward-looking
statements contained herein are based on current expectations and entail various
risks and uncertainties that could cause actual results to differ materially
from those projected in the forward- looking statements. Such risks and
uncertainties include, among others, the cyclical nature of the oilfield
services industry, risks associated with the combined company's significant
foreign operations, compliance with environmental laws, risks associated with
growth through acquisitions and other factors discussed in each of the company's
Annual Reports on Form 10-K.
