"We appreciate L.E.'s leadership and service to Varco," stated John Lauletta, Varco's chairman and CEO. "He and his firm have been a great friend to our Company for over twelve years. We respect his decision to focus more of his energies on his other investments."
Mr. Simmons' firm, SCF Partners, is a private equity management firm which invests in oilfield service companies. It was an early financial sponsor of a number of predecessor companies to Varco. While SCF Partners has significantly trimmed its holdings in Varco over the past few years, it still owns approximately 2.7 million shares of Varco, representing approximately two and a half percent of the Company's shares. Mr. Simmons was careful to point out that he has no disagreement with the Company or its management, or with Varco's operations, policies or practices.
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