Varco Introduces New Blow Out Preventer

Varco International has introduced an innovative new blow out preventer ("BOP"), the LXT Ram, designed to improve safety and efficiency of drilling operations. Varco's Shaffer division will manufacture and sell the BOP, which incorporates Shaffer's patented "boltless" door design. The boltless design speeds routine servicing of the BOP through quick access opening and closing, substantially reducing manpower, improving safety and avoiding rig downtime. The 11 inch LXT Ram BOP, rated to 5,000 psi, is the lightest and most compact BOP available in the industry today.

Varco also announced an agreement to supply 41 new LXT Ram BOP's to Rental & Fishing Tools Inc., a Broussard, La., based oilfield service company. Rental & Fishing Tools Inc. has provided critical tools and equipment to the oil and gas industry along the Gulf Coast since 1984, and worked closely with Varco on the development of the BOP. John Van Way, president of Rental & Fishing Tools Inc., remarked, "We are proud to be the first to introduce this technology to help our customers improve their drilling operations. Our Company has a long history of bringing tools to the industry which improve rig reliability and safety, and the Varco LXT Ram BOP is a major step forward toward those goals."

Varco Shaffer designed the BOP in close consultation with Rental & Fishing Tools Inc. and its customers, incorporating features needed to ease operation in tough environments such as limited substructures and confined cellars. Also, the LXT Ram BOP accommodates the weight limitations of smaller land-based drilling rigs.

Shaffer is a subsidiary of Varco International Inc. Varco is a leading provider of services, products, and highly-engineered equipment to the world's oil and gas industry. With operations in over 350 locations in over 40 countries across six continents, the Company provides oilfield tubular inspections and internal tubular coating services; drill cuttings separation, waste management and disposal services; rig instrumentation and communication services; in-service pipeline inspection services; and sucker rod inspection and reclamation services. Additionally, the Company manufactures and supplies innovative drilling systems and technology; coiled tubing and pressure control equipment; high-pressure fiberglass and composite tubing; and in-line inspection equipment for the makers of oilfield tubing.