<PAGE>
            VARCO INTERNATIONAL, INC.
            Statement Re Computation of Per Share Earnings            Exhibit 11
<TABLE> 
<CAPTION> 
                                                                                 Three Months Ended  Nine Months Ended
                                                                                 September 30, 1998  September 30, 1998
                                                                                 --------------------------------------
A. CALCULATION OF ADJUSTED EARNINGS                                                
<S>                                                                               <C>                <C>  
  Net Income After Tax                                                                  $14,964,000       $49,678,000

<CAPTION> 
                                                        Total Number   Average Number   Stock Option       Shares Used
                                         Number of   of Shares after        of Shares     Equivalent      To Calculate
                                              Days          Weighing      Outstanding         Shares       Diluted EPS
                                         -----------------------------------------------------------------------------
<S>                                      <C>          <C>               <C>              <C>               <C> 
B. CALCULATION OF AVERAGE SHARES OUTSTANDING

Common Stock Outstanding from time-to-time during:

  Three Months Ended September 30, 1998       92       5,931,720,895      64,475,227       1,009,189        65,484,416
  Nine Months Ended September 30, 1998       273      17,577,696,988      64,387,168       1,009,189        65,396,357
</TABLE> 

C. CALCULATION OF EARNINGS PER SHARE

  Income Per Share =  Net Income After Tax
                      ------------------------
                      Total Shares Outstanding


  Diluted Income Per Share =

    Three Months Ended September 30, 1998  14,964,000        =       $0.23
                                           ----------
                                           65,484,416

    Nine Months Ended September 30, 1998   49,678,000        =       $0.76
                                           ----------
                                           65,396,357



  Basic Income Per Share

    Three Months Ended September 30, 1998  14,964,000        =       $0.23
                                           ----------
                                           64,475,227

    Nine Months Ended September 30, 1998   49,678,000        =       $0.77
                                           ----------
                                           64,387,168


<PAGE>
            VARCO INTERNATIONAL, INC.
            Statement Re Computation of Per Share Earnings      
<TABLE> 
<CAPTION> 
                                                                                  Three Months Ended   Nine Months Ended
                                                                                  September 30, 1997   September 30, 1997
                                                                                  ---------------------------------------
A. CALCULATION OF ADJUSTED EARNINGS
<S>                                                                               <C>                  <C>  
  Net Income After Tax                                                                  $13,401,000          $31,555,000

<CAPTION> 
                                                          Total Number   Average Number    Stock Option      Shares Used
                                          Number of    of Shares after        of Shares      Equivalent     To Calculate
                                              Days            Weighing      Outstanding          Shares      Diluted EPS
                                         -------------------------------------------------------------------------------
<S>                                      <C>           <C>               <C>               <C>              <C>   
B. CALCULATION OF AVERAGE SHARES OUTSTANDING

  Common Stock Outstanding from time-to-time during:

   Three Months Ended September 30, 1997     92          5,867,044,764       63,772,226       1,522,552       65,294,778
   Nine Months Ended September 30, 1997     273         17,336,292,640       63,502,903       1,522,552       65,025,455
</TABLE> 

C. CALCULATION OF EARNINGS PER SHARE

  Income Per Share =  Net Income After Tax
                      ------------------------
                      Total Shares Outstanding


  Diluted Income Per Share =

    Three Months Ended September 30, 1997  13,401,000        =         $0.21
                                           ----------
                                           65,294,778

    Nine Months Ended September 30, 1997   31,555,000        =         $0.49
                                           ----------
                                           65,025,455



  Basic Income Per Share

    Three Months Ended September 30, 1997  13,401,000        =         $0.21
                                           ----------
                                           63,772,226

    Nine Months Ended September 30, 1997   31,555,000        =         $0.50
                                           ----------
                                           63,502,903