EXHIBIT 25.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM T-1
STATEMENT OF ELIGIBILITY UNDER THE
TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
__________________
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE
PURSUANT TO SECTION 305(b)(2) ___
__________________
THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
13-5160382
(I.R.S. employer identification no.)
48 Wall Street, New York, New York 10286
(Address of principal executive offices) (Zip Code)
___________________
The Bank of New York
10161 Centurion Parkway
Highwoods Center, 2nd Floor
Jacksonville, Florida 32256
Attn: Mr. Marc D. Stickney
(904) 645-1900
(Name, address and telephone number of agent for service)
____________________
Varco International, Inc.
(Exact name of obligor as specified in its charter)
Delaware 76-0252850
State or other jurisdiction of (IRS employer
incorporation or organization identification no.)
2835 Holmes Road
Houston, Texas 77051
(713) 799-5100
(Address and telephone number of principal executive offices)
SEE TABLE OF CO-REGISTRANTS INCLUDED IN THIS REGISTRATION
____________________
7 1/4% Senior Notes Due 2011
(Title of the indenture securities)
TABLE OF CO-REGISTRANTS
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Jurisdiction of I.R.S. Employer
Exact Name as Specified Incorporation or Identification
in their Charters* Organization Number
- --------------------------------------- -------------------- ------------------
Environmental Procedures Inc Delaware 76-0380977
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Fiber Glass Systems Holdings, LLC Delaware 52-2048215
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Tubo-FGS, LLC Delaware 74-2843661
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Tuboscope (Holding U.S.) Inc. Delaware 76-0561266
- --------------------------------------- -------------------- ------------------
Varco I/P, Inc. Delaware 76-0551156
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Tuboscope Pipeline Services Inc. Texas 76-0259606
- --------------------------------------- -------------------- ------------------
Varco, LP Delaware 76-0642979
- --------------------------------------- -------------------- ------------------
Quality Tubing Inc. Texas 74-1882751
- --------------------------------------- -------------------- ------------------
Fiber Glass Systems, LP Texas 74-2843660
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1. General Information.
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Furnish the following information as to the trustee--
Name and address of each examining or supervising authority to which
it is subject.
Superintendent of Banks of the State of New York
2 Rector Street
New York, N.Y. 10006, and Albany, N.Y. 12203
Federal Reserve Bank of New York
33 Liberty Plaza
New York, N.Y. 10045
Federal Deposit Insurance Corporation
Washington, D.C. 20429
New York Clearing House Association
New York, N.Y.
Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with Obligor.
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If the obligor is an affiliate of the trustee, describe each such
affiliation.
None. (See Note on page 4.)
3-15 Not Applicable
16. List of Exhibits.
----------------
Exhibits identified in parentheses below, on file with the Commission, are
incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-
29 under the Trust Indenture Act of 1939 (the "Act") and Rule 24 of the
Commission's Rules of Practice.
(1) A copy of the Organization Certificate of the Bank of New York
(formerly Irving Trust Company) as now in effect, which contains the
authority to commence business and a grant of powers to exercise corporate
trust powers. (Exhibit 1 to Amendment 1 to Form T-1 filed with
Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed
with Registration Statement No. 33-21672 and Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637.)
(4) A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1
filed with Registration Statement No. 33-31019.)
(6) The consent of the Trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration No. 33-44051.)
(7) A copy of the latest report of condition of the Trustee published
pursuant to law or the requirements of its supervising or examining
authority.
NOTE
Inasmuch as this Form T-1 is filed prior to the ascertainment by the Trustee of
all facts on which to base a responsive answer to Item 2, the answer to said
Item is based on incomplete information.
Item 2 may, however, be considered as correct unless amended by an amendment to
this Form T-1.
SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York,
a corporation organized and existing under the laws of the State of New York,
has duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Jacksonville and the
State of Florida, on the 29th day of June, 2001.
THE BANK OF NEW YORK
By: /s/ Marc D. Stickney
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Marc D. Stickney, Agent
EXHIBIT 6 TO FORM T-1
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture Act
of 1939, in connection with the proposed issuance of Varco International, Inc.'s
Senior Notes due 2011, The Bank of New York hereby consents that reports of
examinations by Federal, State, Territorial or District Authorities may be
furnished by such authorities to the Securities and Exchange Commission upon
request therefor.
THE BANK OF NEW YORK
By: /s/ Marc D. Stickney
------------------------
Marc D. Stickney, Agent
EXHIBIT 7 TO FORM T-1
Consolidated Report of Condition of
THE BANK OF NEW YORK
of 48 Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries, a member of the Federal Reserve
System, at the close of business December 31, 2000, published in accordance with
a call made by the Federal Reserve Bank of this District pursuant to the
provisions of the Federal Reserve Act.
Dollar Amounts
in Thousands
ASSETS
- ------
Cash and balances due from depository
institutions:
Noninterest-bearing balances and currency and coin..... $ 3,083,720
Interest-bearing balances.............................. 4,949,333
Securities:
Held-to-maturity securities............................ 740,315
Available-for-sale securities.......................... 5,328,981
Federal funds sold and securities purchased under
agreements to resell....................................... 5,695,708
Loans and lease financing receivables:
Loans and leases, net of unearned income............... 36,590,456
LESS: Allowance for loan and lease losses.............. 598,536
LESS: Allocated transfer risk reserve.................. 12,575
Loans and leases, net of unearned income and
allowance and reserve................................. 35,979,345
Trading Assets.............................................. 11,912,448
Premises and fixed assets (including capitalized leases).... 763,241
Other real estate owned..................................... 2,925
Investments in unconsolidated subsidiaries and associated
companies.................................................. 183,836
Customers' liability to this bank on acceptances
outstanding................................................ 424,303
Intangible assets........................................... 1,378,477
Other assets................................................ 3,823,797
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Total assets................................................ $74,266,429
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LIABILITIES
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Deposits:
In domestic offices.................................... $28,328,548
Noninterest-bearing.................................... 12,637,384
Interest-bearing....................................... 15,691,164
In foreign offices, Edge and Agreement subsidiaries,
and IBFs.............................................. 27,920,690
Noninterest-bearing.................................... 470,130
Interest-bearing....................................... 27,450,560
Federal funds purchased and securities sold under
agreements to repurchase................................... 1,437,916
Demand notes issued to the U.S. Treasury.................... 100,000
Trading liabilities......................................... 2,049,818
Other borrowed money:
With remaining maturity of one year or less............ 1,279,125
With remaining maturity of more than one year through
three years........................................... 0
With remaining maturity of more than three years....... 31,080
Bank's liability on acceptances executed and outstanding.... 427,110
Subordinated notes and debentures........................... 1,646,000
Other liabilities........................................... 4,604,478
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Total liabilities........................................... 67,824,765
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EQUITY CAPITAL
- --------------
Common stock................................................ 1,135,285
Surplus..................................................... 1,008,775
Undivided profits and capital reserves...................... 4,308,492
Net unrealized holding gains (losses) on available-for-sale
securities................................................. 27,768
Cumulative foreign currency translation adjustments......... 0
Total equity capital........................................ 6,441,664
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Total liabilities and equity capital........................ $74,266,429
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I, Thomas J. Masiro, Senior Vice President and Comptroller of the above-
named bank do hereby declare that this Report of Condition has been prepared in
conformance with the instructions issued by the Board of Governors of the
Federal Reserve System and is true to the best of my knowledge and belief.
Thomas J. Masiro
We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us and to the best of our
knowledge and belief has been prepared in conformance with the instructions
issued by the Board of Governors of the Federal Reserve System and is true and
correct.
Thomas A. Renyi )
Gerald L. Hassell ) Directors
Allen R. Griffith )