National Oilwell Varco Cuts Tulsa Jobs

TULSA, Okla. (AP) - A Houston-based company that makes oil rigs and oil supply equipment is laying off 61 employees at its plant in Tulsa.

National Oilwell Varco reported the layoffs to the Oklahoma Employment Security Commission. The layoffs will not take effect for at least 60 days.

The company reported last week $585 million in profits in 2008's fourth quarter but also said it had a major decrease in its backlog of work.