May 8, 2012 / 12:37 PM / 5 years ago

CanElson Drilling profit rises on higher daily rates

(Reuters) - Oilfield services company CanElson Drilling Inc’s CDI.TO quarterly profit more than doubled, helped by higher revenue per day for its onshore rigs in Canada.

First-quarter profit rose to C$15 million, or 21 Canadian cents per share, from C$5.9 million, or 11 Canadian cents per share, a year earlier.

Services revenue from the 37 rigs operating in the quarter rose 60 percent to C$65.6 million, the company said on Tuesday.

However, the rig utilization rate fell 9 percentage points to 73 percent in Canada, the company’s biggest market, as a mild winter made it more difficult to move equipment over boggy ground.

Rig utilization in the United States dropped 11 percentage points to 83 percent as low natural gas prices have reduced drilling activity in traditional gas fields.

Reporting by Aftab Ahmed in Bangalore; Editing by Ted Kerr

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