March 1, 2011 / 4:51 AM / in 7 years

UPDATE 1-Trican Q4 jumps on higher drilling activity

* Q4 EPS C$0.39 vs C$0.12 last year

* Q4 revenue jumps 98 pct

* Raises 2011 capex budget to C$493 mln

* Results helped by uptick in horizontal drilling (Adds details)

March 1 - Oil field services company Trican Well Service Ltd said its quarterly profit jumped nearly four-fold, helped by an increase in North American drilling activity and higher oil prices.

Trican posted an October-December profit of C$56.3 million, or 39 Canadian cents a share, compared with C$14.7 million, or 12 Canadian cents a share last year.

Trican, which also operates in Russia and North Africa, posted fourth quarter revenue of C$434.3 million, up 98 percent from last year.

“The growth of horizontal drilling led to steady demand for our services and provided opportunities for pricing increases throughout the year,” the company said in a statement.

Trican added that it raised its 2011 capital budget program by C$120 million to C$493 million.

A surge in oil prices has also boosted earnings and help ease fears that weaker natural gas prices could lead to a slump in spending on new fields.

Industry leaders such as Schlumberger Ltd and its nearest rival Halliburton Co also reported strong results.

Shares of Trican closed at C$22.64 on Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi; Editing by Dhara Ranasinghe)

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