May 10, 2011 / 12:40 AM / in 6 years

UPDATE 1-Trican Q1 profit jumps on higher liquids-rich drilling

* Q1 profit more than doubles

* Q1 revenue jumps 62 percent to $534.6 mln

* Ups 2011 capex to $616 mln

May 9 (Reuters) - Canadian oil field services company Trican Well Service Ltd TCW.TO said its first-quarter net income more than doubled, helped by an increase in drilling activity in oil and liquids-rich plays on the back of surging oil prices.

Canada’s Trican said net income rose to C$82.4 million, or 56 Canadian cents a share, from C$32.5 million, or 26 Canadian cents a share last year.

Trican, which also operates in Russia and North Africa, posted first-quarter revenue of C$534.6 million, up 62 percent from last year.

“Strong Canadian results continued to be influenced by the strength of horizontal drilling and the growth in oil and liquids-rich gas directed activity,” the company said. Revenue from the company’s Canadian operations rose 53 percent.

Trican said it increased its 2011 capital budget by $123 million to $616 million.

A surge in oil prices also has boosted earnings and helped ease fears that weaker natural gas prices could lead to a slump in spending on new fields. (Reporting by Thyagaraju Adinarayan; editing by Carol Bishopric)

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