May 3, 2012 / 11:30 AM / 5 years ago

UPDATE 1-Flint Energy posts profit on drilling boom

May 3 (Reuters) - Canadian oilfield services provider Flint Energy Services, which is being acquired by U.S. engineering company URS Corp, reported a quarterly profit on continued drilling boom in North America.

Flint Energy’s first-quarter net profit was C$15.5 million ($15.7 million), or 32 Canadian cents per share, compared to a loss of C$4.5 million, or 10 Canadian cents per share, last year.

Adjusted profit was C$16.6 million, or 34 Canadian cents per share.

Revenue rose 75 percent to C$572.4 million.

Strong well drilling activity in both Canada and the United States led to higher levels of upstream and midstream work for its oilfield and production services segments, Flint said in a statement.

The company said oil sands capital spending in 2012 is expected to increase over 2011 levels with many new projects sanctioned.

URS said on Feb. 20 it will buy Flint for C$1.25 billion in cash, to expand its presence in the oil and gas sector.

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