May 7, 2012 / 10:38 AM / in 6 years

UPDATE 1-Ensign Energy profit up on robust drilling in N America

* Q1 EPS C$0.69 vs C$0.52 a year ago

* Revenue rises 35 pct

May 7 (Reuters) - Oilfield services provider Ensign Energy Services Inc reported a 32 percent rise in first-quarter profit on strong drilling activity in North America.

The company’s net income rose to C$105.5 million ($106.1 million), or 69 Canadian cents per share, from C$79.7 million, or 52 Canadian cents per share, a year ago.

Funds from operations rose 15 percent to C$177.0 million, or C$1.16 per share.

Revenue for the company, whose North American peers include Calfrac Well Services Ltd, Precision Drilling Corp and Baker Hughes Inc, jumped 35 percent to C$677.7 million.

Gross margin improved to C$234.3 million from C$171.9 million a year earlier.

Shares of the company, which has a market value of C$2.09 billion, closed at C$13.67 on Friday on the Toronto Stock Exchange.

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