November 8, 2010 / 11:43 AM / 8 years ago

UPDATE 1-Ensign Energy Q3 profit beats estimates

* Revenue up 47 pct to C$341.3

* Sees utilization in Canada ops in ‘11 no better than ‘10

Nov 8 (Reuters) - Ensign Energy Services Inc (ESI.TO) posted a third-quarter profit that edged past market estimates, helped by better demand for oilfield services equipment.

Ensign, Canada’s No. 2 oilfield services firm, reported net income of C$30.7 million, or 20 Canadian cents a share, up from C$16.9 million, or 11 Canadian cents a share, a year earlier.

Revenue rose 47 percent to C$341.3 million, helped by improved levels of operating activity in unconventional natural gas plays and in crude oil-focused areas such as North Dakota and California.

Analysts on average were expecting earnings of 19 Canadian cents a share, on revenue of C$342.9 million, according to Thomson Reuters I/B/E/S.

Revenue at the company’s Canadian segment rose 58 percent to C$126.8 million, while revenue at its U.S. segment rose 39 percent to C$130.9 million.

Ensign, one of the companies in the stable of Calgary financier Murray Edwards, said utilization in its Canadian operations in 2011 is generally expected to be no better than 2010.

Shares of Calgary-based Ensign closed at C$12.88 Friday on the Toronto Stock Exchange. The shares have lost about a fifth of their value over the past 12 months. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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