IROC boosts revenue projection

IROC Energy Services Corp. (TSXV: ISC) is boosting its revenue expectations for the first quarter following a jump in drilling activity to start 2011.

ROC Energy Services Corp. (TSXV: ISC) is boosting its revenue expectations for the first quarter following a jump in drilling activity to start 2011.

The oilfield services company, which has its operational headquarters in Red Deer, said Thursday that it is revising its revenue guidance upward to $26.7 million.

It also announced that its capital budget for 2011 is increasing to $26.2 million from $17.2 million.

IROC said in a news release that its Eagle Well Servicing division had a rig utilization rate of 78 per cent during the first quarter of 2011.

It said another service rig was added to its fleet this month, bringing the total to 37, and that five more are being built, with anticipated delivery in the third and fourth quarters of 2011.

The company also said that activity at its Aero Rental Services division is strong and growing, and that it expects to add $7 million worth of rental inventory this year.

IROC’s interim financial statements for the three months ended March 31 are expected to be released in June.