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Nabors Industries saw sinking profits in the first quarter of 2014.
The company reported on Tuesday net income of $49.91 million for the quarter, compared to $99.1 million in 2013.

CEO Anthony Petrello said, “As expected, weather-induced interruptions in our completion services segment overshadowed what was otherwise relatively good performance by our various drilling operations. Seasonal increases in Canada and Alaska, along with higher third-party sales in Canrig, partially offset the sharp reduction in completion results.”

Last month the company warned investors of the decrease.