HOUSTON (Bloomberg) — Nabors Industries fell the most in more than two months after the world’s largest land-rig owner missed analyst estimates partly due to pricing discounts handed out to several customers during the oil industry’s worst financial crisis in a generation.

The Bermudian-based company fell almost 10 per cent in New York to $9.34, after earlier sliding as much as 12.3 per cent, the biggest intraday drop since February 9.

Earnings before interest taxes, depreciation and amortisation in the first three months of the year fell by 57 per cent from a year ago to $162 million, the company said late on Monday in a statement. Analysts had expected Ebitda of $195 million, according to the average of 20 estimates compiled by Bloomberg.

“Nabors reported a weaker than expected quarter as activity declines, pricing concessions, and unfavourable international costs weighed on results,” Marshall Adkins, an analyst at Raymond James, wrote on Monday in a note to investors.

The company was forced to give pricing concessions in the first quarter to three key international customers, chief executive officer Tony Petrello told analysts and investors yesterday on a conference call. Ebitda in its international segment is now expected to drop another 6 to 8 per cent in the second quarter, he said.