NEW YORK (Bloomberg) — Bermuda-based Nabors Industries Ltd., the world's largest onshore oil and natural-gas driller, said third-quarter profit fell 3.5 percent on a one-time investment charge and hurricane-related damages.

Net income dropped to $210.3 million, or 73 a share, from $218 million, or 76 cents, a year earlier, Nabors said yesterday in a statement on PR Newswire.

The company said on October 1 it planned to take a quarterly pretax charge of $22 million, or seven cents a share, for a drop in the market value of its trading position in Honghua Group Ltd.

Nabors had 450 shares in Honghua Group, which started trading publicly on the Hong Kong Exchange in March. Nabors, which has corporate offices in Houston, was the Asian company's second-largest shareholder as of September 26.

Nabors, which has corporate offices in Houston, estimated property damage from hurricanes at $13 million before taxes on October 1. Hurricane Ike swept across the Texas coast on September 13, less than two weeks after Hurricane Gustav stormed into Louisiana.

The company owns about 1,297 land-based rigs and offshore vessels.