NEW YORK (AP) - Nabors Industries Ltd. said yesterday that its top two executives will receive smaller salaries through the first half of 2010 to help the petroleum driller deal with tumbling profits.

Eugene Isenberg, the company's chairman and CEO, and Anthony Petrello, the company's deputy chairman, president and chief operating officer previously agreed in June to cut their 2009 pay to help the company cut costs. Those cuts will now remain through June 27 of 2010.

Mr. Isenberg's salary was reduced this year from $1.3 million to $1.17 million. Mr. Petrello's salary was cut from $1.1 million to $990,000.

The company said those salary reductions correspond with similar pay cuts that were spread throughout the company.

Nabors, which is based in Bermuda, has struggled to earn profits this year as American energy consumption dropped. The company said in October that its third quarter profit plunged by 85 percent and its US offshore business posted its first loss ever.

Company stock fell one cent to $22.95 a share in afternoon trading.