Nabors Industries Ltd’s profits rose more than doubled during the first quarter of 2011 - but the company expects to do even better in the next quarter according to its chairman and CEO.The Bermuda-based drilling firm reported net income of $82.2 million for the first quarter versus $39.1 million for the same period in 2010 and adjusted income derived from operating activities of $191 million compared to $142 million respectively.Net income from continuing operations was $84.3 million, or 29 cents per share, versus $43.5 million, or 16 cents per share, in the first quarter of last year.Operating revenues and earnings from unconsolidated affiliates for the quarter totalled $1.4 billion compared to $899 million in the same period in 2010. Income from continuing operations reflects an effective tax rate of 31 percent, significantly higher than the 24 percent rate in the company’s combined continuing and discontinued operations.Gene Isenberg, Nabors’ chairman and CEO, said: “Our first quarter operating results obscure the fact that virtually all of our businesses are experiencing significantly improving outlooks that will be more fully reflected in our results during the second half of the year. The first half will be negatively affected by the previously disclosed $90 million decrease in International income from the repricing of three jack-ups and scheduled downtime for multiple rigs.“First quarter results reflect a portion of that element, along with another $24 million (six cents per share) in unusual costs and lost income, comprised of cost increases and weather-related delays in our pressure pumping and US well-servicing businesses, top drive delivery deferrals due to supply chain interruptions in Canrig, and some interruptions in three international venues.“Our second quarter will again reflect the aforementioned International items and will also be subject to the customary seasonal loss in Canada. Nonetheless, all indications point to a second half characterised by significantly improving results across all of our units other than US offshore and Alaska, and improving visibility indicates a resumption of growth in these two units longer-term.”