Precision Drilling Corp. third-quarter profits dropped by more than half as customers with Canada's biggest oil and gas services company tightened their spending. The Calgary-based company, which operates drilling rigs throughout Canada and the U.S., said its net income fell to $39 million or 14 cents per share, down from $83 million or 29 cents per share in the third quarter of 2011. Precision Drilling's revenue fell to $484.8 million from $492.9 million a year earlier.
