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Best results in nine years for Boart Longyear

Thursday, August 25th, 2022

Boart Longyear has recorded its strongest first-half results since 2013, with revenue increasing by 18 per cent to $US528 million.

The world’s leading provider of drilling services experienced dynamic price and volume increases during the period from vigorous customer demand, mainly in the US, Canada, and Latin America.

Products saw solid price and volume growth, particularly with performance tooling and capital equipment. The company reported that while the impacts of COVID on a global scale decreased, risks of operational interruptions remain in some regions.

Boart Longyear chief executive Jeff Olsen said the company’s Drilling Services saw robust revenue growth during the first half, with improved EBITDA resulting from price and volume growth, and productivity initiatives implemented in 2021.

“A new pricing program benefitted the Products division’s revenue expansion while increased manufacturing costs and input price inflation impacted EBITDA. The supply chain environment remains challenging, yet we continue to proactively navigate it and meet our client commitments,” he said.

He said the company’s Geological Data Services (GDS) roll-out of the newest product, TruGyro, progressed during the first half, while the team’s TruScan business development efforts were gaining traction with several new sites starting in Q3 and some clients requesting multiple units.

“We remain focused on positioning the business for future growth by investing $28m in our operations during the first half. Each day, we are demonstrating to our customers the benefits of our differentiated offerings of best-in-class Drilling Services, Products and our GDS technology platform,” he said.

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