World’s largest drilling services firm Boart Longyear posts full-year net loss of 620 mln USD

World’s largest drilling services firm Boart Longyear posts full-year net loss of 620 mln USD

Feb. 24 (Xinhua) — Boart Longyear, the world’s largest drilling services company, on Monday posted a net loss of 620 million U.S. dollars for the full year ended December 31, 2013, down from a 68 million U.S. dollar net profit in 2012.

The company said the result was hit by 461 million U.S. dollars of restructuring costs and impairments after cutting nearly 3,500 jobs in the past year.

Boart Longyear’s revenue was 1.22 billion U.S. dollars in 2013, compared to 2.01 billion U.S. dollars in 2012.

The company’s Chief Executive Officer Richard O’Brien said 2013 was a difficult year for Boart Longyear and the company had taken decisive and aggressive action to confront the challenges.

“To that end, we have initiated a strategic review to ensure all options are considered carefully and completely, not only to meet today’s needs but to position the business to capitalize on future opportunities,” O’Brien said in a statement.

Shares in Boart Longyear at the Australian share market fell more than 11 percent to 37.7 AU cents at 2:49 (Sydney time) on Monday.

On Monday, Boart Longyear also announced that former deputy chairman of the Australian Securities and Investments Commission Peter Day would join its board of directors.

The company did not declare a dividend for the period ended Dec. 31, 2013. “The board will continue to evaluate the company’s financial position and key performance indicators on a regular basis and intends to resume payment of dividends when conditions allow,”the company said in the statement.


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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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