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08/20/13 - A$0.62
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boart longyear ltd (BLY) Details

Boart Longyear Limited provides drilling services, drilling equipment, and performance tooling for mining and mineral drilling companies worldwide. The company operates through two divisions, Global Drilling Services and Global Products. The Global Drilling Services division provides a range of services, including surface and underground diamond coring, and underground percussive drilling, surface rotary drilling, surface geotechnical drilling, sonic drilling, and surface and underground reverse circulation drilling, as well as offers earth and rock core samples for analysis purposes and holes for the installation of gas well casings. This division provides drilling services for the exploration and development of gold, copper, nickel, zinc, uranium, oil sands, oil shale, coal, coal bed methane, and other metals and minerals. As of December 31, 2013, it had 951 drilling rigs and provided contract drilling services in approximately 35 countries. The Global Products division designs, manufactures, and sells drilling equipment, performance tooling, and aftermarket parts and services. It offers diamond drill bits, drill rods, wireline core extraction systems, drilling rigs, and other products used in mineral exploration, mine development, mine production, and environmental and infrastructure drilling. This division primarily sells its products to drilling services contractors in approximately 100 countries. The company is also involved in drill rigs rental services. Boart Longyear Limited is headquartered in South Jordan, Utah.

5,248 Employees
Last Reported Date: 02/23/14

boart longyear ltd (BLY) Top Compensated Officers

Chief Executive Officer, President and Execut...
Total Annual Compensation: $859.5K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $505.7K
Senior Vice President of Global Drilling Serv...
Total Annual Compensation: $484.6K
Senior Vice President of Global Products & Su...
Total Annual Compensation: $398.9K
Senior Vice President of Human Resources
Total Annual Compensation: $392.3K
Compensation as of Fiscal Year 2013.

boart longyear ltd (BLY) Key Developments

Boart Longyear Limited Announces Amendment to Revolving Credit Facility

Boart Longyear Limited announced that it has amended the terms of its revolving credit facility to provide additional flexibility around covenants. The amendment to the credit facility's financial covenants, which was unanimously supported by the bank group, reduces the minimum last-twelve-months EBITDA covenant to $35 million through the March 2015 covenant compliance testing date and increases maximum permitted gross debt to $715 million at the September 30, 2014 testing date. The credit agreement's financial covenants otherwise remain as reported in the company's 24 February 2014 disclosure concerning the prior amendment to the credit agreement. The company notes that the credit facility's pricing for drawn and undrawn amounts and July 2016 maturity date remain unchanged from existing terms. Available lending commitments also are unchanged at $140 million, although the banks' commitment may reduce to $120 million in the event the company's Canadian tax assessments for the 2007-09 tax years were to be overturned.

Boart Longyear Limited Announces Unaudited Earnings Results for the Second Quarter and First Half Ended June 30, 2014

Boart Longyear Limited announced unaudited earnings results for the second quarter and first half ended June 30, 2014. For the quarter, the company's revenue was $224.1 million compared with $348.7 million a year ago. Adjusted EBITDA was $14.1 million compared with $40.1 million a year ago. Net cash flows used by operating activities were $8.6 million compared with net cash flows provided by operating activities of $17.8 million a year ago. For the half year, the company's revenue was $421.5 million compared with $718.9 million a year ago. Adjusted EBITDA was $17.9 million compared with $80.4 million a year ago. Net cash flows used by operating activities were $14.9 million compared with $28.8 million a year ago. As on June 30, 2014, the company's net debt was $556.0 million.

Boart Longyear Still Considering Strategic Review

Boart Longyear Limited (ASX:BLY) responded to an ASX share price query stating that the recent trading in its securities may be due to speculation in the Australian media. Boart Longyear denied the speculations that the strategic review has been unsuccessful in identifying options to recapitalize Boart Longyear or refinance its debt and as such, that Boart Longyear is headed into administration. Boart Longyear continues to engage in the strategic review with a number of third parties on a range of potential proposals.


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