Boart Longyear (BLY) has posted a steep 47% decline in first-quarter revenue as subdued global exploration appetite continues to weigh on drilling services.
Revenue came to $US197.4 million, significantly lower than $370.2m in the previous corresponding quarter.
In the period, earnings before interest, taxation, depreciation, amortisation (EBITDA) swung to negative $US1.9m from a positive $US34.6m in the first quarter of 2013.
"Although global exploration activity remains generally subdued, drilling at production-focused projects remains active; our underground coring and percussive rig fleets and water services fleet are at, or approaching, functionally full utilization," the group said.
"In addition, our diversified fleet and versatile crews have allowed us to pursue several significant non-mining related drilling projects in the municipal, agricultural, and energy sectors."
As previously announced, Boart said it had retained Goldman Sachs as its financial advisor to assist it with a review of capital options.