Boart Longyear posts full-year net loss of $620m

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.