Boart Longyear has posted a decrease of -15% in its revenues for 2015 of US$ 735 million (AUS$ 1.03 billion).

The drilling equipment and services company said that 2015 had been a difficult year, while a negative movement in foreign currency proved unfavourable.

That said, the company did record a +2% increase in its profits to $ 326 million (AUS$ 455.9 million), although its earnings before interest, taxes, depreciation and amortization fell -40% to $115 million (AUS$ 160.8 million).

In the company’s global drilling services division, revenue was down -17% to $ 528 million (AUS$ 738.5 million), while its global products division saw a decrease of -10% in its revenues to $ 207 million (AUS$ 289.5 million).

Marcus Randolph, executive chairman, said, “Comparing the second half of 2015 to the second half of 2014, revenues were down $ 97 million (AUS$ 135.6 million) while cash from operations was up $ 27 million (AUS$ 37.7 million).

“Key drivers to this improvement were careful cost control as well as a significant improvement in drilling productivity since we started attacking drilling performance in August 2015. We expect to continue to see gains in both of these areas going forward.”

Randolph also said that the company’s cost-cutting methods were working, and hoped to see a recovery in 2016.

Meanwhile, Jeff Olsen has been named as the new president and CEO of Boart Longyear. He will also join the board of directors.

Olsen has served as the company’s chief financial officer since joining the company in April 2015.

Former president and CEO Richard O’Brien quit his role in August 2015 after disappointing half year results, which saw revenues down -8.1%.

At the time of O’Brien’s departure, Randolph assumed a bigger role in the company, and announced it was on the lookout for a new president and CEO.

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