Boart Longyear CEO Richard O’Brien to exit as losses widen Boart...

Boart Longyear CEO Richard O’Brien to exit as losses widen

Boart Longyear CEO Richard O'Brien is leaving after two years at the helm. Source: News Corp Australia
Boart Longyear, the world’s biggest supplier of drilling rigs to the mining industry, said its chief executive is stepping down after more than two years at the helm, amid widening losses.
Boart (BLY) said CEO Richard O’Brien would depart at a date to be fixed later, with chairman Marcus Randolph to take on executive duties on a temporary basis.
The company pledged to look inside the company and externally for a permanent successor to Mr O’Brien, but said the reshuffle didn’t signal a big change in strategy.
The leadership change was announced as Boart said its net loss widened to $US152.3 million in the six months through June, from $US142.8 million a year earlier.
Customers in the mining industry are continuing to conserve cash rather than spend on exploring for new minerals, especially iron ore.
However, an 8 per cent fall in revenue during the period was largely a result of unfavourable currency swings tied to the strengthening US dollar.
“We are seeing some stabilisation in activity levels and are realising the benefits of our aggressive cost actions and strategies to streamline and improve productivity in our core operations,” Mr. O’Brien said in a statement.