Shares in Boart Longyear have fallen more than eight per cent after the drilling company slumped to a full year net loss of $US620 million.
Boart Longyear said 2013 had been a challenging year, with falling commodities prices and increased political and economic risk for mining activity.
The company predicts key commodity prices will remain weak after posting a full year net loss of $US620 million in 2013, down from $US68 million in 2012.
Revenue was $US1.22 billion, down 39 per cent, from $US2.01 billion.
The company has not issued guidance for fiscal 2014 revenue, but said it expects primary factors driving its revenue, such as rig utilisation rates and product sales volumes to remain consistent with fourth quarter levels.
“We will continue to focus on our current priorities of debt reduction, safety and compliance and serving our customers’ needs,” chief executive Richard O’Brien said.
“We also will continue to pursue improvements to our capital structure as necessary.”
Profitability would be influenced by price, productivity and management’s ability to further control costs, the company said.
Boart Longyear has initiated a strategic review to ensure “all options are considered” to position the business to capitalise on future opportunities.
Boart Longyear has been hit by $US461 million of restructuring costs and impairments after cutting 3481 jobs during 2013.
The company did not declare a full year dividend.