In an effort to cut costs, drilling company Boart Longyear Limited
(ASX:BLY) will move its Perth operations to an existing facility in Poland.
The company also cut its earnings forecast as margins were not bouncing back quick enough, due to delays in staff reductions.
Boart Longyear revised its full year EBITDA to be in the range of $US310 to $US320 million, down from up to $US390 million.
The relocation initiative is expected to cost up to $US20 million, the company offered no insights on the number of jobs that will be lost.
In the first half of the 2012 financial year, Boart Longyear generated a net profit of $95.9 million.
