Boart Longyear Limited
(ASX:BLY) says demand in drilling services seems to have stabilised and third quarter results are showing slight volumes and earnings uplift.
Revenues showed 7 per cent increase on the second quarter with an increase in the quarterly average of operating rigs.
Adjusted earnings were still down on the same period last year coming it at $US15.9 million compared to $US19 million in Q3 2013.
Previously announced cost efficiency measures are on track to achieve reductions of $58 million and the outlook for the rest of 2014 is flat. Excess global supply of rigs mean the company will remain focused on productivity gains and minimizing expenses.
Boart Longyear reported a net loss of $151.6 million for the half year ended 30th June 2014.
