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Boart Longyear has shocked the market by sacking its CEO a month after it announced a record half year profit.

Revenue for \"the world's leading supplier of drilling services, drilling equipment and performance tooling to mining and drilling companies\" was down 0.4pc to $2.01bn from $2.02bn. \"In all, management has removed $US70m from the business, equivalent to 20pc of the global overhead, and this will support improved margins in 2013,\" Mr [David McLemore] said. \"We remain alert to an uptick in activity and with a leaner cost base, the company is positioned to respond rapidly and profitably to meet new demand as and when it emerges,\" Mr McLemore said.

SYDNEY, Feb 18 AAP - Drilling company Boart Longyear has appointed Richard O'Brien, the outgoing boss of gold producer Newmont Mining, as its new chief executive. Boart said Mr O'Brien was expected to start in the top job on April 1, replacing Craig Kipp who was sacked last October after four years at the company's helm. Mr O'Brien said he looked forward to \"building upon the company's remarkable heritage and innovative spirit to deliver increased value to Boart Longyear's customers and shareholders\".

PERTH, Feb 18 AAP - Boart Longyear has found a new chief executive and chairman, but fears last year's revenue downturn will continue as clients turn the screws on contract negotiations in 2013. \"It's not 50 per cent, it's not a big number, but it's slower.\" Mr [David McLemore] said Mr O'Brien knew Boart's customer base well and would be effective in negotiating.

Revenue for \"the world's leading supplier of drilling services, drilling equipment and performance tooling to mining and drilling companies\" was down 0.4pc to $2.01bn from $2.02bn. \"In all, management has removed $US70m from the business, equivalent to 20pc of the global overhead, and this will support improved margins in 2013,\" Mr [David McLemore] said. \"We remain alert to an uptick in activity and with a leaner cost base, the company is positioned to respond rapidly and profitably to meet new demand as and when it emerges,\" Mr McLemore said.

Sydney - Monday - November 19: (RWE Australian Business News) - Boart Longyear Ltd (ASX:BLY) today warned that while 2012 revenue was expected to be around $US2.0bn, in line with revised guidance issued in August, EBITDA was now expected to be in the range of $US310-320m, largely due to expected margins not being achieved, a significant cause being the lag impact of implemented workforce reductions. \"Revenues are broadly consistent with expectations but margins in Drilling Services have been impacted due to timing of cost take-outs associated with headcount reductions.\" Mr [David McLemore] said, \"While still subject to full review and audit, our preliminary work on potential impairments indicates a post-tax, non-cash charge of approximately $50m, which will be taken as part of the year-end close.\"

Sydney - Monday - November 19: (RWE Australian Business News) - Boart Longyear Ltd (ASX:BLY) today warned that while 2012 revenue was expected to be around $US2.0bn, in line with revised guidance issued in August, EBITDA was now expected to be in the range of $US310-320m, largely due to expected margins not being achieved, a significant cause being the lag impact of implemented workforce reductions. \"Revenues are broadly consistent with expectations but margins in Drilling Services have been impacted due to timing of cost take-outs associated with headcount reductions.\" Mr [David McLemore] said, \"While still subject to full review and audit, our preliminary work on potential impairments indicates a post-tax, non-cash charge of approximately $50m, which will be taken as part of the year-end close.\"

Boart's director of corporate communications Monika Portman said the board's decision to let Mr [Kipp] go was mostly related to the share price. \"Unfortunately we just haven't seen the share price reflect that and at the end of the day when you are a public company you have got to deliver to the shareholders and the board just felt like that wasn't getting done.\" \"Management have been quoted recently in some broker research saying they've been told by their clients (resources companies) to prepare for 2013 as if it's 2012,\" he told AAP.

\"The only reason they are going to close these to begin with is to protect the people on Eglin Air Force Base, and we're talking about the people and the mission and national defense reasons,\" [David McLemore] said. \"There's no other reason that you would ever close this down.\" \"It is not viewed to tell people you can't come here to fish or you can't come here and boat or you can't come here and kayak and canoe,\" he said. \"The intent of that is so we can validate who is next to our coastline.\"

DESTIN The $120,000 response boat is fast and has mounts for machine guns. Its in Coast Guards Station Destins four-vessel fleet because its mission expanded after terrorists in hijacked airliners killed more than 2,000 people in New York and at the Pentagon on Sept. 11, 2001. Station Destin seamen have four fuel depots in their jurisdiction and several bridges. [Scott Blackketter] said boarding a recreational boat is far more likely if its tied to a bridge piling. The West Gate and the duplicate East Gate now under construction are designed to shut off the base quickly from external threats, [David McLemore] said. Fences have been erected around the main base perimeter and all commercial delivery trucks go through a special gate where they can be searched without backing up normal traffic.