Boart Longyear : Rating Actions – S&P Global

21 December 2016

Boart Longyear Limited (ASX:BLY) - Boart Longyear reports that S&P Global, as part of a broader review of non-investment grade issues, has reviewed the Company's debt ratings and is taking the following rating actions:

• Corporate credit rating remains at "CCC+"

• Rating outlook remains at "Stable"

• Lowering ratings on senior secured notes and senior unsecured notes to "B-" and "CCC", respectively

• Lowering recovery ratings on senior secured notes and senior unsecured notes to "2" and "5", respectively

Boart Longyear is a leading global supplier of drilling services, drilling equipment and performance tooling. It also has a substantial presence in aftermarket parts and service, energy, mine dewatering, oil sands exploration, and production drilling.

The Global Drilling Services division operates in 30 countries for a diverse mining customer base spanning a wide range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. The Global Products division designs, manufactures and sells drilling equipment, performance tooling, and aftermarket parts and services to customers in over 100 countries.

Boart Longyear is headquartered in Salt Lake City, Utah, USA, and listed on the Australian Securities Exchange in Sydney, Australia. More information about Boart Longyear can be found at www.boartlongyear.com. To get Boart Longyear news direct, visit http://www.boartlongyear.com/rssfeed.

Director, Investor Relations Australia: +61 8 8375 8300

USA: +1 801 952 8343

ir@boartlongyear.com

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