“I am pleased to have Jeff join Boart Longyear. His strong financial background and knowledge and understanding of the resources and mining industries, including his global experience in a broad range of senior financial and commercial roles with Rio Tinto, are a good fit for our Company and for our current priorities to improve our balance sheet and focus on shareholder returns,” states Boart Longyear President and CEO, Richard O’Brien. “The Board and I also would like to thank Jay Clement for the leadership and judgment he has provided as Acting CFO during a very challenging period. He has been indispensable to me since I joined the Company and will continue to be so.”

Mr Olsen has served as Chief Commercial Officer for Rio Tinto’s Iron & Titanium business since 2010. Prior to that time, he was Chief Financial Officer for Rio Tinto’s Borax and Minerals divisions for approximately eight years and held other financial roles at Rio Tinto for another six years earlier in his career. Mr Olsen’s experience also includes financial roles at General Chemical Corporation and Xerox Corporation in the United States.

“Boart Longyear has a strong brand and a long history of success,” states Mr Olsen. “I look forward to joining their strong management team and to helping the company deliver results for its customers and shareholders.”

Mr Olsen holds a Bachelor’s of Arts from the University of Utah and a Masters of Business from the Simon School of Business at the University of Rochester.