Boart Longyear wireline core retrieval system, an innovation that revolutionized the diamond drilling industry by increasing productivity on the worksite and making tripping core from the bottom of the hole safer for the drilling assistant. Later named the Q Wireline System, the new core retrieval method introduced a level of productivity never before seen in the exploration drilling industry. In 1964 Longyear sold 25 percent of its family-owned stock to FACTS, a Luxembourg-based holding company owned jointly by Boart International and Christensen Diamond Products Company. Three years later FACTS exercised its option to purchase another 25 percent of Longyear's family stock. The
Boart Longyear new technology to the industry, drilling products include a heli-portable surface drill with integrated rod handling, patented surface set bit technology and patented spearpoint design for the corebarrel head assembly. In 2011, Boart Longyear reached record revenue of $2 billion. In late 2012, CEO Craig Kipp resigned amidst slowdowns in mineral business and capital expenditure revisions, leading market to believe further deterioration of Boart's revenue is expected. Boart Longyear chairman David McLemore stepped in as acting CEO. Longtime Chief Financial Officer, Joseph Ragan, has recently resigned as well. adding to the deep changes at Boart's leadership level in recent months.