EBITDA tumbled by nearly 70 per cent from its peak of $US356million. Such is life in the drilling services business and a key reason the big miners are happy to outsource their drilling operations to third parties. Their impressive margins and profits in the good times turn on a dime. More than any drilling services business, during the upturn in the cycle, Boart put its foot to the floor, accelerating both capital expenditure and inventory to fill demand – particularly during the biggest mining boom in history, the China super cycle.