Embattled Boart Longyear says a recovery in demand for its drilling services could be more than a year away, as it secured the final piece of a $US342 million bailout plan.
Investors overwhelmingly supported the final $US84 million equity piece of Boart Longyear's massive private equity recapitalisation package at a special meeting on Wednesday.
"This provides the company with the capability to make it through what will continue to be a challenging market for 2015, maybe into 2016," chief executive Richard O'Brien told AAP.
The company may experience a further fall in the use of its drilling rigs as gold and copper exploration continues to dry up, he said.
"There's a possibility that we could, if we see gold prices fall significantly," Mr O'Brien said.
Boart Longyear has 60 per cent of its business in gold and copper exploration.
A global recovery could come as late as 2016, with copper, nickel and other infrastructure-related metals suffering amid reduced demand in China, Mr O'Brien said.
And he predicted a "gentle upslope" in recovery, rather than a v-shaped recovery.
"We don't need a v-shaped recovery, we just need a recovery," he said.
The world's biggest drilling services company expects to achieve $US30 million in earnings in calendar 2014, below the range of $US34 million to $US48 million previously expected by analysts.
It has been hit hard by the sharp downturn in the mining services sector, leaving it struggling to cope with more than $US500 million in debt.
Mr O'Brien said the completion of the recapitalisation plan from Centerbridge Partners would reduce net debt to $US450 million.
The company plans to make its first debt repayment of $US300 million in 2018, followed by a $US120 million payment in 2020 and a $US285 million payment in 2021.
The company's shares dropped two cents to 16 cents, down from more than 30 cents a year ago and $1.45 in December 2012.
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