The company engaged Rothschild & Co as advisor to help it evaluate potential options in anticipation of the maturation of debt in 2022, including refinancing or recapitalisation.
Boart's net debt at September 30 stood at US$823 million.
"It is important for the company to start exploring all available options to address its future debt maturities and set us up to take advantage of future growth opportunities," Boart CEO Jeff Olsen said.
"There are clear signs that the mining and metals market is seeing increased activity as demonstrated through recent investments in our sector with major mining houses signalling increased exploration spend.
"We are also seeing intermediate and junior miners accessing capital through significant equity raisings allowing them to get out and explore for tomorrow's resources."
Boart's revenue for the first nine months of 2020 was $481 million, down $97 million, while adjusted EBITDA fell 48% to $45 million.
Shares in Boart jumped 72.5% to A$1.19 today, an 11-month high, pushing the company's value through $100 million. The stock started 2021 at 43c.