The US-based company also refined its full year revenue guidance to the top end of its range, citing its strong client base.
Net profit for the six months ended June 30 was $US111.74 million ($A130.55 million), up 545 per cent from $US17.35 million ($A20.27 million) in the previous corresponding period.
The improvement reflected strong growth across the business and lower post-initial public offer (IPO) costs. Boart listed on the Australian Securities Exchange in April 2007 after a $2.35 billion float.
Revenue grew 31.4 per cent to $US985.22 million ($A1.15 billion) in the half year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 57.5 per cent to $US223 million ($A260.55 million).
In May, Boart forecast annual revenue growth between 20 per cent and 25 per cent, but this was improved on Tuesday to 25 per cent. It also expects its EBITDA margin to be sustained at 22 per cent.
The company, which operates in about 30 countries, said widespread financial market turmoil had not lessened exploration activity in the mining sector.
"Boart Longyear's 2008 first half results reflect continued strong growth from both our drilling services and products divisions due to ongoing high demand, particularly in mineral exploration," chief executive-designate, president and chief operating officer Craig Kipp said.
"Boart Longyear has seen little impact on demand despite uncertainties in global financial markets."
The company's rig orders, a key indicator of the state of its market, were 40 per cent higher in the six months to June 30 than at the same time last year.
"Our products business has the strongest backlog we have seen and, on our mineral exploration side, which is the 1,200 rigs that we have around the world, we continue to see very high utilisation," Kipp said.
"We don't have any rigs sitting (idle).
"We're very vigilant and looking (for more work).
"We hear that demand is going down in China, but so far, for the first half of the year, we remain very busy.
"We expect demand to continue to be strong in the second half.
"While we see some regional differences ... around the globe, we are not seeing any downturn in demand for our products or services in the minerals industry."
Managing director Paul Brunner said the company, which bought several smaller drilling firms in 2007, had a robust pipeline of further acquisition opportunities.
"I say a little bit broadly that we're looking all over the world," Brunner said.
"We're trying to improve our footprint, our market position in established and long term markets.
"Australia is part of that and very important.
"We're talking to a large number of people and are going to grow through acquisition."
While Boart Longyear's main markets are the US, Canada and Australia, the driller wants greater market shares in Africa and South America, where mineral exploration is intense.
Boart declared an interim dividend of 2.3 cents.
