One of Australia’s largest drilling companies Ausdrill is reviewing its full year financial outlook as it encounters weaker than expected market conditions.

Shares in Ausdrill were halted from trade on Tuesday as the company prepared to update investors on its outlook for the 2013/14 financial year.

The company said it was reviewing its “current operating performance and ongoing challenging market conditions, which are weaker than expected”.

Details from the review are expected to be released before share trading begins on Thursday.

In April Ausdrill downgraded its earnings forecast for the 2012/13 financial year due to weaker commodities prices.

It made a net profit of $90.4 million in the year to June 2013, down 19 per cent from the previous year, due to one-off expenses and tax regimes in Mali and Tanzania.

But in August Ausdrill gave an upbeat assessment of its prospects despite a downturn in mining sector investment, predicting it would weather the downturn and secure new work.

Ausdrill provides services including drill and blast, exploration, procurement and logistics in Australia, the United Kingdom and Africa.

Several other mining services companies have downgraded earnings forecasts this year, including WorleyParsons.