A sealant applicator for applying a thin film donut like ring of sealant in and around the top of a rivet hole prior to the installation of a rivet and immediately after the rivet hole has been drilled. The applicator is characterized by having an air operated probe assembly which is held in a retracted position with the center line of the probe displaced from the center line of the rivet hole while the hole is being drilled. Upon the completion of the drilled hole the probe assembly is immediately moved into alignment with the center line of the hole and lowered onto the work piece and a premeasured amount of sealant is uniformly applied to the top of the hole prior to the assembly being retracted and the rivet installed.