Daldrup & Soehne's EUR-80m order book covers period through Q1 2014

Dec 3, 2012 - German geothermal drilling company Daldrup & Soehne AG (ETR:4DS) said on Friday its order backlog amounts to EUR 80 million (USD 104.3m) and covers the period until the end of the first quarter of 2014.

The company expects to receive the final drilling permit for its geothermal power plant project in the Upper Rhine Plain in Neuried, near Offenburg, Baden-Wuerttemberg, before the end of 2012. The project has already been insured for exploration risk. The Neuried power plant is to have annual installed thermal capacity of 32 MW and electrical capacity of some 3.8 MW. The installation of the drilling equipment at the site is expected to begin in the spring of 2013.

Daldrup & Soehne also added it won an order for the expansion of the Winjnen project in Grubbenvorst near Venlo via a third production well. This is expected to happen before year-end.

What is more, the work on the Taufkirchen power plant project in Germany is progressing as scheduled -- the site is currently being prepared for the construction. The GeoEnergie Taufkirchen project company is currently in talks with banks over future financing of the facility, which is expected to be completed in the spring 2013. Through its 75.01% subsidiary Geysir Europe, Daldrup holds a 45% stake in the project.

(EUR 1.0 = USD 1.304)

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