German Daldrup & Söhne AG announces orders of up to US$108million

Alexander Richter 18 Jan 2010

German geothermal drilling company Daldrup & Söhne AG has orders of more than US$108 million in its books for geothermal projects in Germany and neighboring countries.

German geothermal drilling company Daldrup & Söhne AG, listed on the Frankfurt Stock Exchange is starting – according to its own release – “dynamically into the new year. Currently the company is working on contracts of around EUR 30 million (US$43 million), with additional orders in the books of over EUR 45 million (US$65million). So the overall orders at the end of year 2009 is EUR 75 million (US$108 million), which compares to a year end order status at the end of 2008 of EUR50 million.

The geothermal activities of the company are the predominant part of the business with more than 90% of all order volumes of the company. Customers are primarily industrial players, utilities and municipalities either in Germany or neighboring countries. One of those project is the geothermal project Sonnengarten in Zurich, Switzerland.

For the year 2010, the company expects its three modern deep drilling rigs to be working all year. As the company increased its deep drilling capacity in 2009, it is to be expected that both revenues and profits will grow in 2010. Both the strong order pipeline, as well as consistent further order requests are guaranteeing a high utilization of its drilling rigs beyond the year 2010.

The company is to release the year end report and further details for the past business year in May of 2010.

Source: Company announcement (pdf in German)