DUG Technology wins US$33.7M computing award
Key points
- DUG Technology secured a four-year software and computing deal worth US$33.7 million with a national oil company.
- The agreement brings in approximately US$8.4 million annually, lifting the company's share price by 13.4%.
- The contract expands the commercial adoption of the company's proprietary DUG Insight processing and imaging software.
DUG Technology (ASX:DUG) signed a four-year software and high-performance computing contract valued at US$33.7 million with a national oil company.
The award delivers approximately US$8.4 million per year, providing a multi-year baseline for the business compared to shorter historical project cycles.
Under the agreement, the business will supply hosted high-performance computing infrastructure alongside access to its DUG Insight seismic processing toolkit.
Following the announcement, the DUG Technology share price was up at $1.66.
The technology group specializes in delivering analytical software, cloud-based high-performance computing, and subsurface imaging services to global energy companies.
The company stated that the necessary computing hardware is already installed and operational to permit immediate client work.
