DUG signs multi-year energy deal

High-performance computing company DUG Technology and Norwegian energy giant Equinor have signed a multi-year deal covering seismic processing and imaging technology.

DUG is a technology company at the forefront of high-performance computing with a strong foundation in applied physics with innovative hardware and software solutions for the global technology and resource sectors, which enables clients to leverage large and complex datasets.

Under the deal, Equinor has replaced existing third-party technology with an integrated solution using DUG's McCloud and Insight geoscience software.

DUG managing director Matthew Lamont said the team at Equinor had thoroughly evaluated every aspect of the McCloud platform.

“We demonstrated that the ease of use, effectiveness and productivity of DUG Insight within the McCloud environment have the potential to provide short and long-term benefits, not to mention saving considerable money along the way,” Dr Lamont said.

He said DUG had developed an advanced cooling method, which reduced energy use and increased the life and efficiency of its hardware.

“The patented cooling system enables us to operate some of the greenest supercomputers in the world and we’re looking forward to offer this technology to Equinor,” Dr Lamont said.

However, DUG has experienced a 9 per cent drop in its market cap since listing on the ASX earlier this month.

Its shares closed down 2.2 per cent today to trade at $1.32.