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Cray shares rise as it lands US$36mln contract for severe weather system

Deliveries are expected to start in 2016 and it is a multiple year contract.
Cray shares rise as it lands US$36mln contract for severe weather system
It will help improve the prediction of severe weather events

Shares in supercomputer group Cray (NASDAQ:CRAY) rose by around 10% after it landed a US$36mln contract to upgrade systems at the European Centre for Medium-Range Weather Forecasts (ECMWF).

Cray told investors it was a multiple year contract, and system deliveries are expected to start in 2016.

"We are very pleased that ECMWF has made the decision to upgrade its Cray systems, which will provide the organization's researchers and scientists with even more powerful, computational tools for advancing global numerical weather prediction," said Catalin Morosanu, Cray vice president of EMEA sales.

Erland Källén, ECMWF director of research, said the upgrade would allow the group to develop improve the prediction of severe weather events up to about two ahead of time.

ECMWF, based in Reading, England, is an independent, intergovernmental organization that specialises in global weather prediction.

Cray shares climbed US$3.47, 10.49%, to trade at US$36.54.

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March 15 2018

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