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Itera Regulatory Filings 2011

Jan 5, 2011

3639_rns_2011-01-05_6b5db3e4-092a-4174-ab93-746428dcac0f.html

Regulatory Filings

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The insurance company Skuld and Itera Networks enters into 5-year IT-operating contract

Oslo, 5 January 2011: SKULD has signed an IT

outsourcing contract with the Itera company Itera

Networks. The value of the agreement is more than

MNOK 25, and covers operation services and delivery

of IT services for SKULDs organization worldwide.

Itera Networks will ensure SKULDs knowledge workers

modern, stable and reliable IT services. The solution

scales in line with SKULDs need for new IT services.

"We have been looking for an IT partner who

demonstrates practical cooperation abilities, who has

relevant expertise and understanding of our type of

business, and who has a focus on quality. SKULD is a

leader in an industry with a global scope, and we

require IT operations delivered with customer

intimacy worldwide. We have chosen Itera, who will

deliver a modern, scalable and cost-effective IT

solution ", says Ståle Hansen, CFO at Skuld.

In addition to the agreement with SKULD, Itera

Networks has signed a series of long-term contracts

during the last year, and is has experienced a 15 %

growth. The company feels that their concept of

interaction in close cooperation with the customers,

smart use of technology and integration knowledge is

decisive.

"We are proud to add SKULD to our customer portfolio.

We get to utilize our leading expertise in security,

pro-active operation, integration and smart use of

technology. We look forward to taking responsibility

across borders, and to contributing to realization of

SKULDs business ambitions," says Jon Erik Høgberg,

CEO of Itera Networks.

For more information:

SKULD

Ståle Hansen,

CFO

+47 952 92 384

[email protected]

Sjur Dahl,

IT Director

+47 952 92 334

[email protected]

ITERA

Arne Mjøs,

CEO Itera ASA

+47 905 23 172

[email protected]

Jon Erik Høgberg,

CEO Itera Networks

+47 900 9 6974

[email protected]

About SKULD

SKULD is one of the world's leading marine insurance

companies with over 180 employees worldwide. SKULD

provides liability insurance to shipowners and

charterers. SKULD is headquartered in Oslo and has

offices in Aberdeen, Bergen, Hamburg, Hong Kong,

Copenhagen, London, Moscow, New York and Piraeus.

SKULD is in a strong financial position with an

average premium growth of 11% over the past five

years. Premium income in 2010 is estimated to USD 270

million. Corporate language is English. For more

information: www.skuld.com.

About Itera

Itera designs, builds and manages innovative digital

solutions and services to Nordic based businesses

where smart use of information technology is a key

driver to achieve business goals. The group will be

the best supplier in driving rapid conversion of

business opportunities for our customers. Itera's

customers are strong Scandinavian businesses such as

bank and insurance, telecom, media and high-tech,

public sector and health. Itera consists of about 400

employees working in offices in Norway, Sweden,

Denmark and Ukraine. The company is listed on the

Oslo Stock Exchange under the ticker symbol ITE.

About Itera Networks

Itera Networks, an Itera company, provides services

in consulting, infrastructure and IT operations to a

wide range of businesses based in Norway and Sweden.

The company has approximately 100 employees and has

had a solid double-digit profitable growth for five

years in a row. Through the Nordic operations

organization and service desk, services are available

to businesses regardless of geography.