( BW)(CT-GENERAL-ELECTRIC)(GE) GE and ANZ Investment Bank Arrange
US$120 Million Debt Facility for Sevan Marine's Innovative, High Tech
Floating Oil Production, Storage, Offloading Unit to Be Chartered To
Petrobras

    Business Editors/Energy Editors
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    TANAGER, Norway and STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 13,
2005--Three GE financial businesses and ANZ, acting as joint Mandated
Lead Arrangers, and Sevan Production AS, announced the signing of a
US$120 million senior debt project finance facility for Sevan's first
floating oil production, storage and offloading (FPSO).
    The SSP Piranema will be deployed offshore Brazil under an 11-year
charter with Petrobras. The innovative, cylindrical shaped FPSO is
designed for all sea environments and will produce light crude for
Petrobras. The SSP Piranema will be equipped with a processing plant
capacity of 30,000 barrels of oil per day, a gas injection plant with
compression capacity of 3.6 million cubic meters per day and an oil
storage capacity of 300,000 barrels. The SSP Piranema is under
construction at the Yantai Raffles shipyard in China. Once completed
in mid-2006, it will be deployed in the Piranema field, in deep water
ranging from 1,000 to 1,600 meters.
    The debt facility is structured as a limited recourse financing
containing a pre-completion construction financing that converts into
a ten-year amortizing term loan following delivery of the SSP Piranema
to Petrobras. This facility also is expected to refinance the
outstanding portion of Sevan's March 2005 NOK bond issue, once it
matures in March 2008.
    "We are very pleased to enter into this loan agreement, which
provides Sevan with financial flexibility during the construction and
operating phases of the SSP Piranema," said Jan Erik Tveteraas, CEO of
Sevan Marine ASA.
    "This transaction demonstrates our growth in oil and gas and takes
advantage of the wide range of GE's industry-focused financing
businesses to meet Sevan Marine's unique requirements," said Alex
Urquhart, President and CEO of GE Energy Financial Services.
    "ANZ is delighted to have been given the opportunity to assist
Sevan by arranging this debt facility for its first FPSO project,"
said Sven Dybdahl, Head of ANZ's Marine & Offshore Group.
    GE Transportation Finance originated the transaction; GE Energy
Financial Services and GE Capital Markets participated in the
execution.
    Media Note: Images of the SSP are available from Sevan Marine,
ASA.

    About Sevan Marine ASA

    Sevan Marine ASA is an offshore technology company that
specializes in the market for floating production and storage of oil
and gas. The company has developed a new, cylinder shaped platform
type named SSP (Sevan Stabilized Platform), which is suitable for use
in all sea environments. Sevan Marine has offices in Tananger and
Arendal, Norway and Rio de Janeiro, Brazil. The Company is listed on
the Oslo Stock Exchange with ticker code SEVAN. Sevan Production, AS
is a subsidiary of the company. For more information, please refer to
www.sevanmarine.com.

    GE Energy Financial Services

    GE Energy Financial Services, based in Stamford, Connecticut, with
European operations based in London, invests about $3 billion annually
in the world's most capital-intensive industry, energy. With more than
$10 billion in assets, GE Energy Financial Services offers structured
equity, leveraged leasing, partnerships, project finance and
broad-based commercial finance to the global energy industry from
wellhead to wall socket. Visit www.geenergyfinancialservices.com.

    GE Transportation Finance

    For more than 30 years, GE Transportation Finance, based in
Stamford, Connecticut with offices in Chicago, Hong Kong, London, Oslo
and Singapore, has been a leading provider of capital to the global
transportation industry, offering a broad range of financing solutions
including senior debt, tax-based and synthetic leases, and other
structured financial products. With a deep understanding of the
financing needs of companies in the marine, rail, and intermodal
industries, the unit helps find creative and flexible solutions to
meet its customers' financing needs. Visit
www.getransportationfinance.com

    GE

    GE (NYSE: GE) is Imagination at Work - a diversified technology,
media and financial services company focused on solving some of the
world's toughest problems. With products and services ranging from
aircraft engines, power generation, water processing and security
technology to medical imaging, business and consumer financing, media
content and advanced materials, GE serves customers in more than 100
countries and employs more than 300,000 people worldwide. For more
information, visit www.ge.com.

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    --30--DB/ny*

    CONTACT: Sevan Marine ASA.
             Jan Erik Tveteraas, +47 51944960 
             Mobile: +47 95214925 
             or
             GE
             Ken Koprowski, +1-203-961-5743
             or
             ANZ Investment Bank
             Sven  Dybdahl, +65 6539 6101 or +65 9030 2565
             or
             GE
             Energy Financial Services
             Website: www.geenergyfinancialservices.com