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

The SSP Piranema will be deployed offshore Brazil under an 11-yearcharter with Petrobras. The innovative, cylindrical shaped FPSO isdesigned for all sea environments and will produce light crude forPetrobras. The SSP Piranema will be equipped with a processing plantcapacity of 30,000 barrels of oil per day, a gas injection plant withcompression capacity of 3.6 million cubic meters per day and an oilstorage capacity of 300,000 barrels. The SSP Piranema is underconstruction at the Yantai Raffles shipyard in China. Once completedin mid-2006, it will be deployed in the Piranema field, in deep waterranging from 1,000 to 1,600 meters.

The debt facility is structured as a limited recourse financingcontaining a pre-completion construction financing that converts intoa ten-year amortizing term loan following delivery of the SSP Piranemato Petrobras. This facility also is expected to refinance theoutstanding portion of Sevan's March 2005 NOK bond issue, once itmatures in March 2008.

"We are very pleased to enter into this loan agreement, whichprovides Sevan with financial flexibility during the construction andoperating phases of the SSP Piranema," said Jan Erik Tveteraas, CEO ofSevan Marine ASA.

"This transaction demonstrates our growth in oil and gas and takesadvantage of the wide range of GE's industry-focused financingbusinesses to meet Sevan Marine's unique requirements," said AlexUrquhart, President and CEO of GE Energy Financial Services.

"ANZ is delighted to have been given the opportunity to assistSevan 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 EnergyFinancial Services and GE Capital Markets participated in theexecution.

Media Note: Images of the SSP are available from Sevan Marine,ASA.

About Sevan Marine ASA

Sevan Marine ASA is an offshore technology company thatspecializes in the market for floating production and storage of oiland gas. The company has developed a new, cylinder shaped platformtype named SSP (Sevan Stabilized Platform), which is suitable for usein all sea environments. Sevan Marine has offices in Tananger andArendal, Norway and Rio de Janeiro, Brazil. The Company is listed onthe Oslo Stock Exchange with ticker code SEVAN. Sevan Production, ASis a subsidiary of the company. For more information, please refer towww.sevanmarine.com.

GE Energy Financial Services

GE Energy Financial Services, based in Stamford, Connecticut, withEuropean operations based in London, invests about $3 billion annuallyin the world's most capital-intensive industry, energy. With more than$10 billion in assets, GE Energy Financial Services offers structuredequity, leveraged leasing, partnerships, project finance andbroad-based commercial finance to the global energy industry fromwellhead to wall socket. Visit www.geenergyfinancialservices.com.

GE Transportation Finance

For more than 30 years, GE Transportation Finance, based inStamford, Connecticut with offices in Chicago, Hong Kong, London, Osloand Singapore, has been a leading provider of capital to the globaltransportation industry, offering a broad range of financing solutionsincluding senior debt, tax-based and synthetic leases, and otherstructured financial products. With a deep understanding of thefinancing needs of companies in the marine, rail, and intermodalindustries, the unit helps find creative and flexible solutions tomeet its customers' financing needs. Visitwww.getransportationfinance.com

GE

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