<PAGE>


                                                                     EXHIBIT 4.2


         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK,
         NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
         EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
         NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
         AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
         OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
         OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
         OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
         OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
         WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR
         THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
         GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
         THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
         HEREOF.




<PAGE>


                                 Stena AB (Publ)

                            9 5/8% Senior Note due 2012

                                                      CUSIP No. 858577AE9
                                                       ISIN US 858577AE99
No. B1                                             $[    ] (as revised by the
                                                    Schedule of Increases and
                                                   Decreases in Global Security
                                                          attached hereto)

                  Stena AB (Publ), a company incorporated under the laws of the
Kingdom of Sweden (herein called the "Company", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & CO., as nominee for the Depositary,
or registered assigns, the principal sum of [ ] DOLLARS, as revised by the
Schedule of Increases and Decreases in Global Security attached hereto on
December 1, 2012, and to pay interest thereon from November 27, 2002 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on June 1 and December 1 in each year, commencing
June 1, 2003, at the rate of 9 5/8% per annum, until the principal hereof is
paid or duly provided for. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or any predecessor of such
Security) is registered at the close of business on the Regular Record Date for
such interest, which shall be the May 15 or November 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or any predecessor of such
Security) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. The Company will pay
interest on overdue principal and premium, if any, and on overdue interest (to
the full extent permitted by law) at a rate of 10 5/8% per annum.

                  Immediately available funds for the payment of the principal
of (and premium, if any) and interest on this Security due on any Interest
Payment Date or at Maturity will be made available to the Paying Agent to permit
the Paying Agent to pay such funds to the Depositary on such respective dates.
The Depositary will allocate and pay such funds to the owners of beneficial
interests in the Security in accordance with its existing operating procedures.


<PAGE>

                  The Company hereby further agrees, subject to the limitations
and exceptions set forth in the Indenture, to pay Additional Amounts (as defined
in the Indenture) hereon.

                  Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

                                     2

<PAGE>


                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.

Dated:  _________, 2003

                                                     STENA AB (PUBL)


                                                     By:_______________________
                                                        Title:


                                                     By:_______________________
                                                        Title:


                   TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                   This is one of the Securities referred
                   to in the within-mentioned Indenture.

                   JPMORGAN CHASE BANK,
                   as Trustee


                   By:
                      -------------------------
                   Authorized Officer



                                      3

<PAGE>




                            Reverse Side of Security

                  This Security is one of a duly authorized issue of Securities
of the Company designated as its 9 5/8% Senior Notes due 2012 (herein called the
"Securities"), limited in aggregate principal amount to $200,000,000, issued and
to be issued under an Indenture, dated as of November 27, 2002 (herein called
the "Indenture"), between the Company and JPMorgan Chase Bank, as Trustee
(herein called the "Trustee", which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered.

                  The Securities are subject to redemption upon not less than 30
nor more than 60 days' notice by mail, at any time on and after December 1, 2007
as a whole or in part, at the election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount): If
redeemed during the 12-month period beginning December 1 of the years indicated,

                Year                                    Redemption Price
                ----                                    ----------------
                2007                                        104.813%
                2008                                        103.208%
                2009                                        101.604%
                2010 and thereafter                         100.000%

together in the case of any such redemption with accrued interest to but
excluding the Redemption Date, but interest installments whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or any predecessor Securities thereto, of record at the close of
business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.

                  Subject to the relevant provision set forth in the Indenture,
the Securities are subject to redemption, in whole but not in part, at the
option of the Company in the event the Company becomes obligated to pay
Additional Amounts hereon.

                  The Securities do not have the benefit of any sinking fund
obligations.

                  In the event of redemption or purchase pursuant to an Offer to
Purchase of this Security in part only, a new Security or Securities for the
unredeemed or unpurchased portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.

                  If an Event of Default shall occur and be continuing, the
principal of all the Securities may be declared due and payable in the manner
and with the effect provided in the Indenture.


                                      4

<PAGE>


                  The Indenture provides that, subject to certain conditions, if
(i) certain Net Available Proceeds are available to the Company as a result of
Asset Dispositions, or (ii) a Change of Control occurs, the Company shall be
required to make an Offer to Purchase for all or a specified portion of the
Securities.

                  The Indenture contains provisions for defeasance at any time
of (i) the entire indebtedness of this Security or (ii) certain restrictive
covenants and Events of Default with respect to this Security, in each case upon
compliance with certain conditions set forth therein.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in aggregate principal amount of the Securities at the
time Outstanding. The Indenture also contains provisions permitting the Holders
of specified percentages in aggregate principal amount of the Securities at the
time Outstanding, on behalf of the Holders of all the Securities, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.

                  As provided in the Indenture and subject to certain
limitations therein set forth (including in the case of any Global Security,
certain additional limitations), the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.

                  The Securities are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities are exchangeable for a like aggregate principal amount of Securities
of a different authorized denomination, as requested by the Holder surrendering
the same.


                                      5
<PAGE>

                  No service charge shall be made for any such registration of
transfer or exchange, but the Company or the Trustee may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

                  Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

                  A director, officer, employee or shareholder, as such, of the
Company shall not have any liability for any obligations of the Company under
the Securities or the Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. Each Holder by accepting any of
the Securities waives and releases all such liability.

                  Interest on this Security shall be computed on the basis of a
360-day year of twelve 30-day months.

                  All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

                  The Indenture and this Security shall be governed by, and
construed in accordance with, the laws of the State of New York.

                  Customary abbreviations may be used in the name of a holder or
an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as
tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures the Company has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed in the Securities
or as contained in any notice of redemption, and reliance may be placed only on
the other identification numbers placed thereon.


                                     6

<PAGE>


                                 ASSIGNMENT FORM

                  To assign this Security, fill in the form below:

                  I or we assign and transfer this Security to

                  (Print or type assignee's name, address and zip code)

                  (Insert assignee's soc. sec. or tax I.D. No.)

                  and irrevocably appoint             agent to transfer this
                  Security on the books of the Company.  The agent may
                  substitute another to act for him.

Dated: ______________________          Your Signature: ________________________

                                       (Sign name exactly as your name appears
                                       on the other side of this Security)


Signature Guarantee: __________________________________

Sign exactly as your name appears on the other side of this Security.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

         In connection with any transfer or exchange of any of the Securities
evidenced by this certificate occurring prior to the date that is two years
after the later of the date of original issuance of such Securities and the last
date, if any, on which such Securities were owned by the Company or any
Affiliate of the Company, the undersigned confirms that such Securities are
being:

CHECK ONE BOX BELOW:

         1|_|   acquired for the undersigned's own account, without transfer; or

         2|_|   transferred to the Company; or

         3|_|   transferred pursuant to and in compliance with Rule 144A under
                the Securities Act of 1933, as amended (the "Securities Act");
                or

         4|_|   transferred pursuant to an effective registration statement
                under the Securities Act; or

         5|_|   transferred pursuant to and in compliance with Regulation S
                under the Securities Act; or


                                    7

<PAGE>


         6|_|   transferred to an institutional "accredited investor" (as
                defined in Rule 501(a)(1), (2), (3) or (7) under the
                Securities Act), that has furnished to the Trustee a signed
                letter containing certain representations and agreements (the
                form of which letter appears as Section 3.14 of the
                Indenture); or

         7|_|   transferred pursuant to another available exemption from the
                registration requirements of the Securities Act.

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any Person other
than the registered Holder thereof; provided, however, that if box (5), (6) or
(7) is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144
under the Securities Act.

                                                    ---------------------------
                                                    Signature

Signature Guarantee:

-----------------------------                       ---------------------------
(Signature must be guaranteed)                      Signature


-------------------------------------------------------------------------------

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

         The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

                                             ---------------------------------
                                             Dated:

                                    8


<PAGE>


              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

                  The following increases or decreases in this Global Security
have been made:

<TABLE>
<CAPTION>

                                                                   Principal Amount of      Signature of
                 Amount of decrease in    Amount of increase in    this Global Security     authorized signatory
Date of          Principal Amount of      Principal Amount of      following such           of Trustee or
Exchange         this Global Security     this Global Security     decrease or increase     Securities Custodian
-------          ---------------------    ---------------------    --------------------     --------------------
<S>            <C>                      <C>                       <C>                      <C>




</TABLE>






                                         9


<PAGE>






                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Security purchased in its
entirety by the Company pursuant to Sections 10.19 or 10.21 of the Indenture,
check the box:

                       |_| Section 10.19      |_| Section 10.21

                  If you want to elect to have only a part of this Security
purchased by the Company pursuant to Sections 10.19 or 10.21 of the Indenture,
state the amount: $_____________

Dated:                                      Your Signature:
       ----------------------------                         -------------------


Signature Guarantee:


-----------------------------------
(Signature must be guaranteed)


                                       10