<PAGE>

          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)

                            7.5% Senior Note due 2013


                                                    CUSIP No.
                                                    858577AH2
                                                    ISIN US858577AH21
No. A1                                              $[         ] (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 November 1, 2013,
and to pay interest thereon from December 2, 2003 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on May 1 and November 1 in each year, commencing May 1, 2004, at
the rate of 7.5% 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 April 15 or October 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
8.5% 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.

                                       2
<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.




                                       3
<PAGE>

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

Dated:

                                             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






                                       4
<PAGE>

                            Reverse Side of Security

          This Security is one of a duly authorized issue of Securities of the
Company designated as its 7.5% Senior Notes due 2013 (herein called the
"Securities"), limited in aggregate principal amount to $175,000,000, issued and
to be issued under an Indenture, dated as of December 2, 2003 (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 November 1, 2008, 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 November 1 of the years indicated,

                Year                                Redemption Price
                ----                                ----------------

                2008                                    103.750%
                2009                                    102.500%
                2010                                    101.250%
                2011 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.

                                       5
<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.

                                       6
<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.




                                       7
<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

                                       8
<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:


                                       9
<PAGE>

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

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

<TABLE>
<CAPTION>
<S>              <C>                      <C>                      <C>                      <C>
                                                                   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

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

</TABLE>



                                       10
<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)



                                       11