DVB Bank AG (DVB), the Frankfurt-based bank, which specialises in transport finance, today announces the formation of a new Floating Production Group, specifically designed to provide a full range of financial services to the global floating production industry. Sven Dybdahl has been appointed head of the new unit and will be joined by Peter Gavan, Wendy Koh and Desmond Wong. All four join DVB from ANZ on amicable and constructive terms with DVB and ANZ continuing to co-operate in the area of offshore oil and gas field developments. This cooperation plays to the strengths of each respective organisation, DVB with its marine asset based financing experience and ANZ with its global network of clients in the natural resources sector and portfolio of products. Commenting on this development, Mr. Dagfinn Lunde, Member of the Board of Managing Directors of DVB, said: "We are delighted that this team of experienced floating production specialists have decided to join DVB and will spearhead our expansion of activities into this fast growing sector. We expect that investments in this sector will be about USD 35 bn in the next five years, spread across asset classes such as FPSOs, FSOs, TLPs, Spars and MOPUs. Given DVB's extensive marine asset financing experience and expertise, this represents a natural business expansion for us. Whilst we've financed a few floating production units in the past, this move will catapult DVB into position as one of the world's leading players within this sector. I am also extremely pleased that ANZ has agreed to co-operate with DVB going forward in a manner that should enable both banks to offer a more comprehensive service proposition to their respective client groups and without infringing on each others core activities, i.e. a win-win proposition for all parties". The new Floating Production Group will focus on the provision of a full range of financial services to clients involved in the floating production industry, both oil and gas companies as well as the service providers such as FPSO and FSO owner / operators. These services will include acting as arranger and underwriter of capital funding products (ranging from equity to senior secured debt), commercial and financial advisory services, capital market activities, sale and leaseback transactions and advice in respect of financial re-structuring and M&A. The team will formally join DVB from 2 of January 2006 and will be based in DVB's Singapore office. Sven Dybdahl (36) has been with ANZ for the past ten years, having worked in senior roles with ANZ´s asset based financing businesses in London, Greece, Bahrain and Singapore. His most recent role has been that of Global Head of ANZ's Marine and Offshore Group, specialising in providing financial arrangement and advisory services for the floating production industry.