PetroProd Ltd.

PetroProd Ltd. (OSL:PROD) PETROPROD LTD. SIGNS AGREEMENT TO SELL FPSO "ARC"

PetroProd Ltd. (OSL:PROD) Reference is made to the summons letter published on 11 December 2008 by PetroProd Ltd ('the Company'). On 19 December 2008, a bondholder meeting was held for one of the bond loans of PetroProd Ltd with ISIN NO 0010368996 ('the loan'). The bondholder`s meeting for the loan approved the amendments that were proposed in the summons letter as of 11 December 2008. Please find attached the Notice from the Bondholder's meeting.

PetroProd Ltd. (OSL:PROD) PetroProd Ltd (`PetroProd`) summons to bondholder`s meeting for all bondholders in the bond loan of the company (ISIN NO 0010368996) (the "Loan agreement"). Please find attached the summons letter which is also available at the web pages of Norsk Tillitsmann (the Trustee) www.stamdata.no. The summons letter will be distributed to all bondholders trough the Norwegian Central Securities Depositary (`Verdipapirsentralen`).

PetroProd Ltd. (OSL:PROD) Further to announcement on 27 November 2008, closing of the sales agreements entered into by PetroProd 2 Ltd and PetroProd 3 Ltd (100% held subsidiaries of PetroProd Ltd) for the en bloc sales of the M/T Archimid and M/T Trust to a European buyer is expected to take place by mid-December 2008. The two vessels are agreed to be sold for a total cash payment of USD 22 million net. Petroprod has received an upfront deposit of 20% of the purchase price from the buyer.

PetroProd Ltd. (OSL:PROD) PetroProd 2 Ltd and PetroProd 3 Ltd (100% held subsidiaries of PetroProd Ltd) have today reached agreement for the en bloc sales of the M/T Archimid and M/T Trust to a European owner. Closing of transaction is expected prior to mid-December 2008.

PetroProd Ltd. (OSL:PROD) Summary of Operations

PetroProd Ltd. (OSL:PROD) Summary of Operations

PetroProd Ltd. Further to Notice dated 08.07.2008, PetroProd can give the following business updates related to its two main areas of operations:

PetroProd Ltd. Reference is made to the stock exchange announcement published on 19.05.2008 regarding the MoU signed with an undisclosed operator for the 5 year lease/operation of PetroProd 1 FPSO.