PetroProd Ltd. (OSL:PROD) PetroProd Ltd - Sales Of Vessels

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.

This transaction will have no material effect on PetroProd Ltd's results, but will reduce the Company's debts and improve cashflow.

Contact person: Martin Nordaas (Phone: +65 9138 3188)

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

PetroProd Ltd.

http://www.petroprod.com

ISIN: KYG7053Q1064

Stock Identifier: OSE.PPROD