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etroProd (In Official Liquidation) was incorporated December 2006 in the Cayman Islands to participate in the fast-growing floating production business. The company currently owns 1 Aframax Tanker Vessel for conversion into a floating production and storage unit and has one MSC/Gusto CJ70 Jackrig under construction at Jurong Shipyard, Singapore.

Petroprod is currently in Official Liquidation (both in the Cayman Islands and in Singapore). Simon Whicker and Kris Beighton were appointed by order of the Grand Court of the Cayman Islands as Joint Provisional Liquidators of Petroprod Ltd on 9 April 2009. Subsequently on 17 July 2009, the Grand Court ordered that Simon Whicker and Kris Beighton be appointed Joint Official Liquidators. The powers of the existing management ceased as of 9 April 2009 and the Joint Official Liquidators are the only duly authorised agents of the Company with legal ability to act on its behalf.

Further to parallel insolvency proceedings being commenced in Singapore and by order of the High Court of the Republic of Singapore dated 3 August 2009, Peter Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng, all of KPMG LLP, and subject to the relevant approvals pursuant to section 9 of the Companies Act (Cap. 50), Simon Whicker of KPMG, were appointed jointly and severally as liquidators of PetroProd Ltd.

The first FPSO (PetroProd 1 FPSO) was scheduled for completion late 2009 and the CJ70 Jackup Rig was scheduled to be delivered June 2010.

The Company continues to be managed through a management agreement entered into with effect from and including 8 December 2006, with Larsen Oil & Gas Pte. Ltd. (“LOG”) however the Joint Official Liquidators retain ultimate control of the Company.

The management agreement governs the services to be provided by LOG, including but not limited to pre-contract services, including negotiation of terms and condition, pre-delivery yard supervision and project management, engineering, procurement, construction, supervision, marketing, operation, general administrative and advisory services in connection with the management of the business, and post-delivery technical management (including crewing and insurance) of the Units.