Two new macrolide derivatives, madangolide (2) and laingolide A (3), have been isolated from the cyanobacterium Lyngbya bouillonii, collected in Papua New Guinea. Their structures (without stereochemistry) have been established by detailed high-field 1D and 2D NMR studies and, in the case of 3, by comparison with the spectroscopic data of laingolide (1), previously isolated from the same organism.