The province moved quickly to ensure the future of the centre after this weekend's Pro12 semi-final defeat to Leinster
Stuart McCloskey will remain at Ulster until 2019 after the province moved to secure the future of the promising young centre.
Ulster were beaten by rivals Ulster in the Pro12 semi-final over the weekend at the RDS, but delivered some good news for their fans by retaining the services of the 23-year-old.
"This is fantastic news for the club as Stuart has been one of our standout performers all season,” says director of rugby Les Kiss.
"A major strength of Stuart’s is his gain-line busting runs, which we have used to great effect this season. In addition to his powerful carrying ability, his deft handling and decoy lines have also caused havoc for defences.
"Stuart’s appetite to work with the coaches here to accelerate his development has resulted in a well-deserved first cap for Ireland. He is a major asset to Ulster Rugby and will continue to be so for years to come."
McCloskey made his debut for the province in 2014 and was handed his first cap for Ireland against England at Twickenham this year in the Six Nations.
Stuart McCloskey tackles England's Mike Brown during his debut against England at Twickenham. Image: INPHO/Billy Stickland
“Despite some strong interest from other clubs, it was a fairly straightforward decision since all of my family and friends are here," McCloskey said.
"The supporters, the facilities that we have and the quality of the coaching were all factors in my decision. We are developing strength in depth across the board and that will make us even more competitive next year.
"It’s good for me to have some really strong competition for places in midfield because we push each other to improve.
"We had a disappointing finish to the season but I believe things are promising for the future and I'm excited to be part of that."