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Ultrapetrol Appoints New Director at Annual General Meeting of Shareholders

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NASSAU, Bahamas, Dec. 7, 2012 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced the appointment of Eduardo Ojea Quintana to its Board of Directors at the annual general meeting of its shareholders. Mr. Ojea Quintana was proposed for election by the Named Shareholders, which consists of Inversiones Los Avellanos S.A. and Hazels (Bahamas) Investments Inc.

Eduardo Ojea Quintana is currently the President of the Board of Directors of Transportadora de Gas del Norte S.A. and a member of the board of directors of several other energy companies in South America. He has served as a member of the Argentine Chamber of Oil Companies, part of the Argentine Institute of Oil and Gas, the Argentine Council for the Sustainable Development Companies and the Academy Center for the Energy Regulatory Activity. He also represented Argentina on the Executive Committee for the International Gas Union. Mr. Ojea Quintana holds a degree in Law from the University Museo Social Argentino.

Additionally, at the meeting the following proposals were approved and adopted: 1) the approval of the audited financial statements and the Report of the Auditors thereon for the fiscal year ended December 31, 2011, 2) the re-election of the six existing directors of the Company, 3) the ratification of acts, proceedings and transactions of directors, officers and employees of the Company and 4) the indemnification of directors, officers and employees of the Company.

About Ultrapetrol

Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for containers, grain and soya bean products, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers and two container feeder vessels. More information on Ultrapetrol can be found at www.ultrapetrol.net.

The Ultrapetrol (Bahamas) Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3164.

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CONTACT: The IGB Group Leon Berman 212-477-8438 lberman@igbir.com or David Burke 646-673-9701 dburke@igbir.com

Source:Ultrapetrol (Bahamas) Limited