Ultrapetrol Commences Tender Offer for All of Its Outstanding 7.25% Convertible Senior Notes Due 2017

Ultrapetrol Commences Tender Offer for All of Its Outstanding 7.25%
Convertible Senior Notes Due 2017

NASSAU, Bahamas, Dec. 21, 2012 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas)
Limited (Nasdaq:ULTR) ("Ultrapetrol"), an industrial transportation company
serving marine transportation needs in three markets (River Business, Offshore
Supply Business and Ocean Business), announced today that it has commenced a
tender offer (the "Tender Offer") to repurchase all of its outstanding 7.25%
Convertible Senior Notes due 2017 (the "Notes") in accordance with the
provisions of the indenture governing the Notes. Ultrapetrol is offering to
repurchase up to $80.0 million of the Notes at par plus accrued and unpaid
interest to, but excluding, the date of repurchase, reflecting the aggregate
principal amount outstanding of the Notes on the commencement date of the
Tender Offer. Tenders of the Notes must be made prior to the expiration of the
Tender Offer and may be withdrawn at any time prior to the expiration of the
Tender Offer.

The Tender Offer begins today, December 21, 2012, and will expire at 5:00
p.m., New York City time, on January 22, 2013. Upon the terms and subject to
the conditions of the Tender Offer, Ultrapetrol's noteholders will have the
opportunity to tender all of their Notes, at par plus accrued and unpaid
interest.

None of the Company, its Board of Directors, its employees, the Trustee, the
Tender Agent, the Paying Agent or the Conversion Agent are making any
representation or recommendation to any noteholder as to whether or not to
tender that noteholder's Notes in the Tender Offer. Noteholders must decide
how many Notes they will tender, if any. The terms and conditions of the
Tender Offer will be described in the offer to repurchase (the "Offer to
Repurchase") and related materials to be distributed to holders of the Notes.

The Trustee, Tender Agent, Paying Agent and Conversion Agent for the tender
offer is Manufacturers and Traders Trust Company. The Offer to Repurchase and
related documents will be mailed to noteholders of record and also will be
made available for distribution to beneficial owners of the Notes. For
questions and information, please call the Tender Agent at (410) 949-3268.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE
AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL THE NOTES. THE TENDER
OFFER IS BEING MADE ONLY PURSUANT TO THE OFFER TO REPURCHASE AND RELATED
MATERIALS THAT ULTRAPETROL WILL DISTRIBUTE TO ITS NOTEHOLDERS AFTER
ULTRAPETROL FILES WITH THE SECURITIES AND EXCHANGE COMMISSION ITS "SCHEDULE
TO" AND OFFER TO REPURCHASE. NOTEHOLDERS AND INVESTORS SHOULD READ CAREFULLY
THE OFFER TO REPURCHASE AND RELATED MATERIALS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE TENDER
OFFER. AFTER ULTRAPETROL FILES ITS "SCHEDULE TO" AND OFFER TO REPURCHASE WITH
THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 21, 2012, NOTEHOLDERS AND
INVESTORS MAY OBTAIN A FREE COPY OF THE TENDER OFFER STATEMENT ON "SCHEDULE
TO," THE OFFER TO REPURCHASE AND OTHER DOCUMENTS THAT ULTRAPETROL WILL BE
FILING WITH THE SECURITIES AND EXCHANGE COMMISSION AT THE COMMISSION'S WEBSITE
AT WWW.SEC.GOV OR BY CONTACTING MANUFACTURERS AND TRADERS TRUST COMPANY, THE
TRUSTEE, TENDER AGENT, PAYING AGENT AND CONVERSION AGENT FOR THE TENDER OFFER,
AT (410) 949-3268. NOTEHOLDERS ARE URGED TO CAREFULLY READ THESE MATERIALS
PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER.

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

Forward-Looking Language

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include future operating or financial results;
pending or recent acquisitions, business strategy and expected capital
spending or operating expenses, including dry docking and insurance costs;
general market conditions and trends, including charter rates, vessel values,
and factors affecting vessel supply and demand; our ability to obtain
additional financing; our financial condition and liquidity, including our
ability to obtain financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; our expectations about
the availability of vessels to purchase, the time that it may take to
construct new vessels, or vessels' useful lives; our dependence upon the
abilities and efforts of our management team; changes in governmental rules
and regulations or actions taken by regulatory authorities; adverse weather
conditions that can affect production of the goods we transport and
navigability of the river system; the highly competitive nature of the
oceangoing transportation industry; the loss of one or more key customers;
fluctuations in foreign exchange rates and devaluations; potential liability
from future litigation; and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.

ULTR – G

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

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