Ultrapetrol Reports Financial Results for First Quarter 2013

Ultrapetrol Reports Financial Results for First Quarter 2013

NASSAU, Bahamas, May 8, 2013 (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 financial results for the first
quarter ended March 31, 2013.

First Quarter 2013 and subsequent events highlights:

  *Recorded first quarter 2013 revenues of $77.9 million;
    
  *Recorded adjusted EBITDA of $19.3 million in the first quarter of 2013; ^1
    which includes adjusted EBITDA of $6.5 million from our River Business,
    adjusted EBITDA of $9.5 million from Offshore Supply Business segment,
    adjusted EBITDA of $0.2 million from Ocean Business segment, and adjusted
    EBITDA of $3.1 million from financial income and other financial income;
    
  *Total adjusted net loss and adjusted net loss per share of $(0.2) million
    and nil per share, respectively, in the first quarter of 2013 which
    excludes the effect of a $(3.6) million non-cash loss from debt
    extinguishments most of which is related to the early repayment of our
    $80.0 million Convertible Senior Notes, a $(0.2) million loss for deferred
    taxes on an unrealized foreign exchange gain on U.S. dollar-denominated
    debt of our Brazilian subsidiary in our Offshore Supply Business and
    includes a $1.8 million gain related to the sale of ten dry barges which
    were subsequently leased back to the Company (for accounting purposes such
    gain will be deferred over the term of the lease up to the present value
    of the lease payments). ^2 Before adjusting for these effects, the
    recorded total net loss and net loss per share are $(5.9) million and
    $(0.04), respectively;
    
  *River Business segment adjusted EBITDA increased $7.0 million to $6.5
    million in the first quarter of 2013, up from $(0.5) million in the same
    period of 2012;
    
  *Offshore Supply Business segment adjusted EBITDA increased $3.0 million or
    47% compared with same period of 2012;
    
  *As part of the PSV newbuilding program, we received our second vessel from
    the shipyard in India, UP Amber, on January 30, 2013, which is currently
    underway to Brazil; including UP Amber, the Company will have ten vessels
    operating in its PSV fleet;
    
  *On January 23, 2013, we repurchased $80.0 million of our outstanding
    Convertible Senior Notes in accordance with the provisions of the
    indenture governing the Notes. The Notes were repurchased at par plus
    accrued and unpaid interest to, but excluding, the date of repurchase, for
    a total price of $1,001.61 per $1,000.00 principal amount of Convertible
    Senior Notes. No Convertible Senior Notes remain outstanding; in
    connection with the repurchase, we recorded a $2.8 million non-cash loss
    for the extinguishment of the Convertible Notes;
    
  *On March 21, 2013, we entered into a Master Agreement whereby we agreed to
    build and sell from our Punta Alvear yard a set of sevenjumbo dry barges
    and seven jumbo tank barges to a third party for export to Colombia with
    deliveries ranging between July and August 2013 on terms equivalent to
    similar previous transactions;
    
  *On April 11, 2013, we entered into new four-year time charters for our UP
    Agua-Marinha, UP Diamante and UP Topazio at significantly higher rates
    than their expiring contracts;
    
  *On April 29, 2013, we appointed Ms. Cecilia Yad as the Company's Chief
    Financial Officer, succeeding Leonard J. Hoskinson, who will remain with
    the Company as Vice President, International Finance;
    
  *On May 2, 2013, we received Board approval from Petrobras for new
    four-year time charters for the UP Amber, UP Pearl and a four-year renewal
    time charter for the UP Esmeralda, all at significantly higher rates than
    the expiring agreements.

1 For a reconciliation of non-GAAP measures, please see the tables included
under the supplemental information section of this release.

2 For a detailed explanation of these adjustments and other adjustments
elsewhere in this release, see "Overview of Financial Results" and the tables
included under the Supplemental Information section of this release.

Felipe Menéndez, Ultrapetrol's President and Chief Executive Officer, said,
"We are pleased to report significantly improved results for the first
quarter. Under normal operating conditions we believe that 2013 will show the
strength of the investment strategy that we developed in the past few years.
As the new assets come into service and new higher prices come into effect in
our various segments our results will reflect the growth and margin
improvements that we were anticipating. During the first quarter, we continued
to increase our Offshore Supply fleet as planned. Our recently delivered PSV,
UP Amber, is expected to arrive in Brazil next week, while the first of the
remaining two vessels under construction in India, UP Pearl, is expected to be
delivered by June 2013. In addition, we confirmed four-year time charters for
UP Amber and UP Pearl and extended the charter for UP Esmeralda for another
four years. The fundamentals of the offshore market, and specifically the
Brazilian market, continue to be strong and support our strategic efforts and
growth in this segment."

Mr. Menéndez continued, "In our River Business, we have successfully renewed
Contracts of Affreightments which will enable the Company to capitalize on
increased demand and a stronger rate environment. We continue to implement our
strategic cost-saving initiatives such as our re-engining and re-powering
projects. In addition, our building yard is maintaining high productivity
levels and is currently fully employed building barges for both the Company
and third parties. We believe that the combined effect of these developments,
together with a large crop already in silos will have a positive impact on our
River Business segment in 2013 and over the long-term."

Mr. Menéndez concluded, "As we progressively receive the increased rates that
we have contracted for our PSV fleet during 2013 and we take delivery in the
fourth quarter of UP Onyx (the last vessel from the shipyard in India) while
we increase the efficiency and size of our river fleet, we believe our EBITDA
will strengthen in 2014 and beyond as we had expected when we set this
investment plan in motion."

Overview of Financial Results

Total revenues for the first quarter 2013 were $77.9 million as compared with
$64.5 million in the same period of 2012.

Adjusted EBITDA for the first quarter 2013 was $19.3 million as compared to
$7.3 million in the same period of 2012. For a reconciliation of adjusted
EBITDA to cash flows from operating activities, please see the tables at the
end of this release.

Total adjusted net loss was $(0.2) million in the first quarter of 2013 which
excludes the effect of a $(3.6) million non-cash loss from debt
extinguishments, a $(0.2) million loss for deferred taxes on an unrealized
foreign exchange gain on U.S. dollar-denominated debt of our Brazilian
subsidiary in our Offshore Supply Business and includes a $1.8 million gain
related to the sale of ten dry barges which were subsequently leased back to
the Company (for accounting purposes such gain will be deferred over the term
of the lease up to the present value of the lease payments). Before these
effects, the recorded total net loss was $(5.9) million.

Cecilia Yad, Ultrapetrol's Chief Financial Officer, said, "During the first
quarter, we posted improved financial results, while continuing to take
important steps to increase our financial strength and flexibility for the
benefit of shareholders. Specifically, we secured long-term financing for our
four PSV newbuilds by entering into an $84.0 million loan agreement with DVB,
NIBC and ABN Amro Bank. We appreciate the continued support we receive from
leading banks, which highlight Ultrapetrol's leadership position and strong
prospects. We also reduced our debt by repurchasing $80.0 million of our
outstanding convertible senior notes. With the recent cash infusion of $220.0
million, we have significantly increased our liquidity and are well positioned
to take advantage of future growth opportunities "

Business Segment Highlights

River

The River Business experienced a 26% increase in the volume of cargo
transported in the first quarter of 2013 as compared with the same period of
2012, which was due to normalized rainfall levels resulting in a significantly
higher crop, most of which has already been collected.

First quarter 2013 River Business segment adjusted EBITDA was $6.5 million
versus $(0.5) million in the same period of 2012, a $7.0 million increase. For
a reconciliation of segment adjusted EBITDA to operating profit (loss), please
see the tables at the end of this release.

Results for the first quarter of 2013 demonstrate the positive compounded
effects of rate increases and the normalized rainfall levels, taking into
consideration the expected seasonality inherent in the segment. According to
the latest USDA estimates, the soybean crop in Paraguay for 2013 is expected
to be 8.4 million tons, 4.0 million tons or 91% above 2012 and 17% above 2011
crop. Argentina, Brazil, Bolivia, Paraguay and Uruguay are estimated to
account for approximately 55% of world soybean production in 2013, as compared
to 30% in 1995.

These figures are a sign of the strength of the long-term growth prospects of
the agricultural sector along the Hidrovia, by which seeded area is expected
to continue to grow, fostered by the strong prices of soybean and other
agricultural commodities. This steady long-term growth trend represents an
important demand driver for Ultrapetrol's River Business. In addition, iron
ore production in the three mines connected with the river system has also
increased substantially in the last decade.

During the first quarter of 2013 we entered into a Master Agreement whereby we
agreed to build and sell from our Punta Alvear yard a set of seven jumbo dry
barges and seven jumbo tank barges to a third party for export to Colombia.
The yard will continue to be fully employed until the end of 2013, focusing on
the construction of barges to be delivered under the shipbuilding contracts
already signed and barges for the Company's River Business.

The Company has successfully continued its re-engining and re-powering
programs that aim to change the engines on a substantial portion of its line
pushboats from diesel to heavy fuel consuming ones. Having finalized the
re-engining of two pushboats in the second and third quarters of 2012, six
heavy fuel-consuming pushboats are now in operation and the next re-engined
pushboat is expected to commence operation within the fourth quarter of 2013.
This program has demonstrated its potential to lead to substantial savings in
fuel expense and to an increase in tow size and navigation speed, which we
believe will enhance our EBITDA margins in the future.

Offshore Supply

In the Offshore Supply Business, with the introduction of our UP Jade into a
long-term charter with Petrobras in August 2012, we began to operate a fleet
of nine PSVs which has now grown to ten with the delivery of our UP Amber on
January 30, 2013. The adjusted EBITDA generated by the Offshore Supply
Business segment during the first quarter of 2013 was $9.5 million, or 47%
higher than the $6.4 million generated in the same period of 2012. For a
reconciliation of segment adjusted EBITDA to operating profit (loss), please
see the tables at the end of this release.

Total revenues from the Offshore Supply Business for the first quarter of 2013
increased by $4.6 million compared with the same period of 2012. This
represents a 27% increase which was primarily attributable to the full quarter
operation of our UP Jade in Brazil.

In Brazil, operating costs, particularly manning costs, have been increasing
as a result of the revaluation of the local currency and inflationary pressure
on salaries and expenses both of which affected our earnings during parts of
2012. Nevertheless, during the first quarter of 2013 the Brazilian real
experienced a slight devaluation which eased the upward trend of our costs.

As planned, Ultrapetrol continues its newbuilding program in India that will
add capacity to our Offshore fleet. We expect to take delivery of the first of
the remaining two PSVs, UP Pearl, during the second quarter of 2013.

We entered into new four-year time charters with Petrobras for our UP
Agua-Marinha, UP Diamante and UP Topazio at significantly higher rates than
their expiring contracts while we extended the charter for UP Esmeralda for
another four years. In addition, both UP Amber (on its way from India to
Brazil) and UP Pearl have been contracted for four years to Petrobras. These
new contracts and vessels are expected to produce substantial additional
EBITDA.

The Company believes that the Brazilian market will grow in-line with
Petrobras' aggressive capital expenditure plans. Ultrapetrol's fleet has the
advantage of being very modern and technologically capable of supporting deep
sea oil drilling in Brazil as well as the North Sea.

Ocean

The Ocean Business segment generated adjusted EBITDA of $0.2 million in the
first quarter of 2013 as compared to adjusted EBITDA of $0.1 million in the
same period of 2012. For a reconciliation of segment adjusted EBITDA to
operating profit (loss), please see the tables at the end of this release.

The 7% decrease in revenues from $18.1 million to $16.9 million is mainly
attributable to the transportation of the nineteen barges and one pushboat
sold to a third party to Colombia during the first quarter of 2012; partially
offset by a revenue increase from our Amadeo related to its drydock during the
first quarter of 2012, to an increase in revenues from our Argentino, and to
higher charter rates of our Product Tankers during the first quarter of 2013
when compared to the same period of 2012.

The Company operated a total of four vessels in its Product Tanker fleet in
the first quarter of 2013 (Miranda I, Amadeo, Alejandrina, and Austral) which
continue to be employed in the South American coastal trade on charters with
major oil refineries that operate in the region.

The volumes in our container feeder service, particularly in the southbound
leg, have been sustained at high levels.

Use of Non-GAAP Measures

Ultrapetrol believes that the disclosed non-Generally Accepted Accounting
Principles ("GAAP") measures such as adjusted EBITDA, adjusted net income and
any other adjustments thereto, when presented in conjunction with comparable
GAAP measures, are useful for investors to use in evaluating the liquidity of
the company. These non-GAAP measures should not be considered a substitute
for, or superior to, measures of liquidity prepared in accordance with GAAP. A
reconciliation of adjusted EBITDA to segment operating profit and cash flow
from operations is presented in the tables that accompany this press release.

Investment Community Conference Call

Ultrapetrol will host a conference call for investors and analysts on
Thursday, May 9, 2013, at 8:30 a.m. EDT accessible via telephone and Internet
with an accompanying slide presentation. Investors and analysts may
participate in the live conference call by dialing 1-888-989-5165 (toll-free
U.S.) or +1-312-470-7393 (outside of the U.S.); passcode: ULTR. Please
register at least 10 minutes before the conference call begins. A replay of
the call will be available for one week via telephone starting approximately
one hour after the call ends. The replay can be accessed at 1-800-964-5760
(toll-free U.S.) or +1-203-369-3112 (outside of the U.S.); passcode: 5111. The
webcast will be archived on Ultrapetrol's Web site for 30 days after the call.

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.

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

Supplemental Information: Summary consolidated financial data
                                                             
The following table shows our unaudited consolidated balance sheet as of March
31, 2013 and our audited consolidated balance sheet as of December 31, 2012:
                                                             
CONSOLIDATED BALANCE SHEETS AT MARCH 31, 2013 AND DECEMBER 31, 2012
(Stated in thousands of U.S. dollars, except par value and share amounts)
                                                             
                                             At March 31,     December 31,
                                             2013             2012
ASSETS                                                        
                                                             
CURRENT ASSETS                                                
                                                             
Cash and cash equivalents                     $123,613         $222,215
Restricted cash                               6,973            5,968
Accounts receivable, net of allowance for
doubtful accounts of $2,211 and $1,916 in     47,125           36,487
2013 and 2012, respectively
Operating supplies                            20,254           13,638
Prepaid expenses                              6,801            5,973
Other receivables                             25,335           22,532
Other current assets                          --               177
Total current assets                          230,101          306,990
NONCURRENT ASSETS                                             
                                                             
Other receivables                             21,933           22,758
Restricted cash                               1,526            1,464
Vessels and equipment, net                    646,106          647,519
Dry dock                                      4,631            4,238
Investments in and receivables from           4,385            4,282
affiliates
Intangible assets                             757              801
Goodwill                                      5,015            5,015
Other assets                                  7,382            10,214
Deferred income tax assets                    6,297            7,037
Total noncurrent assets                       698,032          703,328
Total assets                                  $928,133         $1,010,318
                                                             
LIABILITIES AND EQUITY                                       
                                                             
CURRENT LIABILITIES                                           
                                                             
Accounts payable                              $30,865          $32,450
Customer advances                             26,438           15,175
Payables to related parties                   1,898            3,761
Accrued interest                              7,011            4,858
Current portion of long-term financial debt   34,152           129,031
Other current liabilities                     16,845           13,470
Total current liabilities                     117,209          198,745
NONCURRENT LIABILITIES                                        
                                                             
Long-term financial debt                      389,862          388,521
Deferred income tax liabilities               13,626           12,441
Other liabilities                             2,086            2,026
Deferred gain                                 3,915            2,086
Total noncurrent liabilities                  409,489          405,074
Total liabilities                             526,698          603,819
                                                             
EQUITY                                                        
Common stock, $0.01 par value:250,000,000
authorized shares; 140,419,487 shares         1,443            1,443
outstanding in 2013 and 2012
Additional paid-in capital                    490,915          490,850
Treasury stock:3,923,094 shares at cost      (19,488)         (19,488)
Accumulated deficit                           (76,330)         (70,476)
Accumulated other comprehensive (loss)        (2,141)          (2,578)
Total Ultrapetrol (Bahamas) Limited           394,399          399,751
stockholders' equity
                                                             
Non-controlling interest                      7,036            6,748
Total equity                                  401,435          406,499
Total liabilities and equity                  $928,133         $1,010,318


The following table sets forth certain unaudited historical statements of
income data for the periods indicated below derived from our unaudited
condensed consolidated statements of income expressed in thousands of dollars:
                                                            
                              Three months ended March 31,    
                              2013             2012           Percent Change
Revenues                                                     
Attributable to River Business $39,347          $29,384        34%
Attributable to Offshore       21,602           17,028         27%
Supply Business
Attributable to Ocean Business 16,941           18,126         -7%
Total revenues                 77,890           64,538         21%
                                                            
Voyage and manufacturing                                     
expenses
Attributable to River Business (19,373)         (18,901)       2%
Attributable to Offshore       (949)            (1,213)        -22%
Supply Business
Attributable to Ocean Business (5,685)          (7,970)        -29%
Total voyage and manufacturing (26,007)         (28,084)       -7%
expenses
                                                            
Running costs                                                
Attributable to River Business (14,063)         (11,450)       23%
Attributable to Offshore       (8,366)          (8,548)        -2%
Supply Business
Attributable to Ocean Business (9,043)          (8,024)        13%
Total running costs            (31,472)         (28,022)       12%
                                                            
Amortization of dry dock and   (708)            (1,048)        -32%
intangible assets
Depreciation of vessels and    (9,412)          (9,444)        --%
equipment
Administrative and commercial  (8,822)          (7,787)        13%
expenses
Other operating income, net    450              5,764          -92%
                                                            
Operating profit (loss)        1,919            (4,083)        
                                                            
Financial expense and other    (5,289)          (8,086)        -35%
financial expense
Financial income               76               42             81%
Loss on derivatives, net       (216)            --             
Investment in affiliates       (195)            (313)          -38%
Other, net                     (228)            41             
Total other (expenses) income  (5,852)          (8,316)        -30%
                                                            
(Loss) before income taxes     (3,933)          (12,399)       -68%
                                                            
Income tax expenses            (1,622)          (1,259)        29%
Net income attributable to     299              169            77%
non-controlling interest
                                                            
Net loss attributable to       (5,854)          (13,827)       -58%
Ultrapetrol (Bahamas) Limited


The following table contains our unaudited statements of cash flows for the
three-month periods ended March 31, 2013, and 2012:
                                                         
(Stated in thousands of U.S. dollars)
                                                         
                                      For the three-month periods ended March
                                       31,
                                      2013                2012
CASH FLOWS FROM OPERATING ACTIVITIES                      
Net (loss)                             $(5,555)            $(13,658)
Adjustments to reconcile net (loss) to
cash provided by (used in) operating                      
activities:
Depreciation of vessels and equipment  9,412               9,444
Amortization of dry docking            664                 1,004
Expenditure for dry docking            (1,057)             (991)
Loss on derivatives, net               216                 --
Amortization of intangible assets      44                  44
Gain on sale of assets                 --                  (3,564)
Debt issuance expense amortization     603                 919
Financial loss on extinguishment of    3,605               --
debt
Net losses from investments in         195                 313
affiliates
Allowance for doubtful accounts        295                 10
Share - based compensation             65                  290
Other                                  --                  (219)
Changes in assets and liabilities:                        
(Increase) decrease in assets:                            
Accounts receivable                    (10,933)            1,430
Other receivables, operating supplies  (8,496)             (3,548)
and prepaid expenses
Other                                  41                  (1,106)
Increase (decrease) in liabilities:                       
Accounts payable                       (1,468)             2,206
Customer advances                      11,263              --
Other payables                         4,970               72
Net cash provided by (used in)         3,864               (7,354)
operating activities
                                                         
CASH FLOWS FROM INVESTING ACTIVITIES                      
Purchase of vessels and equipment
($7,521 in 2013 for barges built, sold (15,738)            (14,964)
and leased-back)
Proceeds from disposal of assets, net
($9,300 in 2013 for barges sold and    9,300               3,850
leased-back)
Net cash (used in) investing           (6,438)             (11,114)
activities
                                                         
CASH FLOWS FROM FINANCING ACTIVITIES                      
Scheduled repayments of long-term      (4,050)             (3,531)
financial debt
Early repayment of long-term financial (31,200)            --
debt
Short-term credit facility repayments  (4,138)             --
Prepayment of 7.25% Senior Convertible (80,000)            --
Notes
Proceeds from long-term financial debt 25,850              13,450
Other financing activities, net        (2,490)             (774)
Net cash (used in) provided by         (96,028)            9,145
financing activities
Net decrease in cash and cash          (98,602)            (9,323)
equivalents
Cash and cash equivalents at the       222,215             34,096
beginning of year
Cash and cash equivalents at the end   $123,613            $24,773
of the period


Supplemental Information
                                                           
The following tables reconcile our Adjusted Consolidated EBITDA to our cash
flow for the three months ended March 31, 2013 and 2012:
                                                           
                                         
                                         Three Months Ended March 31,
$(000)                                    2013               2012
Net cash provided by (used in) operating  3,864              (7,354)
activities
Net cash (used in) investing activities   (6,438)            (11,114)
Net cash (used in) provided by financing  (96,028)           9,145
activities
                                                           
Net cash provided by (used in) operating  $3,864             $(7,354)
activities
                                                           
Plus                                                        
                                                           
Adjustments                                                 
                                                           
Increase / decrease in operating assets   4,623              946
and liabilities
Expenditure for dry docking               1,057              991
Income taxes expense                      1,622              1,259
Financial expenses                        7,939              9,337
Gain on sale of assets                    --                 3,564
Net income attributable to                (299)              (169)
non-controlling interest
Loss on derivatives, net                  (216)              --
Yard EBITDA from Touax barge sale         1,829              --
Other adjustments                         (1,158)            (1,313)
                                                           
Adjusted Consolidated EBITDA              $19,261            $7,261


The following table reconciles our adjusted net loss and adjusted EPS to net
loss and EPS for the three months ended March 31, 2013, and 2012:
                                                                   
                                                                   
($000's)                    Three months ended   Three months ended  % Change
                             March 31, 2013       March 31, 2012
                                                                   
Revenues                     $77,890              $64,538             21%
                                                                   
Adjusted EBITDA              $19,261              $7,261              165%
                                                                   
Net (loss) as reported       $(5,854)             $(13,827)           -58%
EPS as reported (In $ per    $(0.04)              $(0.47)             -91%
share)
                                                                   
Adjustments to Net Loss as                                          
reported
                                                                   
Yard EBITDA from Touax barge 1,829                --                  
sale
Income tax expense on
Exchange Variance Benefit    178                  734                 
(1)
Non-cash loss of             3,605                --                  
extinguishment of debt
                                                                   
Adjusted net (loss)          $(242)               $(13,093)           -98%
Adjusted EPS (In $ per       $(0.00)              $(0.44)             
share)
                                                                   
(1) Provision for Income Tax on foreign currency exchange gains on U.S. dollar
denominated debt of one of our subsidiaries in the Offshore Supply Business


The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the first quarter ended March 31,
2013:
                                   
                                   Three Months Ended March 31, 2013
$(000)                              River      Offshore   Ocean      TOTAL
                                               Supply
                                                                 
Segment operating (loss) profit     $(3,934)   $7,400     $(1,547)   $1,919
Depreciation and amortization       5,846      2,574      1,700      10,120
Investment in affiliates / Net
income attributable to              (193)      (299)      (2)        (494)
non-controlling interest in
subsidiaries
Loss on derivatives, net            --         (216)      --         (216)
Yard EBITDA from Touax barge sale   1,829      --         --         1,829
Exchange difference affecting       3,205      --         --         3,205
Segment Operating Expenses
Other net                           (230)      --         2          (228)
                                                                 
Segment Adjusted EBITDA             $6,523     9,459      153        16,135
                                                                 
Items not included in Segment                                     
Adjusted EBITDA
Financial income                                                  76
Other financial income                                            3,050
                                                                 
Adjusted Consolidated EBITDA                                      $19,261


The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the first quarter ended March 31,
2012:
                                                                
                                  Three Months Ended March 31, 2012
$(000)                             River      Offshore   Ocean      TOTAL
                                              Supply
                                                                
Segment operating (loss) profit    $(5,526)   $4,038     $(2,595)   $(4,083)
Depreciation and amortization      5,417      2,569      2,506      10,492
Investment in affiliates / Net
income attributable to             (319)      (169)      6          (482)
non-controlling interest in
subsidiaries
Other net                          (90)       (2)        133        41
                                                                
Segment Adjusted EBITDA            $(518)     $6,436     $50        $5,968
                                                                
Items not included in Segment                                    
Adjusted EBITDA
Financial income                                                 42
Other financial income                                           1,251
                                                                
Adjusted Consolidated EBITDA                                     $7,261

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

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