Ultrapetrol (Bahamas) Ltd. announced the appointment of Mr. Raul Sotomayor to the Company's Board of Directors. Mr. Sotomayor will fill a position vacated by Mr. Rodrigo Lowndes, a fellow partner of Southern Cross Group. Mr. Sotomayor is a Senior Partner of Southern Cross and a Member of the Executive Committee of the firm and serves as a board member at Brinox and SMU S.A., as well as the non-profit organizations Techo and Fundacion Alimenta.

He previously served as a board member at Essbio S.A., Quintec S.A., Supermercados del Sur S.A., and Gas Atacama. Prior to joining Southern Cross, Mr. Sotomayor was a consultant with the Boston Consulting Group at its San Francisco and Buenos Aires offices, served in a managerial position at leading Chilean industrial group Grupo Elecmetal, and began his career at Fintec, a Chilean private equity fund.