Washington D.C., February 7, 2007 - EMP Latin American Management LLC, the principal advisor to the AIG-GE Capital Latin American Infrastructure Fund L.P. ("LAIF"), has announced that LAIF has sold its entire 66.67% stake in UP Offshore (Bahamas) Ltd. to Ultrapetrol (Bahamas) Ltd. (Nasdaq: ULTR) for $48 million.  

UP Offshore was formed in 2003 by LAIF, together with Ultrapetrol and a Brazilian partner, to construct and operate platform supply vessels that provide services to offshore petroleum exploration and production companies, with vessels currently operating in the North Sea and the coastal waters of Brazil.   

Ultrapetrol, a diversified marine transportation company founded in 1992, funded its UP Offshore acquisition with a portion of the net proceeds of its initial public offering and listing on The Nasdaq Global Market, which closed on October 12, 2006.  

LAIF remains a sizable shareholder in Ultrapetrol, having first invested in Ultrapetrol in 2000, primarily to fund the expansion of its barge operations, which grew from 125 barges at the time of the investment to 490 barges today.   LAIF sold a small stake in Ultrapetrol as part of a "greenshoe offering" in the IPO but continues to hold a 34.5% interest in the company.

The public listing of Ultrapetrol provides future liquidity to LAIF for its remaining equity stake.  Ultrapetrol's offering, all primary, was completed at a price of $11 per share for 12.5 million newly-issued shares, generating proceeds of US$137.5 million.  Since listing, Ultrapetrol's share price has appreciated approximately 41 percent, and at the current market price of $15.50 per common share, LAIF's stake is valued at $151 million.

James F. Martin, Managing Partner of EMP Latin American Management, said:

"The sale of LAIF's stake in UP Offshore to Ultrapetrol not only gives us an attractive return on our investment in UP Offshore but it also allows LAIF's investors to continue to participate in the further growth of the offshore supply sector through our holding in Ultrapetrol.

"Ultrapetrol's IPO was a further step in the growth of a dynamic global transportation company.  We are pleased that we were able to participate in the early stages of the company's development and that LAIF's investment allowed the company to deepen its market presence and to expand into new business lines."

Katherine A. Downs, a Partner at EMP Latin American Management, added:

"We at EMPLA have played an active role in setting strategy for Ultrapetrol, serving on the Board of Directors and as financial advisors in raising capital, but management's vision has been key.  We look forward to working with this dynamic team now in the context of a public company to create value for all shareholders."

Since its inception in November 1996, LAIF has invested approximately US$805 million in 24 companies throughout Latin America, which are engaged in a variety of infrastructure sectors including telecom, transport, energy, and natural resources.  This sale is the second IPO of a portfolio company for LAIF and one of several recent LAIF exits.

About EMP Latin American Management LLC

EMP Latin American Management LLC, a joint venture between EMP Global LLC and the four principal members of EMP Global's Latin American team, is the Principal Adviser to the AIG-GE Capital Latin American Infrastructure Fund L.P.  

About EMP Global LLC

EMP Global LLC, the largest private equity fund advisor focused on emerging markets, advises eight private equity funds totaling US$7 billion invested in Africa, Asia, Latin America, Europe and the Middle East.  EMP Global has over ninety professionals based across eight offices in the regions in which it invests.

Investor inquiries: James F. Martin, Tel: +1.202.331.9051

Email: martinj@empglobal.com

Media inquiries: Tristan B. Peniston-Bird, Tel: +1.212.515.1933 Email: tpeniston-bird@gavinanderson.com