Ultrapetrol (ULTR) Says Damian Scokin Resigns as CEO

October 12, 2016 4:41 PM EDT

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Ultrapetrol (Bahamas) Limited (Nasdaq: ULTR) announced today that Damián Scokin will resign from his role as Chief Executive Officer, effective November 1st, 2016, and will join the Company’s Board of Directors. Eduardo Ojea Quintana, Chairman of Ultrapetrol’s Board of Directors, has been selected to serve as Chief Executive Officer of Ultrapetrol.

Mr. Ojea Quintana has been a Director of Ultrapetrol since 2012, and has served as Chairman since 2015. Prior to that, he served as 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.

Mr. Ojea Quintana commented, “I would like to thank Damián Scokin for his dedicated leadership in guiding Ultrapetrol through a very challenging market environment. I look forward to working with Damián and with the rest of Ultrapetrol’s Board and management team to continue to advance our strategic goals of enhancing Ultrapetrol’s operational performance and achieving a consensual financial restructuring that positions the Company for long-term success.”

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