Ultrapetrol (Bahamas) Ltd. provided earnings guidance for the fourth quarter and full year of 2014. For the year, the company expects to report an adjusted EBITDA in the range of $57.0 million to $59.0 million.

The company's fourth quarter results were adversely affected by developments in December 2014 related to lower than forecasted North Sea spot rates, extensive off-hire resulting from a now-resolved mechanical issue with one of the container feeder vessels in the Ocean segment, and increased costs related to the company's initiative to improve the reliability of its fleet of pushboats in the River Business.

The company provided an update on recent developments in its Offshore Supply Business. The company announced that it had renewed a contract with Petrobras, which expired in March 2015, to employ the UP Turquoise for an additional four years at $30,050 per day, consistent with its previous contract. Additionally, the company confirmed that the UP Opal has commenced its employment on a four-year contract with Petrobras at a rate of $31,000, and the UP Coral is expected to commence a six-year contract with Petrobras in mid-2015 as an ROV Support Vessel ("RSV") earning $87,000 per day, which includes remuneration to a joint venture partner.