More weridness with this, if I run:
ldd /usr/local/games/ut/System/ut-bin
from /lib it works fine, the output is as follows:
libdl.so.2 => ./libdl.so.2 (0x40014000)
libnsl.so.1 => ./libnsl.so.1 (0x40018000)
libpthread.so.0 => ./libpthread.so.0 (0x4002c000)
Engine.so => not found
Core.so => not found
libSDL-1.1.so.0 => not found
libm.so.6 => ./libm.so.6 (0x4004a000)
libc.so.6 => ./libc.so.6 (0x4006b000)
/lib/ld-linux.so.2 => /lib/ld-linux.so.2 (0x40000000)
But it seems that if I run ldd from anywhere else it fails ...