Towing Incident on ADES Holding’s Jack-up Barge Admarine 12 Results in Tragic Loss of Life

A devastating towing incident has occurred on the Saudi oil and gas drilling contractor ADES Holding’s jack-up barge Admarine 12, leading to the capsizing of the barge offshore Egypt. The incident has resulted in the tragic loss of four lives, with three individuals still missing.

The unfortunate event took place on Tuesday, July 1, as the barge was being towed to a new location within Egyptian territorial waters. At the time of the incident, there were 30 personnel on board, including 18 from ADES personnel.

As per the latest updates, 23 individuals have been successfully rescued, while three remain missing and are the focus of intensive search efforts by the relevant authorities.

Regrettably, the incident has led to the loss of lives, with three fatalities among ADES personnel and one fatality among individuals contracted by third parties.

In response to the tragedy, ADES Holding has expressed its commitment to providing comprehensive support to the families affected by the event.

The company is actively collaborating with local authorities and emergency services, with a primary focus on ensuring the safety and well-being of all personnel involved. A thorough investigation into the incident will be conducted to ascertain the root causes and prevent similar occurrences in the future.

Despite the tragic nature of the incident, ADES Holding has stated that it does not anticipate any significant financial impact on its current position or published guidance for the fiscal year 2025.

Emphasizing its dedication to upholding the highest safety standards across its operations, the company extends its deepest condolences and unwavering support to the families and colleagues affected by the tragic events.

As the investigation progresses and measures are implemented to enhance safety protocols, ADES Holding remains steadfast in its commitment to prioritizing the well-being of its personnel and preventing such incidents from reoccurring.

Our thoughts are with the families and loved ones of those impacted by this heartbreaking incident.