ADES says subsidiary’s rig capsizes in Egypt, confirms fatalities

Logo of ADES Holding Co.

ADES Holding Co. confirmed that a marine transport incident occurred on the evening of July 1, involving the “Admarine 12” rig, owned by one of its subsidiaries and operating within the territorial waters of Egypt.

For more news on listed companies

The rig capsized as it was being towed to a new location, ADES said in a statement to Tadawul. At the time, 30 individuals were on board, including 18 employees of the company.

ADES said 23 people were rescued and three remain missing. Intensive search operations by the relevant authorities are ongoing.

ADES confirmed four fatalities, including three company employees and one contractor working for a third party.

The company noted it is committed to supporting the families of those affected and is working closely with local authorities and emergency services.

“The safety and well-being of all personnel remaining the highest priority,” the statement noted, adding that a full and thorough investigation into the incident will be conducted.

The rig and all personnel involved are fully covered under the group’s insurance program, the statement added.

At this stage, ADES does not expect the incident to have a material impact on its financial position or on its previously disclosed financial outlook for 2025.