The jack-up barge Admarine 12, owned by Saudi Arabian oil and gas drilling contractor ADES Holding, was involved in a towing incident and capsized off the coast of Egypt, resulting in four deaths and three still missing.
The incident occurred on July 1, when the barge Admarine 12 was being towed by three offshore workboats to the new work area of the Ashrafi platform. At the time, there were 31 crew members and technicians on board. Gulf of Suez Petroleum Company (GUPCO) received a distress signal shortly thereafter.
According to the latest information, 23 people have been safely rescued, but others remain missing, and the relevant authorities are conducting intensive search operations. Unfortunately, the incident resulted in loss of life, including the deaths of three ADES personnel and one individual from a third-party contractor.
“The company is committed to offering comprehensive support to the families of those impacted by this tragic event.
“The Company is working closely with local authorities and emergency services, with the safety and well-being of all personnel remaining its highest priority. A full and thorough investigation into the incident will be conducted,” ADES Holding said in a statement.
At this stage, the company said it does not expect any material impact on its financial position or published guidance for the fiscal year 2025.
“The company remains firmly committed to maintaining the highest safety standards across all its operations.
“We extend our deepest condolences and sincere support to the families and colleagues of those affected by this tragic incident,” ADES added.
It is worth noting that the Gabal El-Zeit area, where the accident occurred, is about 300 kilometers south of the Suez Canal, an important trade channel in Egypt, and is one of the main oil production bases in the Red Sea region of Egypt. However, Egypt said that the accident is not expected to interfere with navigation in the canal.
According to reports, the Admarine 12 is operating in a concession area held by Saudi oil and gas drilling contractor ADES, drilling multiple oil wells. ADES has appointed Offshore Shukheir Oil Company (Osoco) to be responsible for drilling operations.