Offshore drilling services provider ADES Holding has reported a maritime incident involving its subsidiary’s jackup barge, Admarine 12, which capsized in Egyptian territorial waters.
The barge was being towed to a new location in the Gulf of Suez when the accident occurred, leading to the loss of four lives and leaving three individuals missing.
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At the time of the incident, 30 personnel were aboard the vessel, including 18 Ades employees. Currently, 23 individuals have been rescued while search operations for the missing continue.
In response to concerns about the potential disruption to the canal, Admiral Ossama Rabiee, chairman and managing director of the Suez Canal Authority, assured that navigation remains unaffected.
The incident occurred 130 nautical miles from the Suez Canal’s southern entrance in the Red Sea, outside its waterway.
The company has initiated a full investigation to determine the cause of the incident and has confirmed that the barge and personnel were fully insured, with no expected significant financial impact on its 2025 fiscal guidance.
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By GlobalDataAdes said in the statement: “The affected barge and personnel are comprehensively insured under the group’s existing insurance programme. At this stage, the company does not expect any material impact on its financial position or published guidance for the fiscal year 2025.”
Admiral Rabiee emphasised the Suez Canal Authority’s crisis management capabilities and its readiness to assist in coordination with the state’s crisis management system.
The authority has expertise in maritime salvage and pollution control, reinforcing the safety of navigation within the Suez Canal, which saw 33 vessels transit on the day of the announcement.
