Drilling barge incident offshore Egypt leads to fatalities

At least four people died last week after a towing incident involving ADES Holding’s Admarine 12 drilling barge offshore Egypt.

The incident occurred while the barge was being transported to a new location and led to the vessel capsizing.

Thirty personnel were onboard, including 18 employed by ADES personnel, of which 23 were rescued. There were four fatalities, with three more people unaccounted for at the time of the announcement.

ADES said it would conduct a comprehensive investigation.

On July 2, ADES stated in a release:

"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.

The affected barge and personnel [are] comprehensively insured under the group’s existing insurance program. At this stage, the company 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."