Ades Announces Towing Accident Involving Admarine 12 Barge Unit in Egypt, Death of 4 Personnel

Ades Holding Co. announced on Wednesday that on the evening of Tuesday, July 01, 2025, a towing accident occurred involving the Admarine 12 barge unit, owned by one of its subsidiaries and operating within Egyptian territorial waters.

The Company indicated that the accident occurred while the barge was being towed to a new location, resulting in its capsizing.

At the time of the accident, there were 30 people on board the barge, including 18 company employees. As of the time of this announcement, 23 individuals have been successfully rescued, while three remain missing and are subject to intensive searches by the relevant authorities.

According to a statement published on Tadawul, the accident resulted in loss of life, including three deaths among the Company’s employees and one death among contracted workers. The Company is committed to providing full support to the families of those involved in this painful accident.

The Company confirmed that it is currently working closely with local authorities and emergency services, emphasising that the safety and health of all employees remains its highest priority. A comprehensive and detailed investigation will be conducted to determine the causes of the accident.

It also affirmed its unwavering commitment to implementing the highest safety standards across all its operations.

It is worth noting that the damaged barge and its employees are fully insured under the group’s existing insurance programme.

At this stage, the Company does not expect the accident to have any material impact on its financial position or its announced financial estimates for the fiscal year 2025.