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| Announcement Detail | ADES Holding Company announces that on the evening of Tuesday, 1-7-2025 (corresponding to 6- 1- 1447 Hijri), a towing incident occurred involving Barge Unit Admarine 12, owned by its subsidiary and operating within Egyptian territorial waters. The incident took place while the barge was being towed to a new location and resulted in its capsize. At the time of the incident, 30 personnel were on board, involving 18 from ADES personnel. And at the time of this announcement; 23 have been safely rescued, 3 remain missing and subject to intensive ongoing search operations by the relevant authorities and Tragically, the incident resulted in the loss of life, including 3 fatalities among ADES personnel and one fatality among personal contracted by third parties. 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. The affected barge and personnel 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. |
