ADES Holding Company, part of Saudi Arabia-headquartered ADES Group, has disclosed a towing incident in Egypt’s Gulf of Suez, involving a jack-up barge unit owned by its subsidiary and operating within a key oil zone in the Egyptian territorial waters. The sinking of this unit took place in Jabal Al Zeit area at the entrance of the Gulf of Suez, 130 nautical miles from the southern entrance of the Suez Canal in the Red Sea.

While the Admarine 12 jack-up barge was being towed to a new location, the drilling player revealed that a towing incident occurred on the evening of Tuesday, July 1, 2025, resulting in its capsize with 30 personnel on board, including 18 members of the firm’s workforce.