EGYPT: Ades Holding Loses Rig in Towing Incident Involving Barge Unit

ADES Holding Company announces that on the evening of Tuesday, 1-7-2025, 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 says it 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 Company says it does not expect any material impact on its financial position or published guidance for the fiscal year 2025 as the affected barge and personnel comprehensively insured under the Group’s existing insurance program.