Latest news with #ADESHoldingCompany
DW
02-07-2025
- General
- DW
Ship capsizes in Gulf of Suez, at least 4 dead – DW – 07/02/2025
An oil-drilling vessel overturned with reports that it was being towed in the important shipping route. Three people are still missing. A ship capsize in the Gulf of Suez has left at least four people dead with another four still missing, authorities in Egypt said on Wednesday. This was confirmed in reports citing the vessel operator's Saudi Arabian owner, ADES Holding Company, although according to them only three were believed to be missing. AP news agency cited Egypt's Red Sea province governor Amr Hanafy as saying that there had been 30 workers on board the vessel when it capsized. Hanafy said rescue teams recovered the bodies of four people but also managed to pluck 22 people to safety, who were then taken to hospital. Vessels from Egypt's navy assisted in search and rescue efforts. The circumstances surrounding the capsize remain unclear, but local media reported it was being tugged for excavations in another area when it overturned. Egypt's petroleum ministry on Tuesday said oil and gas producer Offshore Shukheir Oil Co (OSOCO) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea, The Suez Canal Authoritiy said in a statement that the incident involved the Admarine 12 oil-drilling ship and took place 130 nautical miles from the southern entrance of the Suez Canal. The authority said that navigation in the important shipping route had not been impacted. ADES said that three of its personnel and one contractor were killed, and rescuers were searching for the remaining three, ADES said. "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," ADES said.
TimesLIVE
02-07-2025
- Business
- TimesLIVE
Four die as vessel capsizes in Egypt's Gulf of Suez, three still missing
At least four people died when a vessel capsized while being towed in the Gulf of Suez, one of Egypt's prominent Red Sea oil production sites, the vessel operator's Saudi Arabian owner, ADES Holding Company, said on Wednesday. The incident occurred around 130 nautical miles from the southern entrance of the Suez Canal and has not disrupted navigation along the trade route, the Suez Canal Authority Chairman Osama Rabie said in a statement. Egypt's petroleum ministry on Tuesday said oil and gas producer Offshore Shukheir Oil Co (OSOCO) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea. The vessel is a jackup barge unit named Admarine 12 owned by a subsidiary of offshore drilling service provider ADES. It was carrying 30 personnel, 23 of whom were rescued, ADES said in disclosure to the Saudi Exchange. The petroleum ministry earlier misidentified the vessel as Adam Marine 12.
GMA Network
02-07-2025
- Business
- GMA Network
Four die as vessel capsizes in Suez Gulf; three still missing
CAIRO — At least four people died when a vessel capsized while being towed in the Gulf of Suez, one of Egypt's prominent Red Sea oil production sites, the vessel operator's Saudi Arabian owner, ADES Holding Company, said on Wednesday. The incident occurred around 130 nautical miles from the southern entrance of the Suez Canal and has not disrupted navigation along the trade route, the Suez Canal Authority Chairman Osama Rabie said in a statement. Egypt's petroleum ministry on Tuesday said oil and gas producer Offshore Shukheir Oil Co (OSOCO) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea. The vessel is a jackup barge unit named Admarine 12 owned by a subsidiary of offshore drilling service provider ADES. It was carrying 30 personnel, 23 of whom were rescued, ADES said in disclosure to the Saudi Exchange. The petroleum ministry earlier misidentified the vessel as Adam Marine 12. Three ADES personnel and one contractor were killed, and rescuers are searching for the remaining three, ADES said. The vessel was operating in a concession where ADES and OSOCO have partnered to drill wells. The vessel and personnel are comprehensively insured and at this stage there is no material impact on finances or guidance for the fiscal year 2025, ADES said. "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," ADES said. — Reuters
Zawya
05-05-2025
- Business
- Zawya
Saudi: ADES Holding's net profits exceed $52.4mln in Q1-25
ADES Holding Company posted 2.07% year-on-year (YoY) lower net profits at SAR 196.67 million in the first quarter (Q1) of 2025, compared to SAR 200.84 million. The Saudi group generated revenues valued at SAR 1.47 billion as of 31 March 2025, an annual drop of 4.04% from SAR 1.53 billion, according to the financial results. In the first three months (3M) of 2025, the earnings per share (EPS) amounted to SAR 0.18. Quarterly, the net profits registered in Q1-25 fell by 6.31% from SAR 209.93 million in Q4-24, while the revenues decreased by 6.30% from SAR 1.56 billion. In 2024, ADES Holding's net profits hike by 80.54% to SAR 816.19 million from SAR 452.07 million in 2023. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
08-04-2025
- Business
- Zawya
ADES Holding renews $266.4mln jackup deal
ADES Holding Company has signed a contract renewal for one of its standard offshore jackup rigs with A Major National Oil Company on 7 April 2025. The unit was among the six suspended rigs that were previously operating in Saudi Arabia, according to a bourse filing. Total backlog for the renewal is estimated at SAR 1.08 billion ($290 million). The standard jackup is currently fulfilling a medium-term contract in Egypt. Mohamed Farouk, CEO of ADES Holding, said: 'This 10-year renewal, and similar ones recently secured in the Kingdom, added a significant amount of long-term backlog to the group, promoting business sustainability and increased revenue visibility.' He noted: 'The new award validates the group's optimism as regards to the outlook of our business in the Kingdom, and we look forward to continuing to deliver our best-in-class safety and operational performance that has become synonymous with the ADES name.' 'The group also plans to continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market,' Farouk concluded. The Tadawul-listed group recently secured a charter agreement for its premium jackup rig, Admarine 511, to execute a contract for Petrobras in Brazil. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
