Four members of the crew died Tuesday night after a barge owned by the Saudi oil & gas drilling company ADES capsized about 300 km south of the Suez Canal.
The authorities have stated that the incident is unlikely to affect shipping along the canal.
The ADES company said that the accident, which occurred on the jack up barge Adam Marine 12, built in 1966, occurred while it was being towed to a new location.
At the time of the accident, there were 30 people on board, including 18 ADES members.
According to the company, 23 people have been rescued but 3 are still missing. Search and rescue operations are still continuing and reportedly involved Egyptian navy ships. The survivors have been transported to hospital for treatment.
Translation by Giles Foster