Borr Drilling plunges nearly 10% after rig sinks offshore Gabon
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Borr Drilling (BORR) fell 9.7% pre-market Monday after one of its drilling rigs sank off the coast of Gabon over the weekend, with five workers still missing following the incident.
The company said preliminary information indicates its Prospector 5 rig experienced a "punch through event" as it was preparing for drilling operations, which caused a loss of stability and the subsequent sinking of the rig.
At the time of the incident, 115 personnel were onboard the rig, but search and rescue operations accounted for 110 people, and the company said efforts are continuing to find the five workers still missing.
The rig was conducting drilling for explorer BW Energy (BWEFF), which holds a 73.5% stake in the Dussafu Marine license; its shares fell as much as 14% on Monday.
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