The company’s stock tumbled 7.5% to $4.07 in Monday premarket trading, erasing a portion of the 10% gains the firm had posted earlier this year. Of the 115 people onboard when the rig’s leg penetrated beyond its intended depth, 110 have been accounted for. The sudden sinking has triggered an emergency response involving local authorities and the company’s internal teams.
In section Market Quotes
Borr Drilling Shares Slide After Fatal Rig Incident off Gabon
Five workers remain missing after the Prospector 5 drilling rig suffered a catastrophic loss of stability off the coast of Gabon this weekend. The offshore structure experienced a punch-through event on Saturday, forcing a frantic search and rescue operation for the personnel who did not make it to safety.
Chief Executive Bruno Morand stated that the firm’s immediate focus remains on supporting the ongoing rescue efforts and addressing the welfare of the affected families. The company has pledged to coordinate a full investigation into the mechanical failure that compromised the rig’s stability.
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