Oslo-listed shares of Borr Drilling declined on Monday following the sinking of the Prospector 5 drilling rig offshore Gabon. The accident resulted in one fatality and four missing workers, according to three sources who spoke ahead of the official announcements.
The market reaction was immediate, with Borr Drilling shares dropping 7% by 0830 GMT. Earlier in the session, the stock had fallen as much as 11.4% to reach its lowest level in more than two months. The sinking removes a rig that had been booked for nearly a year and poses a threat to upcoming drilling timelines.
Account numbers regarding the personnel aboard varied between company statements and government reports. Borr Drilling announced on Monday that 110 of the 115 individuals on board were safe, with five remaining unaccounted for. Meanwhile, the Gabonese government stopped short of confirming a fatality, stating instead that five people remained missing as active search operations continued.
Preliminary details provided by the drilling contractor pointed to a “punch-through” incident during preparations for drilling. This type of failure occurs when one or more of a rig’s supporting legs unexpectedly plunge much deeper into the seabed than intended.
The operational disruption extends beyond the drilling contractor. Partner companies BW Energy and Panoro Energy, which hold interests in the Dussafu license where the rig was scheduled to operate, also saw their stock values drop. Shares in BW Energy fell 7%, while Panoro Energy shares declined by 10% during early trading in Oslo.
In response to the disaster, Gabon’s oil ministry initiated an official technical investigation into the sinking of the Prospector 5. The maritime and energy sector in the region has faced prior safety incidents, including a March 2024 fire at a separate Perenco oil platform offshore Gabon that resulted in five deaths.
