Borr Drilling Limited (BORR)

The company now

Borr Drilling confirmed on 25 October 2026 that its Prospector 5 jack-up rig sank offshore Gabon at about 20:37 local time on 24 October 3. The company said preliminary information points to a punch through event during preload activities, which caused a loss of stability 3.

A jack-up is a drilling platform whose legs stand on the seabed 8. On 2 November the company said the body of a fourth person had been located and one person was still unaccounted for 1. Of the 115 people on board, 110 had returned ashore by 29 October 2.

Reuters reported that the rig had not yet begun drilling and sat at the Dussafu Marin permit 4. Borr has engaged a classification society for an independent investigation, and its chief executive said every possible cause is in scope 1. The root cause has not been stated 1.

BW Energy, the rig's customer, suspended its 2026 capital spending guidance of $600 million to $650 million while it reschedules wells at its Dussafu field, World Oil reported on 29 October 5.

The sinking follows a weak second quarter 6. Revenue was $232.3 million, down 6 percent from the first quarter, and the net loss was $241.4 million, mostly a $176.3 million debt refinancing charge 6.

As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed on the Business page, where the whole account is. Nothing here is advice.