Borr Drilling shares fall 11% after rig sinks off Gabon

Borr Drilling: Borr Drilling Limited is an offshore shallow-water drilling contractor incorporated in Bermuda that owns and operates a fleet of premium jack-up rigs to provide drilling services for the oil and gas industry. The company focuses on shallow-water operations across regions including West Africa, the Americas, Southeast Asia, the Middle East, North Africa, and Europe. In this news, one of its rigs, the Prospector 5, sank offshore Gabon during jacking operations, directly resulting in the reported share price decline. Operations: Borr Drilling's rigs operate in international shallow-water environments and are contracted to support customer drilling campaigns such as those for BW Energy. Contracting: Borr Drilling recently announced new commitments for multiple jack-up rigs, including drilling work in West Africa.