Velesto Energy-owned rig Naga 7 has sunk off the Malaysian state of Sarawak.
The jack-up jig Naga 7 has sunk of Sarawak while operating for ConocoPhillips. The Velesto Energy-owned rig lost stability due to rapid penetration into the formation, the company said.
The rig tilted and submerged at the location on Tuesday, 3rd April. All personel on board have been accounted for and are safe and well. The majority have been transferred to Miri, Sarawak, with the rest to follow soon.
Velesto said it is investigating the accident and weighing up its options while salvage efforts are ongoing.