One person has died and four others remain missing following the collapse and sinking of an oil drilling rig off the coast of Gabon over the weekend. The Prospector 5 platform, owned and operated by Bermuda-based contractor Borr Drilling, capsized Saturday near the town of Mayumba in the Atlantic Ocean.

The rig was carrying 115 people at the time of the accident. Authorities recovered the body of an Indian national, while three Gabonese nationals and one additional individual have yet to be accounted for, according to reports from Reuters.

The incident occurred as the rig was undergoing a "jacking" procedure to prepare for new drilling operations. Borr Drilling described the event as a "punch-through," whereby one of the legs of the jack-up rig unexpectedly pushed through the seabed beyond intended limits. This caused a loss of stability and ultimately led to the platform’s sinking. Jack-up rigs are mobile drilling platforms that elevate above the water surface using legs that can be extended or retracted depending on water depth.

Norwegian company Panoro Energy, holding a 17.5 percent stake in the drilling license associated with Prospector 5, confirmed that production at the site had been halted and that there were no reports of oil spills or other discharges into the sea. BW Energy, also based in Norway and holding a 73.5 percent working interest in the license, is publicly listed on the Oslo Stock Exchange. Shares in Borr Drilling, Panoro Energy, and BW Energy all declined following the incident, with Borr’s shares dropping by as much as 9 percent in pre-market trading in New York.

In response to the accident, Gabonese authorities have deployed the navy to enhance search and rescue efforts. Additionally, a pollution response team has been mobilized to monitor and address any potential environmental impacts arising from the rig’s sinking. The investigation into the exact causes of the collapse remains ongoing.