Terrifying footage shows oil rig collapsing into ocean with 115 on board as 5 people reported missing

Horrifying footage captured the moment an oil rig with 115 people on board sank off the coast of Gabon on Saturday (October 24).

Five people are missing following the horrific incident, though Reuters reported one of the missing, an Indian national, has died. However, this has not been officially confirmed.

A video captured by frightened bystanders showed how the 231ft long and 250ft wide drilling rig fell beneath the waves below the night's sky.

Borr Drilling Limited, who own and operate the oil rig known as Prospector 5, said in a statement on Monday (October 26) that rescue operations were still ongoing.

They explained that 110 employees are 'safe and accounted for' and have been brought ashore, where 'care and support is being provided'.

The offshore contractor said in a statement: "Of the 115 personnel on board, 110 are safe and accounted for. Search and rescue operations are ongoing for the five individuals who remain unaccounted for.

"The Company is in contact with the families of the missing personnel. The 110 personnel accounted for are being brought ashore in Gabon, where care and support are being provided.

"Borr Drilling's onshore emergency response team continues to work with local authorities and our customer to respond to the incident, support those affected and continue to search for missing personnel. Extensive marine and air search and rescue operations remain ongoing."

The statement continued: "The company is working with its partners and authorities to ensure a robust investigation is carried out into the cause of the incident; however, the immediate and overriding priority remains the ongoing search and rescue efforts and doing everything possible to assist the authorities and specialists leading these operations to locate the missing individuals and support those safely accounted for."

Initial enquires into the incident suggest 'the rig experienced a punch-through event during preload activities, resulting in loss of stability and the subsequent sinking of the rig'.

A punch-through refers to a situation 'whereby one or more legs of the jack-up barge penetrate into the seabed without warning, having previously been supported', according to the Australian Geomechanics Society.

Panoro Energy confirmed in a statement that the MaBoMo facility has been shut down following the incident.

"The Company’s thoughts and prayers are with the five people who remain missing and with their families, friends and colleagues at this deeply distressing time," their statement said.

"Panoro stands alongside the rig owner, the operator and the emergency responders in their efforts, and expresses its sincere gratitude and full solidarity with all those involved in the search and rescue operations.

"Production at the MaBoMo facility is shut down in accordance with standard procedure during ongoing drilling preparations. There has been no reported damage to the facility or related equipment, nor any accidental discharge of harmful substances to the sea from the facility."