A drilling rig has sunk offshore eastern Malaysia while it was being prepared for work at a ConocoPhillips-operated exploration block. The NAGA 7 tilted "due to soil rapid penetration" at the WL4-00 site according to its owner, local firm Velesto Energy. All 101 personnel on board were evacuated, and the rig subsequently sank. Velesto and Conoco said that the NAGA 7 had not begun drilling at the concession, which includes the Salam-1 oil discovery. The rig was manoeuvring into position ahead of a campaign to drill up to three wells. Velesto announced the award of the contract, which it valued at around $8mn, at ... (full story)