Naga 7 remains submerged off the coast of Sarawak after the incident on May 3. The incident area is secured while the Group is working with the insurance underwriters and Protection & Indemnity (P&I) Club on the way forward. The rig and other related liabilities are adequately covered under the Hull & Machinery insurance and the P&I Club, respectively. Progressing on the insurance claims, Velesto Drilling Sdn. Bhd, as the insured under the H&M policy has on 31 May 2021 issued a notice of abandonment of the submerged rig, Naga 7 to the H&M insurers, pursuant to the H&M policy and currently await their response.
Source: Velesto
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