The platform before it collapsed
The Louisiana oil rig that caught fire on Tuesday night has collapsed and sunk after burning continuously for 36 hours, causing a five mile oil slick.
The explosion is thought to have been caused by a blow-out, as a build up of gas or oil suddenly runs up the pipe and catches fire.
The Deepwater Horizon platform, which is 130 miles off the coast of the US had 126 workers confirmed rescued, with 11 workers still unaccounted for.
According to the Federal government, there have been 69 recorded offshore deaths and 850 fires & explosions on Gulf based platforms since 2001.
"We do continue with search and rescue activities," said Mary Landry, the Eighth District Coast Guard Commander Rear Admiral. "As time passes, however, the probability of success in locating the 11 missing persons decreases."
BP sends flotilla to contain spill
The five mile oil slick, which extends from the Deepwater Horizon site, has the potential to become a "major" spill, according to the US Coast Guard. However BP has indicated it believes the oil in the water is a result of the sinking rig, and not the well. 
Owner of the rig Transocean, the largest off-shore drilling contractor issued a statement saying: "The combined response team was not able to stem the flow of hydrocarbons prior to the rig sinking, and we are working closely with [lease operator] BP Exploration & Production, Inc. and the US Coast Guard to determine the impact from the sinking of the rig and the plans going forward.
"The US Coast Guard has plans in place to mitigate any environmental impact from this situation."
As such BP has utilized mobilized vessels including a large storage barge, and has four aircraft at the ready to spray 100,000 gallons of dispersant on the spill.
Tony Hayward, the BP chief executive, said: "We are determined to do everything in our power to contain this oil spill and resolve the situation as rapidly, safely and effectively as possible.
"We have assembled and are now deploying world-class facilities, resources and expertise, and can call on more if needed. There should be no doubt of our resolve to limit the escape of oil and protect the marine and coastal environments from its effects."
Unseen on news cameras, a remotely operated unmanned submarine is being used to determine the exact location and condition of the rig and the situation of the well, which extends 5,000 feet through water and 13,000 feet beneath the seabed.
BP said plans were in place to use a nearby rig to drill a relief well if needed.
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