What happened
The pilot reported that he was conducting a fish spotting flight when the aircraft lost engine power. Unable to maintain altitude or reach a suitable landing site, he executed a water landing (ditching) in the ocean. Following the incident, he was located and rescued by a passing boat and transported to Key West, Florida.
The investigation
The aircraft was not recovered from the water, which prevented physical inspection of the airframe or engine components. Consequently, no mechanical examination could be performed to determine the specific nature of the failure.
Findings
Based on the pilot's statement and the past maintenance history of the aircraft, he attributed the loss of power to a failure of the magnetos. This assessment was made solely based on his professional opinion and the known history of the aircraft, as no physical evidence was available for verification.