Air carrier Captain reported the number 2 engine failed during initial climb. The flight crew returned to departure airport and landed.

Narrative

During initial climb in IMC we saw a bright flash and a bang; engine 2 EGT (Exhaust Gas Temperature) had exceeded paramaters and the N1 was rolling back.Flying pilot controlled the aircraft and called for the checklist; during this time we noted that auto relight was trying multiple times to relight the engine.The engine fail checklist was run and we agreed as the auto relight hadn't worked that we would not try a manual relight we also noted the oil quantity was at zero.[We advised ATC]; dispatch was notified of our possible return and fuel dump.Relief Pilot called for control and Maintenance Control and the captain handed me the controls and talked to company.It was agreed that fuel dump and a return was the correct action; we all agreed and informed ATC fuel dump would be required.ATC WAS EXCELLENT and we were giving vectors for the dump.All non normal checklist were done followed by the remainder of the normal checklists .Performance for the failure was calculated for flaps 30 max rev 1 eng inop.Runway XXR was assigned via initially an arrival with free speed as we requested; and later we got radar vectors to final.We notified ATC we would roll to the end but were able to exit taxiway 1 we joined taxiway 2 and were coordinated an inspection and parked at the stand.Through out the event the CRM was outstanding with everyone voicing concerns and all issues addressed .We had 1 ACM (Additional Crew Member) company 747 FO who we also bought to the flight deck to oversea our return and give us any inputs .