PBY-5 DITCHED IN PACIFIC OCEAN IN A NIGHT OP; EXTENDED OVERWATER OP.

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IN CLB FROM 3000 FT TO 5500 FT L ENG BEGAN BACKFIRING SEVERELY AND WOULD NOT DEVELOP THRUST ABOVE ZERO THRUST PWR SETTING (PWR REDUCED TILL BACKFIRING STOPPED). LEVEL OFF AT 5000 FT. WITH #2 ENG BROUGHT TO METO PWR ATTEMPTING TO MAINTAIN BEST ALT. AS WE WERE FERRYING THE ACFT OVER LONG DISTANCE WATER AIRWAY WE BEGAN SLOW ALT LOSS. IMMEDIATE TURN; ALSO; WAS MADE FOR NEAREST LAND AND OUR PAN EMER SHIFTED TO MAYDAY CALL. AFTER ABOUT 1:15 DSCNT INTO WATER WAS IMMINENT. THE NIGHT OCEAN VISIBILITY WOULD BE TERMED ZERO/ZERO AND WITH NO OTHER RESOURCE ELEVATION WAS NOT KNOWN BECAUSE OF ALTIMETER (LACK OF) INFO. STANDARD NIGHT IFR APCH WAS SET UP AND IMPACT WITH FIRST SWELL OCCURRED AT 200 FT. PWR ON #2 DRAWN OFF AND ROUGH WATER TECHNIQUE EXECUTED. UPON SHUT DOWN DISCOVERY OF STARBOARD SEAM WAS UNRIVETED AND WE BEGAN TAKING ON WATER. BILGE PUMPS (X2) AND FUEL XFER PUMPS STAVED OFF WATER FOR ABOUT 1/2 HR TILL THEY FAILED. ABANDON SHIP ORDER WAS GIVEN. AFTER A SUCCESSFUL NIGHT IFR WATER LANDING WITHOUT ALT INFO 7 PEOPLE ESCAPED WITHOUT INJURY. (INTO LIFEBOAT). COORD WITH ATC VIA HF RADIO AND VERY ACCURATE POS RPTING WITH GPS RESULTED IN VERY EXPEDITIOUS RESCUE/LOCATION BY COAST GUARD C-130 AND MARITIME VESSEL. WE WERE IN THE OCEAN LESS THAN 1 DAY - VERY SPECTACULAR EFFORTS ON ALL PARTIES INVOLVED. OUR BEST EFFORTS COULD NOT HAVE PREVENTED THE ENG LOSS (INTERNAL FAILURE) BUT WORSE CASE PLANNING WAS MADE AND 100 PERCENT UTILIZED. LOOKING BACK; NO DIFFERENCES IN PLANNING WOULD BE MADE AS THE 5 'P'S SAVED THE LIVES OF 7 PEOPLE AND LIMITED THEIR DISCOMFORT. PRIOR PLANNING PREVENTS POOR PERFORMANCE.