INFLT ENG SHUTDOWN AFTER 2:30 HRS OF MONITORED OIL LOSS. FLC CONTINUATION TO DEST ARPT; ABOUT 4 MORE HRS OF FLT IN A DRIFT DOWN MODE.

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#2 ENG WAS NOTED TO BE USING EXCESSIVE OIL ABOUT 1:30 AFTER DEP. OIL PRESSURE; TEMP AND QUANTITY WAS CLOSELY MONITORED AND ENG PARAMETERS ALSO. EXCEPT FOR OIL CONSUMPTION; ENG WAS OPERATING NORMALLY. ATTEMPTS TO CONTACT COMPANY DISPATCH THROUGH HONOLULU RADIO VIA PHONE PATCH WERE UNSUCCESSFUL. AFTER ABOUT 1 HR OF TRYING; PATCH WAS COMPLETED VIA HF THROUGH SAN FRANCISCO RADIO. DECISION WAS MADE TO CONTINUE FLT TOWARD HONOLULU (DEST) WITH ENG OPERATING AT REDUCED THRUST; AS LONG AS OIL PRESSURE AND TEMP REMAINED NORMAL; RATHER THAN DIVERTING TO EIP ARPT (WAKE) OR LNDG AT EMER FIELD (MIDWAY). IF ENG HAD TO BE SHUT DOWN AND OTHER PROBS DEVELOPED; MIDWAY WAS NEAR OUR COURSE AND AVAILABLE AS EMER FIELD. ENG OIL PRESSURE FINALLY DROPPED BELOW NORMAL. WE RECEIVED A BLOCK ALT CLRNC TO ENSURE DRIFT DOWN AVAILABILITY. ENG WAS SHUT DOWN AT XA45Z AND EMER DECLARED AT XA48Z. NO PRIORITY HANDLING WAS NECESSARY AND LNDG IN HNL WAS UNEVENTFUL. COM USING HF ACROSS THE PACIFIC DURING EMERS; ADVERSE WX; ETC; CAN BECOME A SAFETY HAZARD. IT IS TIME TO IMPLEMENT SATELLITE COM! NO FAR'S WERE VIOLATED DURING THIS FLT AS FAR AS I KNOW.