The airplane was ditched in San Francisco Bay at about 1350 Pacific time following a loss of engine power. The commercial pilot and one passenger were not injured; the airplane sustained substantial damage. Visual conditions prevailed. The pilot later stated he was flying at about 1500 feet msl when the engine started to lose power, and he then noticed there was no oil pressure indicated. The engine lost power and he decided the best place to land was the water. After the airplane was recovered, investigators observed a hole in the engine crankcase near the number two cylinder.