On December 2, 1994, at 0348 hours Universal coordinated time, a Britten-Norman Islander BN2B-20, N16VM, ditched in the Pacific Ocean about 200 miles northeast of Majuro, Marshall Islands. The airplane was being operated as an instrument flight rules (IFR) ferry flight to Honolulu, Hawaii, when the accident occurred. The airplane, registered to Trans Island Air, Barbados, West Indies, and operated by Southern Cross Aviation, Camarillo, California, was destroyed. The certificated commercial pilot, the sole occupant, received serious injuries. Visual meteorological conditions prevailed. The airplane, departed at Majuro Airport, as a flight of two aircraft, at 0104 hours Universal coordinated time. The pilot reported that the airplane was in cruise flight at 7,000 feet. The pilot of the accompanying aircraft reported smoke trailing from the left engine of the accident airplane. The accident aircraft pilot then observed smoke and oil emanating from the left engine cowling. The pilot advised air traffic control personnel that he was returning to Majuro as a precautionary measure and, shortly thereafter, declared an emergency. The pilot operated the left engine until it failed completely. He was unable to maintain level flight and slowly descended. The airplane was ultimately ditched and the pilot was observed in a raft. The pilot was rescued by search personnel about 20 hours after the ditching. The airplane was not recovered. The pilot holds a commercial pilot certificate with airplane single-engine land, multiengine land, and instrument airplane ratings. In addition, the pilot holds a flight instructor certificate with airplane single- and multiengine and instrument ratings. The most recent first-class medical certificate was issued to the pilot on August 1, 1994, and contained no limitations. According to the pilot/operator report submitted by the operator, the pilot's total aeronautical experience consists of about 9,900 hours, of which about 150 hours were accrued in the accident aircraft make and model. In the preceding 90 and 30 days prior to the accident, the report lists a total of 180 and 60 hours, respectively, flown. The aircraft had been operated in China prior to the accident flight. Prior to the accident flight, an auxiliary fuel tank system was installed and the aircraft was being operated on a special airworthiness certificate that allowed for 10 percent over maximum gross weight operations. Review of the maintenance records revealed that a 2,000-hour inspection was conducted on April 26, 1994. A 100-hour inspection was completed on November 3, 1994. At that time, the aircraft had accrued 2,302 hours of operation. On November 18, 1994, the last recorded maintenance entry indicated that the airplane had accumulated a total time in service of about 2,359 flight hours. The left engine was overhauled on January 19, 1994. No record of the engine's total accrued time was noted. On November 10, 1994, the No. 2 cylinder rod and cover was replace due to deformation. The logbook entry indicated an accrued time of 2,359 hours.