On January 7, 2012, about 1324 eastern standard time, a Cirrus Design Corp. SR22, N723EA, registered to and operated by M&W Aviation LLC, descended into water near Andros Island, Bahamas, following deployment of the Cirrus Airframe Parachute System (CAPS). Visual meteorological conditions prevailed at the time and a visual flight rules (VFR) flight plan was filed for the 14 Code of Federal Regulations (CFR) Part 91 personal flight from Kendall-Tamiami Executive Airport (TMB), Miami, Florida, to Toussaint Louverture International Airport (MTPP), Port-au-Prince, Haiti. The airplane sustained substantial damage and the certificated commercial pilot and one passenger were not injured. The flight originated from TMB about 1217. The pilot stated that the day before the accident date, the airplane was test flown by another pilot following an annual inspection involving extensive maintenance. Additionally, the pilot reported that on the accident date prior to the accident flight, he test flew the airplane in the traffic pattern at TMB; no discrepancies were reported. The flight departed TMB climbing uneventfully to 9,500 feet, and about 45 minutes into the flight, the oil pressure began to drop from mid 40 psi into the 30 psi range. He decided to divert to Andros Island, advised air traffic control of the situation, and later declared an emergency. He reported the oil pressure decreased to zero, and the engine, which had been running very smoothly, began to shake and then seized. The pilot trimmed for best glide speed, but after recognizing that he was unable to reach Andros Island, deployed the Cirrus Airframe Parachute System (CAPS) when the flight was at about 2,200 feet. The parachute deployed, and the airplane descended to the water hitting flat and firmly. Both occupants who were wearing inflatable life jackets evacuated the airplane, boarded a life raft, and were rescued. The investigation is under the jurisdiction of the Government of the Bahamas. Any further information pertaining to this accident may be obtained from: Manager of Flight Standards, Bahamas P.O. Box AP 59244 Nassau, N.P. Bahamas Phone: (242) 377-3445/3448 Facsimile: (242) 377-6060 This report is for information purposes only, and contains only information released by or obtained for the Bahamian Government.