On May 9, 2017, about 1630 eastern daylight time, a privately owned and operated Mooney M20R, N20835, was ditched in the Atlantic Ocean shortly after takeoff from Myrtle Beach International Airport (MYR), Myrtle Beach, South Carolina. The private pilot was not injured. The airplane was not recovered and presumed substantially damaged. The flight was destined for Charleston International Airport (CHS), Charleston, South Carolina. Visual meteorological conditions prevailed, and no flight plan was filed for the personal flight, which was conducted under the provisions of 14 Code of Federal Regulations Part 91.According to the pilot, he departed runway 18 and began climbing on a 180° heading. About 300 feet above ground level, he "felt a strong jolt, as if something had hit [the airplane]" and a few seconds later he realized the engine had stopped. He advised the tower controller that he had a problem and performed a ditched landing straight ahead. The airplane initially remained afloat, he egressed through the cabin door, and stood on the wing until the airplane began to sink. A tour helicopter operating in the area responded and dropped a life preserver to the pilot. He was rescued by an individual on a personal watercraft. Attempts by a salvage company to locate the submerged airplane were unsuccessful. According Federal Aviation Administration (FAA) records, the pilot held a private pilot certificate with ratings for airplane single and multi-engine land, and instrument airplane. His most recent FAA third-class medical certificate was issued July 28, 2015. The pilot reported that he had accrued 2,727 total hours of flight experience, of which 1,500 hours were in the same make and model as the accident airplane. Review of the airplane's maintenance records revealed that the most recent annual inspection was completed on October 1, 2016, about 154 flight hours prior to the accident. The engine was overhauled in November 2016 and had accrued 138 hours since overhaul. The engine oil was changed and the oil filter element was inspected three times (January 3, February 2, and March 20, 2017) since overhaul with "no abnormalities found". The engine accrued 46 hours since the last oil change.