On June 20, 2022, about 1550 eastern daylight time, an experimental Hawker Hunter MK.58, N337AX, was substantially damaged when it impacted the Atlantic Ocean about 40 miles southeast of Wilmington, North Carolina. The commercial pilot was seriously injured. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 public use flight. According to the operator, while performing an exercise with the US Navy, the airplane experienced a partial loss of engine power at flight level 240. Specifically, the rpm reduced and stabilized to about 5,000. The pilot knew that 6,800 to 7,200 rpm would be required to maintain altitude and return to an airport. After two unsuccessful attempts to restore engine power, the pilot ejected from the airplane at 3,000 ft mean sea level. The pilot was subsequently rescued by a nearby fishing vessel; however, he suffered a serious back injury during the ejection. The fuel system was examined at a maintenance facility after the wreckage was recovered from the ocean. The examination revealed that a bearing failed in the high-pressure fuel pump governor, which prevented pump output pressure from increasing above 850 psi; the operating range limit was between 1900 to 2200 psi.