Lockheed P2V-2 Neptune 39325 was returning from a round trip navigation flight from Quonset Point to Bermuda. At an altitude of 12,000 feet on about 110 miles from Quonset Point, the starboard engine manifold pressure dropped from 30″ to 25″. This drop was followed immediately by engine oil pressure dropping gradually to zero. Fuel flow meter also dropped 200 lbs. About a minute later the port engine went through the same apparent sequence of events except for initial drop manifold pressure. Gradual loss of power was noted on both engines. Extreme vibration occurred in both engines. The pilot shut down the engines and feathered both propellers and had crew standby for ditching. The aircraft glided towards a tanker, SS Washington, from 11,000 feet at 120 kts. The ditching was carried out into the wind at indicated air speed of 55kts, utilizing no flaps, but using full nose up elevator. Only one impact was felt and nose dug in momentarily. The pilots went out through the overhead escape hatches and rest of crew went through astro-hatch. Hatches had been jettisoned on the way down.