The odds of an engine failure are extremely rare...
But it does happen. Here is a bit from a Concern Network posting...
Part 91 ferry flight with pilot and passenger onboard. While climbing
through 7200' MSL (1000' AGL), the pilot heard three loud pops in
rapid succession and simultaneously a #1 engine chip light
illuminated. The pilot immediately began a turn towards lower terrain
and lowered the collective to an OEI profile at which time the engine
completely failed. The pilot secured the engine in accordance with
checklist procedures and proceeded to the closest, most suitable
landing area wherein he made an uneventful landing.
The company performed a full PAIP and debrief. The pilot has been
commended for his exemplary performance in managing the emergency
The engine was removed and sent to PWC for teardown analysis. The
result of this analysis determined that there was a failure of the #3
bearing. Currently there is an elective Service Bulletin (SB28340) for
operators to replace this bearing during engine overhaul time.