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The pilots both escaped from the plane by the time Coast Guard crews reached them, the Coast Guard said.

It appears the plane sunk, the Coast Guard said.

Ganyard said it's \"highly unusual\" for an aircraft to lose both engines \"and to do it so quickly in sequence.\"

The plane involved is more than 40 years old, according to FAA records, and very few are operating today. Ganyard said NTSB officials will look at the plane's age and maintenance records.

Boeing said it's monitoring the situation and is in contact with the NTSB.

Transair said in a statement, \"We are working with the Coast Guard, the FAA and NTSB to secure the scene and investigate the cause. Our most immediate concern is the care and recovery of our colleagues.\"

ABC News' Jenna Harrison and Lissette Rodriguez contributed to this report.

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