I was riding my ski and it was performing perfectly. I was sitting on around 5000 rpm on half throttle when it suddenly stopped. I tried starting it again and it turned over as if the battery was flat. After a couple of attempts it started and ran for about a minute before dying again. It did this all the way back to the boat ramp but I could tell it had lost a cylinder. I took it out of the water and looked at the engine bay. I noticed the powervalves were not cycling properly as they usually do at shutdown. After manually turning the cable a few times they freed up. I then took each plug out and noticed that the rear plug had been hit by the piston as there was no gap and a light mark on the top of the piston. I regapped it and the engine fired up but still on 2 cylinders. I took the rear plug out and it was ok gap wise but had obviously not been firing as it was covered in fuel. There was spark to all plugs. I stuck my thumb over the spark plug holes and the first 2 pistons had good compression at crank over but the rear one had nothing. What could have gone wrong, the ski has about 70 hours, always get's the correct oil and is rarely thrashed. Could it have something to do with the powervalves or am I looking at a rebuild which I won't be happy about as this is supposed to be a performance engine and has had a pretty easy life. How could the piston hit it then not hit it again? Please help