RedactedNarrative: The operator of v1 was underway heading south in the gulf of mexico approximately 300 yards off of beach marker r135. The operator heard a loud pop near his motor and realized something was wrong with his motor. After stopping the operator realized that his motor was on fire and attempted to put out the fire with his fire extinguisher. The operator was unsuccessful in extinguishing the fire and entered the water with 3 other occupants, all wearing life vests. All occupants were picked up within minutes of entering the water without injury. The vessel was towed.