Jason, at the moment it appears to only be a single engine failure which was bad enough that parts of the engine cowling appear to have fallen on the Indonesian island of Batam.
The reports seem to indicate that the rest of the aircraft has now safely landed back in Singapore after dumping fuel.
EDIT: Snap... three of us replied at once.
Certainly another serious and disturbing incident for the ATSB and others to look into, but doesn't appear to be anything catastrophic at this point.