Towards the end of my tour at -37, I would try and snag as many SAR jump flights as I could because they were fun there. Basically a license to fly low in the bay and buzz all the boats while the swimmers would reset. During one flight, thankfully before sunset, we were in the hover with a swimmer half-way up (or down) on the hook. Basically the worst place, just like we would brief.
At that moment, the AFCS completely reset itself. I'm not sure why...maybe it got wet. When the controls did their jump and the altitude hold kicked off, we immediately started to settle and it felt very much like a single engine power-loss. I don't know how long it took us to figure out what happened...probably half the time it felt like (and I still remember), but the crewman in the back was milliseconds from blowing the CAD. He was reeling out the cable, but it still was going to be a fairly long fall.
Since I wasn't flying, I could focus more inside and saw all the cubes flashing and realized what happened and told everyone we were good, but we definitely took a minute once everything was turned back on and took some deep breaths.