An engine failure in any aircraft IS a serious incident. In a twin, it's very serious and should warrant a MAYDAY call. That'll get you noticed and give you the required level of priority.
If/when you get everything sorted out satisfactorily and the aircraft is fully under control, there is no fire etc then it can be downgraded to a PAN if required.
It still requires a landing at the nearest suitable airport. Better to be down here wishing you were up there ....