http://www.mbl.is/mm/frettir/innlent...gmanns_leitad/
Rough translation:
The C-310 which was registered in US, was on its way from Narsassuaq Greenland to Reykjavik. At 16 PM the pilot reported that one engine had shut down and he could not pump fuel from one tank to another. Soon after that he reported that the other engine had shut down and he was gliding at 7000 ft.
A search is ongoing by trawlers, helicopters and planes some 50 miles off coast.