@RifRaf3, what problems do you identify with it?
I'm also inclined to believe that it was catastrophic failure at approximately 01.21.
The confusing picture built up by Malaysian radar data describing flight to the west would fit the presence of a SIA (or other) 777, although you would expect this to have been thoroughly checked.
At a shallow depth, it fits with the timeline, and fits with the oil rig account.
The problems I see are apparent lack of wreckage, the possibility of tidy ACARS shutdown (still claimed?), and what would seem to be the slim chance of functioning Inmarsat equipment in the sea after the catastrophic destruction of the AC. There's also the question of why such huge efforts have been made pursuing anything but this obvious, Occam's razor scenario.
The missing piece would seem to be the six other satellite pings. If they were all the same range, then I can't see any other possibility.