The pilot reported that shortly after levelling off and at the commencement of cruise checks there was a loud bang followed by a shudder. The pilots first reaction was to check the caution panel and engine transmission temperatures and pressures. All indications appeared normal. The pilot then reduced power slightly suspecting a possible drive train malfunction. However, his attention was then diverted to a flapping noise at the front of the aircraft, at which time he observed that the right-hand forward float bag was deployed, but uninflated. He continued to reduce power, reduced airspeed to 75 knots, and commenced a turn back towards the Sedco 702 platform.
