Starting from the top: not banging on, expanding my thoughts on some of the theories posted here.
As
@cerich and others have stated, two big dives to 230' and another bounce would suck O2 really fast, trying to keep that 1.3 that you refer to. BTW your calculations for 0.16 on the surface (a marginally hypoxic gas already) is correct IF THEY STOP BREATHING WHILE COMING UP.
No bailout: Rob was on the loop when he surfaced by all accounts as was Peter. If there was a significant issue (significant enough to make both of them pass out within seconds of surfacing) it is likely they would have been on bailout if they had an appropriate gas. I can easily see this conversation playing out:
"Drop down to get the anchor?"
"Sure, how's the gas?"
"Should be fine, it's just a quick bounce."
"Ok Instructor who presents lectures and workshops on rebreather operation "
"Bailout? Yeah just grab the big bottle in case, we don't need all the stages etc"
"Are you sure?"
"It will be fine rebreather diver with 6 months or less experience "
I know and know of many very experienced people that have died from stupid. Nobody is immune and CCR magnifies the consequences.
My reason for leaning toward hypoxia? Of the 3 Hs it's the most likely IMO. Hyperoxia would have at least one of them convulsing and unlikely to affect both in the same way (simultaneous RB failures? On a rEvo? Unlikely. )
Hypercapnia? Sorry Pete but again, it is more likely than hyperoxia but would require them to both kill their scrubbers at the same time and would, while incapacitating them would IMO be unlikely to result in Rob showing OK.
Running out of O2 on an OW dive on a RB is a very uncommon event, but then again nobody seems to be making a habit of doing 3 hypoxic dives in a row on the same unit on the same day.