Well, about 30 years after my last reg failure, I had one last night. Doing a night shore dive and had just reached the bottom at 7 metres (at this spot) and gone about 40 metres (2.5 minutes) when there was a loud bang and a huge amount of water. Swam over to one of my buddies and took his octopus (Safe second) and signalled to him what happened. He had trouble seeing the bubbles due to the night dive and other divers' torches. We ascended and swam back on the surface to shore (a lot further than where we started from as you cannot get out there).
I suspected a first stage high pressure seat failure. Took it to my service technician, he confirmed this. Funny thing, I was going to put in for a service on Sunday afternoon!