Here's an article on SpaceFlightNow.
...something almost immediately went wrong with the launch, and the three-stage rocket appeared to fly off course before its RD-171 main engine switched off about 25 seconds after liftoff, apparently as a safety measure.[...] the three-stage launcher, flying uncontrolled and unpowered, hit the water near the Odyssey platform. No injuries or damage to Sea Launch's ground equipment were reported
Is this the end for SeaLaunch? Sad, because I quite liked the concept... financially sustainable or not.
[Edited 2013-02-04 10:27:21]