What was found
(CAN) DURING CLIMBOUT, THE START VALVE OPEN LIGHT ILLUMINATED, #3 ENGINE OIL PRESSURE LIGHT ILLUMINATED, OIL PRESSURE STARTED TO DROP, FOLLOWED BY A DECAY IN N1 AND N2 WITH AN INCREASE IN EGT. ENGINE FAILURE AND SHUTDOWN DRILL AND CHECKLIST ACCOMPLISHED. AIRCRAFT RETURNED TO ITS POINT OF DEPARTURE.