If the Pre-Mix had the right amount of Oil, then either Water washed away the Oil lubricating/coating the Pistons or the Carbs settings were lean or there's an Air Leak somewhere.
Once the Rings seized or stuck flush inside the Ring Groove, the Cylinder lost compression, because the Rings can't seal if the Ring edge is not flush against the Cylinder Wall.
The Rings need to be able to "float" and spring in and out of the Grooves to seal and accommodate the Piston Travel. With too little or no Oil, then Metal to Metal friction will happen. The Metal particles will clog the Ring Grooves causing the Rings to stick.
When the Rings seize, they don't seal, then hot Exhaust leaks by, hence blow-by.