Narrative:

Preparing to enter a second holding pattern and also preparing to divert to ZZZ1 as we were going low on fuel. Heard and felt a 'bang.' right engine egt begin rising, with a power loss. First officer (PF) reduced power. Egt continued to rise to over 890 degrees. Precautionary engine shutdown. All flight manual procedures followed. Landed at ZZZ1 (our alternate) without incident.

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Original NASA ASRS Text

Title: A B757 IN HOLDING FOR WX EXPERIENCED A LOUD 'BANG' FOLLOWED BY RISING EGT. THE ENG WAS SHUTDOWN AND THE FLT PROCEEDED TO ITS ALTERNATE ARPT.

Narrative: PREPARING TO ENTER A SECOND HOLDING PATTERN AND ALSO PREPARING TO DIVERT TO ZZZ1 AS WE WERE GOING LOW ON FUEL. HEARD AND FELT A 'BANG.' R ENG EGT BEGIN RISING, WITH A PWR LOSS. FO (PF) REDUCED PWR. EGT CONTINUED TO RISE TO OVER 890 DEGS. PRECAUTIONARY ENG SHUTDOWN. ALL FLT MANUAL PROCS FOLLOWED. LANDED AT ZZZ1 (OUR ALTERNATE) WITHOUT INCIDENT.

Data retrieved from NASA's ASRS site as of July 2007 and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.