If I properly understood what I was doing, I'm certain an oil slick effect would be easy to do. 😉
It requires to take the location of the destroyed hull section, set it to some vertical height near enough to the surface, and decouple this position from the ship so that the effect does not sink with it.
A single oil slick texture could be made to slowly expand and fade away over time. If possible to construct the effect as being controlled by an .eff file (instead of a .sim), it could be given a non zero Wind value so that it would kind of 'drift on the currents.'