Solution by Event Log Doctor

The 3ware driver appears to log any critical error under event id #3 (error).

Even though the message "only" reports a timeout problem, it seems to indicate that the drive connected to port 0 has failed and needs to be replaced (as was the case here).

If the drive is in a fault tolerant RAID (e.g. RAID 1 or RAID 5), then the logical drive will continue to work, though with degraded performance.