If you are familiar with Objectivism, than obviously you know that for Objectivist a murder is not an option.

 There is an interesting little discussion of lifeboat situations in Ronald Merril's THE IDEAS OF AYN RAND.

I've read the Ethics of Emergencies, of course, but it deals with the issue of helping those who cannot help themselves, not with the issue of murdering others in order to survive. I find nothing in that essay to suggest Rand would agree with the notion of murdering and eating a fellow life boater. Nothing. To the contrary, she speaks against assisting those in need if there is a greater likelihood that one will die in the process: she is making an assertion of ETHICS in what she refers to as a lifeboat situation...and assertion that sacrifice is wrong, even in what she calls a life boat scenario.

Incidentally: a transcript of the video is now available:

http://blog.paulmckeever.ca/2008/08/27/an-objectivist-on-a-life-boat/

Lie and the world lies with you.

Tell the truth, and the world lies about you.

-Oscar Wilde

Morality by definition is code of values accepted by choice. "Life boat" situation is precisely the situation in which no choice is available and therefore it's beyond the realm of ethics."Emergencies
It is important to differentiate between the rules of conduct in an emergency situation and the rules of conduct in the normal conditions of human existence. This does not mean a double standard of morality: the standard and the basic principles remain the same, but their application to either case requires precise definitions.

An emergency is an unchosen, unexpected event, limited in time, that creates conditions under which human survival is impossible—such as a flood, an earthquake, a fire, a shipwreck. In an emergency situation, men’s primary goal is to combat the disaster, escape the danger and restore normal conditions (to reach dry land, to put out the fire, etc.).

By “normal” conditions I mean metaphysically normal, normal in the nature of things, and appropriate to human existence. Men can live on land, but not in water or in a raging fire. Since men are not omnipotent, it is metaphysically possible for unforeseeable disasters to strike them, in which case their only task is to return to those conditions under which their lives can continue. By its nature, an emergency situation is temporary; if it were to last, men would perish.

It is only in emergency situations that one should volunteer to help strangers, if it is in one’s power. For instance, a man who values human life and is caught in a shipwreck, should help to save his fellow passengers (though not at the expense of his own life). But this does not mean that after they all reach shore, he should devote his efforts to saving his fellow passengers from poverty, ignorance, neurosis or whatever other troubles they might have. Nor does it mean that he should spend his life sailing the seven seas in search of shipwreck victims to save . . . .

The principle that one should help men in an emergency cannot be extended to regard all human suffering as an emergency and to turn the misfortune of some into a first mortgage on the lives of others.

“The Ethics of Emergencies,” The Virtue of Selfishness, 47.
See also BENEVOLENT UNIVERSE PREMISE; CHARITY; POVERTY; SELFISHNESS; SUFFERING.

In case anyone prefers text to video: the video has been transcribed, and is available here:

http://blog.paulmckeever.ca/2008/08/27/an-objectivist-on-a-life-boat/

Lie and the world lies with you.

Tell the truth, and the world lies about you.

-Oscar Wilde