Bloodmoon:Race Against the Clock

Quick Walkthrough
#Speak to Falco about your next assignment and be given a report to deliver to Carnius Magius in 5 hours. 
#Travel to Fort Frostmoth to find Carnius but discover he is gone. 
#Speak to Constans to learn where Carnius has gone to. 
#Run to find Carnius. 
#Give the report to Carnius. 
#Return to Falco for your reward. 

Detailed Walkthrough
Falco Galenus
Speak to Falco about your next assignment, the delivery of a Colony Status Report to Carnius Magius within 5 hours (see important note below about the time allowed). Remember that this is five hours of game time, not real time (a fast character should be able to make it there in under 30 minutes). If the time expires, you'll receive a journal entry to that effect. You may find that with the short time requirement on the quest, you don't really have time to stop for exploring or fighting. It's best to use Speed-enhancing items and/or spells. Avoid using the ship between Raven Rock and Frostmoth; ship travel time is randomized, and may take much longer than you want in game time.
thumb|right|Constans acts innocently.
Fort Frostmoth
After a quick run (or a quicker Divine Intervention) to Fort Frostmoth and up to Carnius' chambers, you find that he isn't there. Instead, you'll encounter his new assistant, Constans Atrius, who will say that Carnius has just stepped out, possibly to inspect future expansion sites.

Carnius will be found in one of three random locations (determined when the quest is activated), as detailed below. 

Once you speak to Constans, a trap will be activated, most likely set on purpose by Constans or Carnius to slow you down. The trap casts a spell called Trespasser's Bane that inflicts Drain Agility by 50–100 points for 600 seconds, Drain Speed by 20–80 points for 600 seconds, and Burden by 100–200 points for 300 seconds. The trap is set in the rug in the room, so Levitate or Jump over it, use Resist Magicka spells or equipment, or step carefully around it. As these are drain effects, you cannot use the Imperial Cult Shrine to restore your attributes.

Finding Carnius
He is particularly easy to find at night due to the torches he and his guards are carrying. It will take at least 45 game minutes to reach him from the fort, at normal running speed. 
:*Felsaad Coast: You may or may not have already run across the arch and tomb, Valbrandr Barrow. If not, it is plainly visible on the paper map of the island, northeast from the fort. It is directly north from the Sun Stone, if you've done the Main Quest. Once you find the arch, head southeast towards the coast. Carnius will be wandering right along the coastline (location -151730, 165039). 
:*Supply Ship wreck: It is on the southwestern coast of the Hirstaang Forest, where you found it previously, northwest of Raven Rock.
:*Brodir Grove: It is northeast of Raven Rock; just run directly from Fort Frostmoth.
Give the report to Carnius (use the dialogue topic report), who will be rather "surprised" that it arrived on time and that you were able to find him at all.

Return to Falco
If you successfully deliver the report to Carnius in time, return to Falco for a 1000 gold reward and a 12 point boost to your faction reputation. 

If you fail the quest for any reason, you will be expelled from the East Empire Company faction when you return to Falco; you cannot get back in.

Notes
Consider using the Boots of Blinding Speed along with levitation to make it in time.
You should refrain from using Veresa Alver's ship as a means of transport, as the trip can take much longer that way and may mean you won't be able to deliver the report on time.
There are some weird things going on with the time period allowed for the quest. Although you are told you must deliver the report within 5 game hours, it seems a bug in the ColonyReportTimer script would let you have infinite time if you happened to start the quest during the hours of 6 to 9  (or so). Perhaps the developers were aware of this bug, so they also limited it in real time to 600 seconds (10 minutes). Thus, you must satisfy both deadlines: 5 game hours and 10 real minutes. 
If you happen to find Carnius before you talk to Constans, Carnius will be exploring but you cannot talk to him about the topic report.

Quest Stages