On March 5, 2019, about 1515 Coordinated Universal Time (UTC), a Cirrus SR22 airplane, N345DM, was ditched into the Atlantic Ocean about 25 miles southeast of Grand Turk, Turks and Caicos. The private pilot and one passenger sustained minor injuries. The airplane was not recovered and presumed substantially damaged. The flight was operated by the pilot as a Title 14 Code of Federal Regulations Part 91 personal flight. Day, visual meteorological conditions prevailed near the accident site, and an instrument flight rules flight plan was filed. The flight originated at Henry E. Rohlsen Airport (TISX), St. Croix, United States Virgin Islands about 1315 and was destined for Providenciales International Airport (MBPV), Providenciales, Turks and Caicos. The pilot, who was the airplane owner, reported that the yellow low oil engine pressure light illuminated about 2 hours into the flight while at 8,000 ft mean sea level. The analog oil pressure gauge confirmed the low oil pressure reading of 25 psi. The oil pressure continued to drop and the pilot notified air traffic control of the situation. As the oil pressure dropped to 2 psi, the engine vibrated strongly and the propeller stopped. The pilot established best glide speed and deployed the airplane parachute system at 1,500 ft above the water. The airplane landed in the water in an upright position. The life raft was inflated and the pilots egressed from the airplane. They were subsequently rescued by a passing cruise ship about 2 hours later. A review of the aircraft maintenance records revealed that an annual inspection of the airframe and engine was completed on November 30, 2019, at 2,657 hours total aircraft time. The owner reported that about 50 hours of flight time accrued since the inspection. The wreckage was not recovered.