RedactedNarrative: Vessel 1 was in operation when the Operator and accelerated and heard a loud bang coming from the engine area.  The engine then stopped running.  Oil discharged from the bottom of the engine after an engine rod came loose, causing the engine to stop.  The Operator did not have time to set his anchor (following the incident) before Vessel 1 drifted into a nearby  breakwall.  Vessel 1 drifted into the east side of the breakwall and struck some large rocks resulting in damage to the fiberglass of Vessel 1 above and below the water line.