The most common and most likely answer to this crossword clue is the 5 letter word DAVIT
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Buddy explains!
The straight part
We know that "Derrick" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case derrick = davit.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DAVIT mean?
DAVIT noun- A spar formerly used on board of ships, as a crane to hoist the flukes of the anchor to the top of the bow, without injuring the sides of the ship.
- A crane, often working in pairs and usually made of steel, used to lower things over an edge of a long drop off, such as lowering a maintenance trapeze down a building or launching a lifeboat over the side of a ship.