An improved dual purpose blow out preventer (“BOP”) that provides both deployment and wellhead pressure containment functions. The dual purpose BOP may include four sets of rams including a set of seal/slip rams that provide bi-directional sealing being a first barrier to downhole pressure. The seal/slip rams may also grip a portion of a bottom hole assembly and create the bottom seal of an annular chamber. The BOP may include a set of seal rams that create the top seal of the annular chamber. The annular chamber may be pressurized through a port in the BOP, which may actuate a coiled tubing connector. The BOP may include a set of locate rams used to position a coiled tubing connector within the BOP stack. The BOP may also include a set of blind/shear rams that provide bi-directional sealing being a second barrier to wellhead pressure.