Which theory tries to explain the distribution of oceans and continents?

The continental drift theory tries to explain the distribution of oceans and continents. This theory was put forth by German scientist Alfred Wegener. In 1912. According to this theory, all the continents formed a single continental mass and mega ocean surrounded the same. The supercontinent was named PANGAEA, which meant all earth. The mega-ocean was called PANTHALASSA, meaning all water. He argued that, around 200 million years ago, the supercontinent, Pangaea, began to split. Pangaea first broke into two large continental masses as Laurasia and Gondwanaland forming the northern and southern components respectively. Subsequently, Laurasia and Gondwanaland continued to break into various smaller continents that exist today

Further Reading:

• NCERT Notes: Continental Drift [Geography Notes For UPSC]
• Geography Notes