Howdy,
It does sound like an ESA "problem" in that it's might be activating when going into gear if it's a "Dog-Clutch" drive..
It would be helpful if you posted which model Cobra you have. In 1994 the ESA was not used with the Cone Clutch models.
If your boat is a 1994 year model, it's possible that you would have a 1993 engine and drive making it a Dog-clutch drive (with an ESA)
If your engine and drive are the 1994 year, then you will have the Cone-clutch drive that doesn't use the ESA module.
1994 models include the following:
432ACMMDA
432ACPMDA
432AGMMDA
432AGPMDA
If your engine and drive are 1993 then it will be one of the following:
432APLJVB
432APLJVN
432APRJVB
432APRJVN
434APLJVB
434APLJVN
434APRJVB
434APRJVN
It's important to know what you have to suggest how to proceed.
Go to
http://epc.brp.com to view parts diagrams for different year engines and drives. (you don't have to put your email address in)
Here's a link to an online manual:
http://boatinfo.no/lib/omc/manuals/1986-1998omcmanual.html
Regards,
Rick