Mercury efi 115 2007 runs bad. Smoke and oil coming from exhaust

[joakimeg]

Hello,

I am having some serious issues with a Mercury efi 115 2007 engine. The engine stopped on water and had to be towed to shore.
After starter replacement, the engine started up but runs very badly. It is smoking a lot and spitting out oil through the exhaust.
Any ideas?

 

[Faztbullet]

Compression and leakdown tests need to be performed