My sons reported that the boat wasn't running like it should, I finally had a chance to put it on the lake today. It did run poorly, and with the fast idle lever up I could only get about 1200 RPM. I ran it around, it sounded rough, got about 5000 RPM out of it tops. There was water coming out of the engine in a pretty good stream by the lower side of the starboard cylinder bank, at first I thought it was a bad head gasket.<br /><br />I took out the sparkplugs and did a quick compression test (not WOT) and got about 40psi on the upper starboard spark plug (#1?) and a good 115 psi on the rest. I was expecting the lower starbord (#3?) to be low, so I ran the engine on the muffs and found that the exhaust cover plate is leaking from its gasket close to where the tube for the indicator stream is taken off the exhaust cover fitting, and not the head gasket. It's just spraying in the general direction of the head.<br /><br />So, I have two problems. The first is replacing the gaskets under the exhaust cover and the second is determining what is wrong with the compression. I see a rebuild in my future, and reading the clymer manual makes it seem that this rebuild is going to be a lot harder than the 120 hp Sport Jet (Force/Mercury) engine I did last.<br /><br />Except for replacing both plastic bowls with metals ones, and a new clutch dog and reverse gear, this engine has been very reliable for the past 15 years. Just regular decarb, lower unit fluid, spark plugs and fuel hose repair.<br /><br />Any comments on what I'm seeing, would be appreciated.<br /><br />Thanks,<br />fp