I did this repair with the engine in the boat. The process seems more stressful when reading, than the real work involved. Might be luck.
Tools: a mirror, flashlight, insulating tape, 90 degrees right angle battery powered drill with a left-hand spiral extractor (
http://www.irwin.com/tools/screw-bolt-extractors/10-pc-spiral-extractor-drill-bit-combo-pack), friend and beer as a gift.
First thing is to center punch a hole in the base (broken end) of the bolt body. I used a `’max`’ size bit, from the above linked set, wrapped with electrical/insulating tape to the size of the hole. 3-5 minutes needed to tap the center.
Then, drill with “middle” size bit. One person holds the drill aligning to the bold axis and the second person, reaching from above the engine pulls the drill to apply the needed pressure against the bolt. 2-3 minutes and you get an inch, it’s enough for using a spiral extractor.
Pretty much, that’s it. Be careful and good luck.