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I have a 1982 cobia with a120 merc in board. I found fresh out drive oil in the billage pump area of the boat? Can anyone tell me what?s wrong? Here?s a little more about the boat I just had the gimble replaced
Probably the front seal and yoke in the outdrive, it fills the bellows full of oil and leaks into the bilge thru a vent hole.
Your drive is also VERY low on oil. You really need to get it fixed.