When the gearbox oil on an outboard either leaks out entirely or gets emulsified, it is generally because on or more of the oil seals have failed. In this case it is the oil seals around the prop shaft of a Yamaha outboard have been damaged by fishing line.
This video covers removing the bearing carrier from the gearbox, removing the oil seals and then installing the new ones. The final step before putting new oil back in the gearbox is to pressure test the gearbox to make sure the fix has worked.
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Post time: Oct-13-2017