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If the leakage is actually gear oil, this indicates worn seals, and or shafts'. Often times however, the leakage is not gear oil, but rather unburned fuel that has run down the exhaust housing, and leaked out of the gearcase. A pressure / vaccume check should confirm, or rule out, seal failure / worn shafts in gearcase.

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Q: Grease leaking from lower unit on 40HP out board motor?
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