rolmops

The molecular sizes of O2 and H2 is smaller than H2O molecules. This means that what is "sealed" for H2O may still be just barely open for O2 and H2. H can also easily transfer from oil to O2

That looks like a great winter project. This is a great little rig to fish along the weed beds. Perch and pike will be in real danger now.

It does not look like very much water at all. dependent on how long ago these lower units were last changed,it may just be condens water. It may even be left over gunk from previous oil changes that used a different color and 90 weight oil. I would let it sit a few more days and if it does not seperate anymore it probably is not water but a different older oil.

That does look a lot like race point

If your boat is on a trailer, raise the outboards and grab the center outboard and try to jerk it back, forth and sideways. and the same with the kicker. If you feel some give or see the transom bent in and out or sideways then you know that it is time to replace wood inside. Most transoms have never been painted by the boat maker. that is why they rot. Replacing one is quite simple ,but time consuming. You will have to remove the engines,everything that is screwed into the transom and all the bolts that hold it. Get yourself a big piece of cardboard (bigger than the transom). Now alone with some winch like thing or with a human winch (friend) work the old transom out of its spot ( a crowbar may come in handy) and ,once removed, lay it on the cardboard. Now you can draw the outline on the cardboard. As for replacement materials. There is a liquid material on the market that is expensive,but you can just pour it into the transom housing where it will harden and your new transom is ready to go. The other way is to buy 3/4 inch 8 ply plywood and glue and clamp two pieces together in order to make a standard transom thickness one and a half inch thick piece of plywood. I like to use the marine grade plywood, but it has to be a good quality material and not pressure treated.Marine plywood is very solid and has very few holes in the ply materials. There is other material on the market that is just as good. Now using your cardboard, draw the transom shape on your plywood and cut it into the measurements you need. Lower it into the transom housing to see if it fits right. Now just take it back out and seal the plywood with (quite) a few layers of paint or glass it in. If you intend to glass it in you may want to use 5/8 and 3/4 inch plywood. This will give you a bit more play so you can do heavier glassing. I found though that the material tends to soak into wood and does not really increase the thickness,unless you use 3 or 4 coats. When everything is ready to go back in, lower the by now quite heavy new transom into its place ,but make sure that there is an inch or two on the bottom that stays open so the bottom of the transom will not constantly sit in the bilge water. Now it is time to drill new holes using the holes in the aluminum frame and screw the whole thing back together. When that is all done ,start taking out some bolts at a time and seal the inside of the newly drilled holes so no water can penetrate into your new transom through those holes.I used m5200 but others glass those holes. When you have finished all that you may look at the bottom of transom and wonder why you did not do a fix on all those pesky little holes which you drilled in the bottom of the transom for the transducers and whatever else you installed there. I know that I did. But in order to prevent that, you can just buy some aluminum plating , cover it with m5200 and while the transom wood is not yet in place just stick the aluminum plate(s)inside the transom housing to cover those holes. It helps to take pictures before during and after your project. Good luck.