Is this a problem?

[fairwayphilly]

Here are a couple of pics of the oil that came out of the lower unit of my 75 HP Merc ELPTO yesterday. This is the first time I've waited until spring to change the oil. I usually do it following the final trip of the year. There seemed to be a distinct seperation between the two colors or oil, but there wasn't any seperation of water. I would think if it was water getting into the foot, it would have seperated back out over the winter. While I had this drained I also replaced the impellar and water pump seals for the first time since I've owned the boat. All seals and impellar looked good.

My question is; Do I have a bad seal somewhere in the lower unit? Is the discolored oil from water infiltration or something else?
[signature]