I need your help. What is this?
 

I am looking at this 99 formula and these are the pictures that are scaring me. Is this delamination? What causes this? How do you fix this? How much to fix this? Is this a start of more to come?

Run Forrest run. Yes it is delamination. This boat needs a survey in the worst way

RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN RUN
looks like its run in salt and never flushed. If that is how they take care of the parts you see how do you think the take care of what you can't.
Tha looks like a project for glass dave.:D

Does that mean that this boat sat in salt water for a few seasons?

I know nothing first hand about that boat, but judging from that pic I would say that the boat will turn into your worst nightmare, and you might as well plan on replacing the motor and drives, because they are probably as jacked up as the rest of the boat.

I am surprised to see that on a Formula boat- they are absolutely 1st class!

if the boat is priced right and you can talk the owner into removing the pan to see what youve got behind it... I would DEFINATELY DEFINATELY DEFINATELY spend the money on a survey..

One of the 311's I looked at a few years ago had an area like that on the hull, under the starboard engine. Not quite as bad but definately delaminated. I guess the owner thought I wouldn't notice.

Be very careful. This one could be a real money pit. I would be more worried about the machinery being allowed to rust stain everything on the transom.

Those 311 are great boats. That exhaust piece is Formulas muffler answer of the time. A friend and customer of mine had a 87 311 and loved it. His exhaust box cracked after 6 or 7 hundred hours. He located another from a Formula dealer and I replaced it. It took a little over an hour to change. The box catches all the rust scales that came out of the motors. So it just continues to drip and stain. On off removes it with little effort.

So like Magic Float said get it surveyed. The exhaust pan is a small item in the grand scheme of things.