2002 Nordic Rage Has a rebuilt 500 EFI with a Whipple supercharger. Paperwork I have on it says its now a 507 after the rebuild. Motor now has just over 300 hours on it now. Drained the oil and it was milky and smelled like fuel like a lot of fuel. Last time I ran the boat it ran fine no issues I dont remember what my pressures where during the run it was in February but again boat ran great. I did notice I seemed to use more fuel than typical specially for a short trip out. Just wondering what issues others have had with these motors when oil looks like this.

Fuel pump leaking internally causing your problem

Pretty sure the mechanical pump is driven off of the sea water pump on the 500 EFI so I don't think that would cause this.

It's possible it's running far too rich from a stuck injector. Or you may have a bad ring seal, is it making any smoke?