It probably was leaking. And they just put a bandaid(caulk) on it.
Shouldn't be an extensive repair. Remove it, clean the surfaces inside and out. Reinstall with a proper sealant
, inside and out. I'd make sure there is a small backing plate to spread the loads if you plan to use it.
If the holes are enlarged because of past movement, I would fill and drill new holes to reduce that. It will keep water
out much longer if it doesn't move when force is applied to it.
I have to do the same repair to a ski boat I just bought.
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