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Hi Larry,
I'm sad to say that this sounds pretty serious and this is definitely a repair that needs to be made out of the water. Further, if you can see seepage with the naked eye, you need to take quick and decisive action.
You could well be right in that there may be delamination and/or some pretty serious osmosis. I would recommend having the boat hauled and the whole hull surveyed for moisture content and delamination. The results of this will dictate the remedy, but I am not a qualified fiberglass/delamination expert. Your surveyor should be able to direct you on this.
Best regards,
Captain Ian Fagg
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