Was there a tapping noise before this happened,excessive valve clearance,bad lifter,worn cam lobe. A little more history is needed,age of engine,hours on your craft. Oil passages can clog from insufficient maintenance,oil changes!
Here is what I know.
Purchased the donated boat from an Ebay auction last fall (1978 F32 Trojan). Had a five mile trip to take it home and I remember that the oil pressure took 5-10 minutes to get up to a reasonable pressure. Changed the oil before winterizing.
Hour meter reads 1600 hours but this is a replacement engine. Not sure on exact hours.
The carburetor on the boat needed to be rebuilt (bad float was flooding engine)
Compression test this spring revealed that I had only 65 lbs in the #2 cylinder. Removed the head to find the head gasket had failed. Replaced the gasket and used the boat for the whole summer.
Oil pressure on this engine was never as good as it should of been 30-40 lbs. Changed the oil filter to look for improvement and added more oil to the engine. Oil Pressure went up. Added another 1/2 quart and the oil pressure went to 80lbs??? Been there ever since
The engine had a little noise at start up but went away after warm up.
Started making a hollow exhaust noise last week. Thought it might be a failing water pump impeller.
Took it for a slow ride last Sunday and the engine failed. Big knocks.
Removed the rocker cover and discovered a lift rod went right through the rocker arm (but not bent). The area had been starved of oil. the area looks like it had become extremely hot, the rocker arm shaft has been ruined.
I would like to be able to use the boat for the rest of the season if possible. I am not sure if I have to pull the engine in the fall or not. Any suggestions would help