welcome to the forum,
lots great info and helpful fellow sailors here.
Looks like some water saturation between the Fiberglas resins and layers of Fiberglas has delaminated. I had similar issue, not as much as your pictures.
doesn't apear to be structural,
Question?
Do you keep boat in climates where temperatures get below freezing?
My issue I believe was caused by ice that expanded where the water infiltrated the layers of glass.
Repair:
I think that all you need to do is scrape away to lose chips, clean with good solvent, then mix up some thickened epoxy and fill in any voids and give area good Côte of epoxy. After area has been given a good Côte and drys then paint with bildge Côte paint.
Did mine about twenty years ago, no issues.
If you are in a freeeze zone put a splash of antifreeze in the bildge in the winter,
I've been doing this for years and never had any issues sense.
Hope this helps.
