Is this a wood core transom application?
As Bigkahuna stated, best to use a thin slow set epoxy to get wood saturation.
When drilling out, inspect the wood shavings to check for rot, wet or spongy wood. A pic can be used to probe the wood in the hole for soundness. If the wood is sound but wet, consider using a syringe to inject denatured alcohol and flush. The alcohol does a good job in absorbing water. Use a hair dryer to heat the area to evaporate remaining alcohol. This cleans and prepares the wood for the epoxy.
Mike