This is a large non-corrosive protective strip designed to save wear and tear on the outboard skeg of large outboard motors (40-250hp). The skeg of an outboard is generally soft die-cast zinc or aluminium. This product simply slips over the skeg. You can keep it there by epoxying in place with JB weld (use TQO010) or once you have checked that the skeg is solid metal at this point, use the skeg saver as a template and drill through the skeg in the pre-punched holes shown.
Depending on the size of your outboard, you may have to cut the skeg saver slightly.