I've not seen one like this before but I'm guessing the "outer" bit (with the cutouts and without the keyhole) is fitted to the inboard side of the transom with the outboard securing bolts going through it and the transom. Then the "inner" bit with the key is simply fitted over it and locked into place preventing anyone from getting a spanner on the bolts/nuts.
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There's weather out there - must be time to RIB!
(Or dive, or ref rugby, or.......)
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