Looks like water sat in the bilge and created a very humid micro-environment in the engine bay. This is common and mainly cosmetic but can cause issues with electrical components like starters and alternators.
More worrisome is the exh. manifolds etc. I mentioned. Even fresh water takes it's toll on raw iron. Saltwater accelerates the problem. If the manifolds have been replaced you then have to ask yourself why? Most likely they were leaking water into the cylinders.
If caught in time it's usually not an issue. Replace corroded manifolds and move on. If water sat in the engine for a period of time, then it may have internal corrosion issues.
Look for a water line on the sides of the engine block and condition of the starter and oil pan. Starters that have been submerged for any length of time will fail. Rusty oil pans are prone to leaks.