The copy and paste info below is from a VP manual. It does not deal with the question in the original post but I've shared it as info on the other comments about the cooling system or how it works. It may not deal with the specific engine in question but the general principle would be the same,,,,I think.
Design and function
Group: 26 Cooling system
Group 26 Cooling system
General
The engine is fresh water cooled and has a sealed cooling system with expansion tank. The system is subdivided into two circuits.
In the inner circuit, the fresh water system, the coolant is circulated by a coolant pump which is driven via a belt from the crankshaft pulley.
The fresh water circuit operates under a certain amount of excess pressure, which reduces the risk of boiling if the temperature rises too high. If the pres- sure becomes higher than normal, a pressure valve opens in the filler cap on the expansion tank.
The coolant temperature is regulated by a thermostat. When the engine is cold, a thermostat directs the coolant round an internal circuit in the engine. When operating temperature begins to be reached, the cool- ant is progressively directed out through the entire heat exchanger, where the surplus heat is removed.
In the outer circuit, the sea water system, sea water is forced through by a gear-wheel driven pump with rubber impeller.
The sea water system cools the engine’s heat ex- changer. The sea water is returned together with the exhaust gas, via a connection in the exhaust bend.
Group: 26 Cooling system
Design and function
Thermostat
The engine is equipped with a thermostat whose sensor body contains wax.
When the engine is cold, the thermostat keeps the path to the heat exchanger closed. Coolant then passes through a by-pass pipe, back directly to the suction side of the pump. As the engine warms up, the volume of the wax increases and the thermostat progressively opens the passage to the heat exchanger, at the same time as the by pass channel is closed.
Please refer to the “Technical Data” chapter for opening temperatures.
The thermostat is located in a housing which is inte- grated in the heat exchanger and exhaust manifold.
Coolant pump
The coolant pump is mounted on the engine block and is driven by the crankshaft by means of a drive belt.
Sea water pump
The sea water pump is a rubber impeller type pump, and is mounted on the front of the engine. The pump is driven from the engine’s timing gear system and forces cooling water out to the heat exchanger on the engine.
The impeller (pump wheel) is made of rubber, and is replaceable.
NOTE! The impeller will be damaged if the pump is run dry.
Heat exchanger
The heat exchanger is located in a housing which is integrated with the exhaust manifold and thermostat.
Sea water passes through the heat exchanger matrix and transfers heat from the internal cooling circuit in the engine (fresh water system) to the outer circuit (sea water). When the thermostat has not yet opened, the coolant is lead through a short, uncooled passage in the heat exchanger and back to the engine.