SOURCE: 2003 115 mercury efi losing power
I am a Mercury certified technician. What you need to do is take it to a Mercury dealer and have them hook it up to the computer. It sounds like the engine could be in Guardian mode or possibly a high RPM misfire. It is not something that is common and the computer program that Mercury has for those is able to test misfires and all sorts of cool stuff. It can also tell you if the engine was broke in properly, how many actual running hours are on it and even at what RPM each hour was ran. It will be able to bring up all faults that it has had in the past and any faults that are current. I know that you are probably looking for a quick, easy fix but for this problem I dont think that there is any way around taking the engine in. For what it is worth, if they charge you for more than 2 hours to run it on the computer then take it somewhere else. I can fully test the engine with the computer in about an hour. The only reason that it would take any longer is if they had to put it in the water to duplicate the problem but most shops will have a test tank that is capable of running your engine under a load at full throttle. Sorry for the bad news but I cant think of any other way and throwing new parts at it is just going to get expensive quick.
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