This study was made with the page turned vertically. Compare folio 94 verso (D00841; Turner Bequest XXX 96), which show the stern of the same boat.
Finberg appears to have recorded this subject as the recto; see the Technical notes to the sketchbook’s Introduction. The blank recto as now bound is inscribed in pencil ‘XXX 95’ and stamped with the Turner Bequest monogram below ‘XXX – 95’.
Except at the edges, the page is faded from exposure when it was exhibited.