Hi Colin,
I'm sure it' an out runner with the blades attached to the motor's casing. The basic frame of the unit seems to be holding the ends of the armature static. If it is then it answers one question I asked elsewhere on this site. Has anyone ever seen an 'industrial out runner? I think you have!
Another question I asked was can BM's be run run submerged and the answer came back from all the forum members 'yes the can'!
I think you have found something here with great potential for model boats, small BM's, and ingenuity. Shame you couldn't have patented it. Well done!
Len