It is probably a Radice RMTA as in the photo. Same as the Volvo (which Radice also make). only maintenance is squirt some grease into the little cup on the top once a year. grease available from here https://www.lakesterngear.co.uk/catalogue.pdf page 35 The yellow ring is used when the seal is installed to protect the seal lips as it is slid onto the shaft. Then removed. The water feed tube can also be used just as a vent which is fine in most applications, but normally no downside to a water feed
The Radice, unlike the Volvo branded version, comes in a 1"/42mm size which matches the CO32 set up. If it doesn't leak, grease it and leave it alone. When it starts leaking, in my case with a 25mm Volvo on a 1" shaft after 8 years, it was a fine spray when rotating and a very slow drip which survived several months before replacement.