First approach to the leak at the stern hawse fairlead

Over the summer there has been a small leak at the starboard stern fairlead. I first tried to tighten up the screws but it seems like I must do something else to get rid of the leak. My plan is then to drill through the deck and mount some bolts there will hold the fairlead tight to the deck with some butyl sealant in between to make it waterproof.