You need to have an engine mounted raw water pump
Check the number of teeth on the flywheel
You will need to use the Volvo Bell housing most likely
.... and the Volvo starter
Then there is the cooling system issue... Mercs usually have Raw water cooling systems while Volvos usually have a "partial" FWC system
... in the partial FWC system, the block is "inside" the "fresh water' ( antifreeze) system along with the heat exchanger, while the exhaust manifold
and elbows are in the sea water cooled circuit. Plumbing and gaskets between the manifold and elbows are different for different cooling systems.
How old are the manifolds and elbows on each ( old and "new") motors... and was the "new"engine used in fresh or salt water... and how long?