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One thing I've noticed with the dynamat(butyl) is that it sticks extremely well! Especially compared to the fatmat(which isn't true sound deadener). I've applied it using a roller and I very much doubt that water will find it's way under the sheets. So long as there isn't any points that the water can enter from under the sheet, I don't see any problems. I think it would actually benefit the steel underneath. I only draw this conclusion from removing the tape used to secure the wiring looms to the floor and revealing mint condition floor underneath.