Re: 1995 kawasaki sts 750
Compression on the front cylinder is OK. The low compression on the rear cylinder shows that it is not producing any power. This cylinder may have bad gasketing, a scored cylinder wall, or a broken piston ring. A "top end" rebuild would take many parts to repair the engine and consequently you may want to get a professional to address the problem. You can get repair parts from iboats - if you know what to order. A complete top end rebuild would typically require the parts pictured in the attached link:
Kawasaki 750 SXi Pro ZXI STS STX XIR jetski Top End Piston Rebuild Kit in Stock | eBay
I lost the rear cylinder on our ski two years ago. It was caused by failure of the oiling system. I had to replace the entire engine which cost $1,000 for a remanufactured engine and $1,500 for a technician to install it. Good investment for me and and it works great.
Perhaps you can get a local jet ski technician to pull only the real cylinder and give an estimate on repair costs. Or over the winter season it can be another project for snowy days.
Best of luck and I hope the remainder of the engine is in good condition.
erie_guy