I believe to have seen this too Mr Spice,Ironikinit.But hey I also believed for a while to have had two GL at once and two GA...I dunno,maybe it´s us ppl,we play for hours and don´t realize that our memory plays tricks on us afterwards.
The first I remember,the second I know for sure;
I too have seen a lone galley on an ocean tile,miles from nowhere,this is some weeks ago but what I can remember is that I was the first to reach Navigation,had just built my first Caravels. Didn´t take it too serious so no screenshots,agree with Moulton here, the AI might (it might) not saying that it has,a better chance of survival than the human player.Sometimes I find the AI having colonized every island,even the ones seperated from the mainland by ocean tiles.
In my last game the English beat me to Great Lighthouse and they really were the only ones to make contact with the Indians, who were a bit northeast of the mainland,just sea tiles in between.But otherwise they didn´t make contact to anyone else, there civ was in the northwest,I was far south from them,the Egyptians were about ten ocean tiles to the east fr me,but noone made contact with them before I did,thanks to Navigation.So both seems possible.
Conclusion;
What would help here would be the good old casualty list,as in Civ1+2,my guess is that the AI will build as many galleys as it takes,am not sure he loses any,but he will keep sending out his ships no matter what.What also seems to be the case is that one or more civs will send out their ships even before they are safe to do so,sometimes they may find another civ,they will then trade world maps,after that they´ll risk anything to cross the ocean tiles.This doesn´t explain the colonised islands though...