Take off the air filter and increase the tension on the governor spring - the longer of the 2 visible. Don't overdo it or the engine will overspeed and blow cuttings all over you even with the grassbox on. This engine has no speed control. It relies entirely on the governor flap and this spring. Basically, your spring is so weak that as soon as the engine speeds up it cuts out, slows down, restarts and so on in a vicious circle!
Bill, June 2009