We present an analysis of the molecular gas properties, based on CO(2 - 1) emission, of twelve starburst galaxies at z~1.6 selected by having a boost (>~4x) in their star formation rate (SFR) above the average star-forming galaxy at an equivalent stellar mass. ALMA observations are acquired of six additional galaxies than previously reported through our effort. As a result of the larger statistical sample, we significantly detect, for the first time at high-z, a systematically lower L_CO/L_IR ratio in galaxies lying above the star-forming `main sequence (MS). Based on an estimate of alpha_CO (i.e., the ratio of molecular gas mass to L_CO(1-0)), we convert the observational quantities (e.g., L_CO/L_IR) to physical units (M_gas/SFR) that represent the gas depletion time or its inverse, the star formation efficiency. We interpret the results as indicative of the star formation efficiency increasing in a continuous fashion from the MS to the starburst regime, whereas the gas fractions remain comparable to those of MS galaxies. Although, the balance between an increase in star-formation efficiency or gas fraction depends on the adopted value of alpha_CO as discussed.