1988 40hp elg alarms

[max8]

I have a 1988 40hp yahama that the alarm sounds when you turn on the key. the motor will run in what i call a limp mode and was able to get home with it the green light on the front of motor is showing a green light, the water pump has been replaced. the engine is cold as it has been several hours since run but alarm sounds as soo as key is turned to on What is everyones guess?
Thanks for your help

[hydra]

check low oil, and water flow

[BShann101]

Any luck with this? My 1985 70etlk is doing the same thing. Kinda like the oil sensor hold circuit is not resetting. The odd thing is that I don't get an alarm first thing in the morning(boat is stored in a cool building) but by late morning as the day gets warmer, when I turn the key(not running), I get an alarm. The next morning, no alarm, until later... Odd. Maybe a defective control unit?