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late this past season on a few occassions. My 135 Mercury Optimax threw a code causing my warning lights to come on. It's a combination of the Check Engine Light and the Low Oil Light with a constant beep. According the manul it means the "Oil pump is not functioning electrically" It's only happened at idle speed, when pulling into my slip at the end of a day. Shutting off the motor and restarting clears the lights and horn and everything functions normally. Hasn't ever happened at speed, the motor's using oil, and other than this haven't had any other issues what so ever with this motor.
The one thing I did change shortly before this started was to replace the fill cap and o ring seals on the remote oil tank. It needs to hold pressure from the crankcase to send oil to the reservoir on the motor from there it goes to the oil pump which sends it to each cylinder and the compressor. The old seals were letting air from the remote tank. The new ones are nice and airtight...