93 SEARAY. Alarm oil alarm?

Pull the oil injection pump. Pull out the bushing & shaft that drive the pump. Inspect the shaft spiral teeth for black nylatron shavings. With an LED light, look into the cavity and inspect the spiral teeth on the drive gear as you slowly rotate the engine with a wrench on the flywheel nut. You will most likely see damage there. Correct solution is to tear down the powerhead, & replace the nylatron gear mounted on the crankshaft. The beeping is coming from a lack of rotational signal to the sensor mounted at the oil pump drive, which tells the module to turn on the beeping horn to alert you that there is no oil being injected into the fuel. Redneck solution is to disconnect the oil control module; remove the oil pump drive shaft; reinstall the oil pump and pre-mix your fuel at 45:1 ratio with Mercury TCW-111 two stroke oil. Don't run the engine much without oil. There is only so much residual oil inside the crankcase. When it's gone, so is your entire powerhead. Good Luck.