Low oil sending unit stuck on creating alarm from control panel.
Mercury oil tank sensor.
I also came through same kind of problem few days ago.
The engine 2 stroke oil tank has a low oil sensor in the bottom of it and can t be replaced without replacing the whole tank.
The problem of faulty alarm module is commonly found among the mercury motors.
This video will show you what causes this problem and how it can easily be corrected.
You can fix the problem by replacing wire to the horn for solving this particular problem or by replacing the sensor that measure the oil level in the motors.
Mercury oil tank level sensor 4 beeps every 2 minutes.
There are many complaints by the users of mercury motors.
The oil level is full and you replaced the oil level switch but the problem will not go away.