This has been discussed many times before on this forum. Do a search for "low oil pressure."
Since the boat is a 2001, you'll find that this is more likely related to your gauge cluster than oil pressure. Fortunately there are 2 oil pressure senders and alarms on this boat. I'll predict that the alarm you're getting is the one on the dash (gauge drops to 0 or bounces around, alarm and the flashing oil-can.) If it is, your dash cluster (automotive style, manufactured by VDO/Siemens) is most likely the culprit. Do a search on this forum for "VDO". You can install a mechanical oil pressure gauge to be absolutely positive, however there's also a redundant sender/alarm located in the engine compartment.
The sender/alarm in the engine compartment is the one you hear when you turn the key to the "on" position, before you start the motor. This alarm is set to sound (sharp beep every 2 seconds or so) when the oil pressure is below 6 psi. If this is the alarm you hear, then you probably do have a genuine issue with your oil pressure.
Most likely, this is a problem with your gauge cluster. Some have had success adding a new ground wire to the cluster, however this is not a sure thing. The ultimate solution is probably to replace the cluster with individual gauges.
Spend a little time searching this forum and you'll find the answer to your questions.
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