[Jack Magnum]

I have a 2003 Mercury 60 hp Big foot FIWith my 14''x10'' prop I can reach my max of 6000 rpmsEvery thing was fine until this season. Every time I run at 5400 or more the continuous alarm goes off and the rpms start to drop.The water coming from the tail end is good at low and mid range but looks a lttle shy at high rpms.The shop manual says contstant alarm and ability to reach 90 percent of max is a low oil pressure problem and to check oil level and add if necessary. Oil level is fine. What other action do I take if it is low pressure oil? Also Could the water pump just be starting to fail ?

[Jack Magnum]

I forgot to say the 60 big foot is a four stroke.