You are saying with the key "ON",is that with engine running or not. If not that is normal as there is no pressure. If engine is running it could be low oil pressure or bad pressure sender, over temp, or low oil in the outdrive oil bottle.
Ck that first as you do not have to run the engine and it is easy to see the oil level.
Don
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1995 Maxum 2400 SCR 5.7 A1 G2 LUNA DE MIEL SOLD
1988 Bayliner 2455 5.0 IO (sold)
1987 Seaswerl 18ft C. Cabin 4.3 IO(lost in fire)
2012 South Bay Pontoon
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