DF 90 water in oil

[Tonydrum]

When I finished running boat last weekend I noticed the oil light was on. I checked the oil and it was very milky. The motor is a 2001 DF90 with close to 200 hours on the motor. In my Seloc manual I cannot find a section for trouble shooting this problem. If it was a car motor I would think that I had head gasket leak. Would that be reasonable on the boat motor or is there something else I should consider. The dip stick and oil cap were in place when the motor was run. The motor is running fine other than the oil.
Thanks for any suggestions.

[artdf175]

It sure sounds like a head gasket problem
I would suggest getting the full service manual. It is much more detailed than the Seloc book
There are a fair number of other service things that need to be checked at 200 hours as well that the full service book outlines
Art