Hey guys,
I just bought my boat last year, brand new 90 Merc 4 stroke. When I changed the lower end oil in it last fall, it was the EXACT same colour as yours. My immediate response, based on what people had been telling me was that there was water in the oil. When it was brought in this spring, the marine mechanic said, "No worries at all. This is the colour of the oil that the Manufacturer puts in for the first time." Needless to say, after running out on GB quite a few times this year already, I've checked the oil and it is fine. Mechanic was right.