It sounds like the engine is way overfilled with oil. Oil has backed up into the air box through the oil separator breather hose which is right under the fuel rail. If there is any oil on the air filter it will make it very hard for the engine to breath, and give you that code. This is a fuel injected 4 stroke ski..............there is no carburetor.
On this ski you can only get an accurate oil level reading when the engine is HOT. Never check the oil level with the engine cold, or it will read way low, and you end up overfilling it. You have to run the ski on a hose for at least 15 minutes to get close to an accurate oil level reading. You need to remove oil until it reads at the 1/2 way point between the marks on the stick when the engine is HOT...........right after you have run it.
If the air filter has any oil on it it will need to be replaced. Spark plugs will typically also need to be replaced, since the excess oil fouls them very easily.
Get the oil level right, new air filter if necessary, and new spark plugs, and this should fix the problem.
2008 Yamaha FX HO Cruiser
2010 Hurricane Sundeck 2100