After update to 12.0-RELEASE, watchdogd causes timer expiration events in BMC log on Dell R610

I have a Dell R610, which was running 11.2-RELEASE-p7 and the watchdogd daemon was running fine.
After upgradiung to 12.0-RELEASE-p1, watchdogd causes 2 events in the BMC event log every 10 seconds, causing it to fill rapidly.

Code:
# service watchdogd start
Starting watchdogd.
# ipmitool sel elist
   1 | 12/28/2018 | 15:52:44 | Event Logging Disabled SEL | Log area reset/cleared | Asserted
   2 | 12/28/2018 | 15:53:58 | Watchdog2 OS Watchdog | Timer expired | Asserted
   3 | 12/28/2018 | 15:53:58 | Watchdog2 OS Watchdog | Timer expired | Asserted
   4 | 12/28/2018 | 15:54:08 | Watchdog2 OS Watchdog | Timer expired | Asserted
   5 | 12/28/2018 | 15:54:18 | Watchdog2 OS Watchdog | Timer expired | Asserted
   6 | 12/28/2018 | 15:54:28 | Watchdog2 OS Watchdog | Timer expired | Asserted
#
As soon as I stop the watchdogd daemon, the events stop.
Does anyone see similiar behaviour or know how to fix it?
 
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