I would double check that the O2 sensor is the correct Rex/Regina type. Also measure the coolant temp sensor at cold, warm, and hot temps to make sure it's working properly. I once encountered a coolant temp sensor that went open circuit when the engine warmed up caused super rich running. Didn't set any codes.
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Dave,
1982 242 turbo. 338k miles. MVP coilovers and 3" exhaust. Flowed 405 with a V15. Cossie turbine housing with upgraded compressor housing. 90+, IPD remote oil filter. Some other goodness, too. Been lots of fun over 25 years. Restored in 2k. Now ready for a 2nd restoration.
1993 245 Classic, 440k miles, enem V15. IPD bars and chassis braces. Simons sport exhaust from Scandix. sbabbs ezk chip. Been a good road warrior. Genuine Volvo rebuilt leaky M47.
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