Tried the suggestions above to see if any of them would stop the orange LED flashing for the same duration as the exposure setting in Bulb mode:
Different SD card - no difference
Factory reset of camera - no difference
Instead of using the timed setting in Bulb mode, tried holding shutter open for one minute - no difference, orange light flashed for one minute. (that was on C1 menu Bulb option 1)
Changed C1 menu Bulb setting to option 2, so pressed shutter to open, and a minute later pressed shutter again to close - no difference, still got one minute of orange flashing LED
I've described the problem to
Digital Support Contact Form - RICOH IMAGING EUROPE S.A.S, but I'm not that hopeful of receiving a reply.
Does anybody know of any other Ricoh/Pentax contacts I can ask?