Quote:
Originally Posted by Seeadler
That's a side-effect of the increasing of opacity near intersections of water edge and other 3D objects in the scene to get a pseudo-antialiasing effect.
It can be hotfixed with using waterTranspPS.fx shader from v1.3. The difference in visuals to the new shader is negligible if you ask me 
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Can you please put this file for download somewhere..
If you do not have space let me know, I will host it.