12% does seem really high for a non-noticable water content.
Wintertime does cause water to easily make its way in for some vehicles used some ways. It is especially common in oily residues in dipstick and filler tubes, where the temperatures are not close to the bulk oil temperaturs, and they serve essentially as condensation points.
Im sure there is information regarding wha water content is OK vs. unsafe. Id be worried about 12%.
JMH