kdump.service fails with status=1/FAILURE - dracut: installkernel failed in module watchdog-modules

# systemctl start kdump.service
Job for kdump.service failed because the control process exited with error code. See "systemctl status kdump.service" and "journalctl -xe" for details.

# systemctl status kdump.service
● kdump.service - Load kdump kernel and initrd
   Loaded: loaded (/usr/lib/systemd/system/kdump.service; disabled; vendor preset: disabled)
   Active: failed (Result: exit-code) since Thu 2022-03-10 15:31:15 UTC; 3s ago
  Process: 21403 ExecStart=/lib/kdump/load.sh --update (code=exited, status=1/FAILURE)
Main PID: 21403 (code=exited, status=1/FAILURE)

Mar 10 15:31:15 pg-test-sles12 load.sh[21403]: dracut: *** Including module: watchdog-modules ***
Mar 10 15:31:15 pg-test-sles12 load.sh[21403]: dracut: installkernel failed in module watchdog-modules
Mar 10 15:31:15 pg-test-sles12 systemd[1]: kdump.service: Main process exited, code=exited, status=1/FAILURE
Mar 10 15:31:15 pg-test-sles12 systemd[1]: Failed to start Load kdump kernel and initrd.
Mar 10 15:31:15 pg-test-sles12 systemd[1]: kdump.service: Unit entered failed state.
Mar 10 15:31:15 pg-test-sles12 systemd[1]: kdump.service: Failed with result 'exit-code'.