The O actually means Horizontally Opposed, relating the the cylinder configuration. Other options are V-####, for V engines like V-1650, or R-### for Radial engines. So VO-### means "vertically mounted opposed". Carburetors are assumed unless an "I" specifies fuel injection.
Of course a manufacturer can name an engine anything he wants. The WAM-120 is example of this, as it's not called the TI?-### for Turbocharged, fuel Injected, and I don't know what nomenclature they use for inline. Inline engines are typically European where they don't follow this convention.