What should happen if I take out the dipstick with the engine running.

My bet is a blocked breather and once that is fixed, run the engine just a bit above idle in gear and one at a time loosen the fuel line to each injector and listen to the amount of revs drop, then do the next one and so on till have been tested.

The one that slows the engine least is the defective one that is causing the oil in the exhaust.

But it might be more than one.

Good luck and fair winds.
 
Speak to the engineer; Smoke and unburnt diesel could just as easily be a foul prop as a faulty injector. Engine oil in the exhaust water would be a very bad thing, but could be something as simple as a valve stem seal.

The pistons belting up an down will always generate pressure waves and oil splashing about, but actual net pressurisation should be covered by the breather system.
 
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