The bigger 2-stroke marine diesel engines used for driving the propeller have a single exhaust valve which is located at the center of the cylinder head. In the earlier days this valve operated along the same lines as those used in smaller 4-stroke engines via mechanical rocker arm and spring system but it had its disadvantages in terms of inertial factor and so forth.
Modern day engines use hydraulically operated exhaust valve where the spring action is provided by pneumatic arrangement instead of mechanical spring. You better take a look at the diagram below before trying to understand the working of the exhaust valve.
The left hand side diagram shows a schematic while the one of the right hand shows a real picture of the exhaust valve. You can imagine the relative size of the exhaust valve by comparing it to the height of a normal individual standing next to the exhaust valves of a typical B&W engine.