When you checked smoke, was it full throttle under load and at operating temperature? Is there any chance of plugged or backwards air filter? How about ruptured charged air cooler or boost pipes? Do you have boost, is it VGT or maybe a stuck wastegate?
Only 700 hours, any history of water in fuel?
I did have an excavator, ran like a top. Good power, no engine codes. This thing passed smoke test for three of us. I camped out at the jobsite to observe the machine in operation. Every now and again, this thing would fog the area with rich grey smoke. Ultimately, we elected to replace the injectors. That was last year. No evidence in the injectors as to what was wrong. It was very difficult to replace something when I couldn't prove damage. What gave it away, immediately after parked regen, I pulled arm in and bucket over relief. Watching exhaust temps. DOC and DPF inlet were shooting up as if in regen. Temps were indicative of active regen 1100°F to 1300°F in less than a minute vs slow increase during regen. Injectors were the root cause for me.
With only 700 hours, isn't there any warranty consideration? Good luck.