A major international commercial maritime exhibition, which highlights a business sector claimed to be potentially worth more than £72m a week, is under way in Southampton.

The biggest event of its kind in Europe, Seawork2003 also includes a specially constructed marina that has become the temporary home for more than 40 vessels.

About 320 exhibitors are at the Southampton showcase, displaying all their latest craft, equipment and services. Among the local companies are Ocean Safety from Southampton, South Boats based in Cowes, Isle of Wight, and Halmatic from Portchester. This year's event includes an undercover hall, open-air demonstrations and floating displays, as well as a major conference.

Backed by all of the main marine trade bodies and professional associations, the event also hosts many of the organisations' annual meetings and seminars.

A spokesman for Seawork2003 said: "A survey of new contracts and tenders in the commercial maritime sector represented by the exhibition confirms business opportunities running at an average of more than £72m per week."

Although not open to the general public, in excess of 4,500 visitors from around the world are expected at the event, which underlines the port of Southampton's strong position in the maritime industry.

Running in conjunction with the exhibition is a conference with a list of influential speakers and a business forum covering significant trade topics facing the sector.

The reputation of the exhibition continues to grow with exhibitor figures up 33 per cent compared with last year's numbers. The event's Small Business Enterprise Zone features more than 65 companies. For more information about Seawork2003, which finishes its three-day run tomorrow, log on to www.seaworkexhibition.com.