Feb 6 (Reuters) - Norway's $1.8 trillion sovereign

wealth fund, the world's largest, said on Thursday it had placed

Italian shipbuilder Fincantieri under observation over

alleged human rights violations.

At the same time, Norges Bank Investment Management, the

fund's operator, it said it was taking Polish energy group Orlen ( PSKOF )

off the observation list.

Companies under observation are monitored for potential

exclusion from the Norwegian Government Pension Fund Global,

according to the fund's website.

Norges Bank Investment Management said Fincantieri was under

review in light of legal action that the fund said had revealed

"grossly exploitative working conditions" for several thousand

people employed by subcontractors at the company's shipyards.

Fincantieri and Orlen ( PSKOF ) did not immediately respond to a

request for comment outside normal office hours.

The wealth fund took Orlen ( PSKOF ) off its observation list saying

it no longer considered the company at risk of restricting press

freedom.

Orlen ( PSKOF ) was placed under observation in 2023 when the wealth

fund cited "unacceptable risk that the company contributes to

serious violations of human rights", in relation to its

acquisition of regional newspaper publisher Polska press.

"The company has since implemented several changes

indicating that there is no longer an unacceptable risk of the

company contributing to restricting press and freedom of

expression," Norges Bank Investment Management said in a

statement.

Orlen's ( PSKOF ) purchase of Polska Press from a German media group

was criticised by Poland's opposition politicians at the time as

being an attempt to increase control over the media and curb

free speech.