STX Shipbuilding Co., the world's seventh-largest shipyard, said Tuesday that it has purchased a major stake in a Norwegian shipyard for US$800 million in an effort to branch out into the European market.
The South Korean shipbuilder said in a regulatory filing that it has a 39.2 percent stake, or 44.56 million shares, in Aker Yards ASA.
The purchase was financed with borrowings and new share offerings by its sister companies, STX Shipbuilding said.
Shares of STX Shipbuilding were trading at 62,800 won as of 9:07 a.m., up 6.08 percent.
STX Shipbuilding's second-quarter earnings reached 57.4 billion won ($62 million) from 4.3 billion won a year earlier on rising orders to build ships such as oil tankers and container ships and gains from equity ties with its affiliates.