STX Shipbuilding Co., the world's seventh-largest shipyard, said 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.

According to Yonhap News, the South Korean shipbuilder said in a regulatory filing that it has bought 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.

STX Shipbuilding's second-quarter earnings reached 57.4 billion won ($62 million) from 4.3 billion won a year earlier on rising orders for oil tankers and container ships as well as gains from equity ties with its affiliates.