The offshore shipping giant said it made market purchases on 17 October to snap up its convertible $700m 1% issue due in 2017.

It now holds 6.6% of the bonds, reducing debt and preventing further dilution of its stock.

Last week, it said it bought $19.4m of the notes, while in September it snapped up $79.1m of its 3.5% 2014 series of convertible bonds.

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