Norwegian ferry operator Fjord1 is the latest shipping company to commence another share buyback programme.
Fjord1's board has authorised the company to repurchase up to 4 million of its shares with a maximum total value of NOK 10m ($1.2m) on the Oslo Stock Exchange.
The company is allowed to spend between NOK 2.50 and NOK 100 per share in the programme, which will run from Wednesday until 30 June 2020.
"Shares acquired under the programme will be sold to employees of the company pursuant to the established share plan for employees," Fjord1 said in a filing on Tuesday.
Up to 100,000 shares will be distributed to staff in the scheme.
The Oslo-listed company said it has engaged Nordea Markets to carry out the share repurchase programme on its behalf.
In December, the Per Saevik-backed owner launched a short-term plan to repurchase up to 3.2m shares, of which up to 110,000 shares would be used to reward its top management.