John Fredriksen's Flex LNG has bought back nearly 200,000 shares since the New Year.
The company disclosed on Monday three rounds of buybacks, dipping into the Oslo Stock Exchange to grab 100,000 shares after buying roughly the same amount last month.
Flex said it bought 50,000 shares last Thursday at an average price of NOK 75.72 ($8.93), then 30,000 shares on Friday at an average of NOK 74.37 and 20,000 shares on Monday at an average of NOK 72.83.
Flex now owns 410,000 of its own shares.
Flex's shares in Oslo closed on Monday at NOK 75, up NOK 0.80. In New York, the company's shares were up $0.28 to $9.25 shortly after lunchtime.
The move comes after Flex LNG posted a year-over-year improvement on 17 February, with both income and revenue jumping in the fourth quarter of 2020.
For the last quarter of the year, the company reported a $25.8m profit, up from $23.9m for the fourth quarter of 2019, with revenue coming ina t $67.4m versus $52m.
It added that 87% of its fleet was booked in the first quarter of 2021 at "healthy rates" which should boost revenue to between $80m and $90m.
In January, Flex bought 23,909 shares on 5 January at an average of NOK 78.06, 23,294 shares on 6 January at an average of NOK 79.89, 30,000 shares on 7 January at an average of NOK 80.38 and 20,000 shares on 8 January at an average of NOK 83.16.
The buybacks are part of a $31m plan enacted in November 2020, which allowed Flex to repurchase as many as 4.1m shares at a maximum of $10 per share or its equivalent in NOK.
The cap was increased to $12 alongside its fourth quarter earnings release last week.
