Flex LNG spent the last two weeks on a Christmas gift to shareholders: the repurchase of nearly 53,000 shares.
The John Fredriksen-backed gas carrier owner made separate disclosures on Thursday that it bought back three tranches of shares on 21, 29 and 30 December, bringing its total holding to 202,797.
On 21 December, the New York and Oslo dual-listed company spent nearly NOK 2m ($233,932) repurchasing 26,750 shares on the Oslo Stock Exchange.
The company went back to Norwegian markets on 29 December for 20,747 shares at an average price of NOK 74.90 — or approximately NOK 1.6m in total.
It made another, smaller round of buybacks on Wednesday, spending NOK 73.92 on 5,300 shares — or roughly NOK 392,000 in total.
On 19 November, Flex LNG launched a $31m buyback plan in an effort to help boost its lagging share price.
Flex LNG chief executive Oystein Kalleklev said shares have been discounted as deeply as 45% against the company's book value.
Flex LNG owns 10 gas carriers with an average age of one year and another three newbuildings set for delivery in 2021.
The plan allows Flex LNG to repurchase up to 4.1m shares at a maximum of $10, or the equivalent in NOK.
So far, the total shares repurchased is just over 130,000.
In Oslo, Flex LNG shares finished trading on Thursday up NOK 0.60 to NOK 75.10.
Just before lunchtime in New York, shares were down $0.05 to $8.73.
Since announcing the buyback plan, shares have risen from NOK 65.90 and $7.45 respectively.
