Teekay Corp is aiming to hand back more cash to investors through another share buyback.
The New York-listed tanker player said it has completed a $30m repurchase programme that began in August, for the full amount.
The board has now authorised a new buyback scheme targeting another $30m.
In the previous programme, Teekay acquired 6.45m shares, or 6.3% of its equity.
This equated to an average price of $4.64 per share.
The stock closed up 6% at $6.40 on Wednesday.
New repurchase deals will be done from time to time in the open market, through privately negotiated transactions and other means, Teekay said.
The company and sister operation Teekay Tankers manage and operate 65 conventional vessels and other marine assets, including ships run for the Australian government.
Both firms announced big profits for the third quarter.
Teekay Corp made $44.3m on a net basis in the three months to 31 December.
Record earnings for Teekay Tankers
Teekay Tankers posted a record $146.4m, turning around a $39.8m loss the year before.
Revenue grew to $367m from $160m, while full-year earnings were $229.1m.
The company is expanding its owned and chartered fleet in a series of purchase and charter deals.
It will exercise options to buy nine ships operated under sale-and-leaseback agreements.
The acquisitions will cost $164m and will be funded from cash this month.
A term sheet for a new secured revolving credit facility has also been clinched for up to $350m.
Three ships have been chartered in and then fixed out at higher rates over shorter terms.
