Norwegian Cruise Line Holdings (NCL) has given the green light to reinvest in its own equity.
The Frank del Rio-led company's board of directors has authorised a three-year, $1 billion share repurchase programme.
The US-listed cruise major may rebuy ordinary shares at whatever amounts, prices and times it wants, subject to market conditions and other considerations.
The company said it may reacquire stock through open market, private talks, quickened or structured repurchase programmes or insider-trading plans, in compliance with applicable rules.
"The $1 billion share repurchase programme authorisation reflects our ongoing confidence in our financial strength and the long-term outlook of our business," chief executive Frank del Rio said.
“Our strong and growing cash flow will allow us to deepen our commitment to provide returns to our shareholders, while continuing to invest in our product, innovation and growth," he added.
The company, which trades on the New York Stock Exchange as NCLH, may change or suspend the programme at any time.
It has 223.9 million outstanding shares and market capitalisation of $12.5bn.
NCL owns 25 ships across brands Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. It plans to add seven more vessels through 2025.
Miami-based competitor Carnival Corp recently approved re-authorisation of up to $1bn in share repurchases covering its common stock and Carnival plc ordinary shares.
It rebought 55,551 shares a week ago, bringing the number of units in its treasury to just over 11 million and those outstanding to 206.2 million.
Carnival resumed the programme in October 2015 after a two-year hiatus, launching four prior $1bn repurchase attempts over the past two-and-a-half years.
The company said it has repurchased 68 million shares worth $3.5bn over the life of the initiative.
