Teekay’s Tanker Investments Limited (TIL) is to spend up to NOK 130m ($14.9m) on repurchasing another 1.2m of its shares as part of its stock buy-back programme.

The Oslo-listed company has offered up to NOK 108 per share, a 2.4% premium on yesterday’s closing price. The stock is trading at NOK 107.5 at the time of writing.

The new round of repurchasing shares will raise TIL’s stake to 12.25% from the current 10.05% (3,506,611 shares) if completed successfully.

The bookbuilding process commences today and will close this evening, with the trade date set for December 23. The bookrunner is Arctic Securities.

In September, TIL doubled funds allocated for its existing share repurchase scheme, which now totals up to $60m (NOK 524m). A remaining $20m (NOK 175m) has not yet been spent.

Teekay Corporation and subsidiary Teekay Tankers set up Tanker Investments last year to benefit from cyclical fluctuations in the tanker market. Its fleet consists of 20 vessels.