Seatrium (SGX:5E2) has launched a new SG$200 million share buyback program, which allows the company to repurchase up to 2% of its total issued shares, according to a Tuesday filing with the Singapore Exchange.

The latest offering is double the size of the ship repair company's preceding SG$100 million share buyback program that was fully utilized on Sept. 1.

The buyback will be funded by existing cash resources and is subject to shareholder approval at the company's annual general meeting.