The Teekay spin-off launched a $20m scheme for investors to cash out stock on Tuesday.

But it said today in a brief announcement that it has decided to withdraw the tender and does not expect to launch any additional tenders in the near future.

Eirik Haavaldsen, analyst at Pareto Securities, said in a note this morning: "We believe the reason for the u-turn was investors’ asking prices well above current market, and consequently it is more accretive for management to continue buying back shares in the open market."