08:44 AM EDT, 10/17/2024 (MT Newswires) -- Total Energy Services ( TOTZF ) said Thursday that it secured TSX approval to launch a normal course issuer bid (NCIB) that will begin on Oct. 21 and last a year.

Under the bid, the company can repurchase up to 5% of its outstanding shares.

Total Energy noted that since its inception, the company has returned about $323 million to its owners through dividends, distributions and share buybacks.

"In the context of current market conditions, Total Energy believes that the repurchase of shares is an attractive investment opportunity that will benefit the remaining shareholders of Total Energy by increasing their proportionate equity investment in the company," Total Energy said.