Oil services provider, John Wood Group, will buy back shares to return £1.05 billion to shareholders from the sale of its well support division, Financial Times reports. The company will buy up to 32.1% of shares within a price range of 605-625p per share.

The company intends to return the proceeds of the tender offer to shareholders by June 7, 2011, adds City A.M. The company, in February, intended to return cash to shareholders after it sold a unit, which helps boost oil recovery from mature fields to General Electric, for about £1.7 billion.

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