The completion of the deal was announced on Monday. Even though this sale was announced earlier and is a part of a package of assets and operations that Weatherford planned to sell for some time, it always repulses me to see news like this. This feels like they are chopping parts of the company, and selling assets that could ensure long-term profitability for cash that will be burned soon hardly looks like an effective business strategy. I'm curious to see how are they going to cover the company debt when there is nothing left to sell.
https://www.rigzone.com/news/ades_buys_11_drilling_rigs_from_weatherford-03-dec-2018-157624-article/