Oil & Gas wont ever again see the record high prices of last year in fact it will take to 2020 for prices to stabilize at around $50-$60 in the meantime degree engineers used to earning $60-$100K will move to other industries such as aviation or defence and stay there. We will see an influx of degree engineers from places like India who will happily work for $20-$30K support staff will be based primarily in overseas locations controlling everything from purchasing to logistics again these posts will attract $5-£10K salaries fast food salaries to us to them a dream job.
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Cue up the stinky curry magic carpet fliers. They will destroy Weatherford over time. Good luck.
This downturn is becoming worse than 1986 even if an upturn does comes soon getting good hands laid off to come back will be a challenge.