They start out by letting go all the contract hands at the moment and freeze all the hiring. Then reduce the average working days to 15 days/month so every good hands can have put in some time. Next most of the trainees and less-experienced hands that don't contribute to the bottom line will be let go. Reduce day-rate and salary will be last as it will also affect executives and managers pay package. Once Halliburton takes over it's a whole new ball game.
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As it was said, it'll depend on the district
I think it depends on which district you are in. Seems like south texas has been hit hard...so if your area has a low rig count....you would have a chance of being let go. Hopefully they will start with those who are dead weight