Same thing happened in 1980/81 after the Iranian oil price increase, fleet then decreased by over 20%...mostly older aircraft sold off or parked.
Ten 707's and six 747's went to the desert.
Pilots received don't come Monday letters, however, SV and GF were hiring at the time, so most pilots found work straightaway.
Standard policy for SQ....nothing changes, only the faces in the boardroom.