Well, I think the last step would be start sending out CVs to companies with aircraft that can fly on one engine... because I think whatever you do, you're going to lose this job, or at least the only airframe in the stable.
Of course it's at night... the freezing level is about 20' above your head and it's the copilot's first night away from his mother, for heavens' sake.
It's going to depend... if you're going to a real rig with real firefighting capabilities (which, if you're shooting an ARA, the odds are fair that you are) or the ability to get your machine over the side, you might land on (you'll probably lose your job, but whatever). If you're in some backwater without those things, you might want to go in the water (of course, there may be no one to get you out of the water there, either), though I might ask you what you were doing going out there in that sort of weather in the first place. I can sell you either one.