Genx, in part you are correct, you need to prepare for redundancy, it is the most likely outcome.
Equally the ALAEA are looking for an alternate, any alternate. It may come to nothing, it may be unpalatable but they are trying to find SOMETHING.
Would you accept a mechanism that gives reduced hours?
Would you accept a mechanism that gives you an extra 3 months paid holiday a year but reduces your wage by about 25% (i.e. by the amount you work less)?
Would you accept a model that sees you work a lot of hours when there is work and no hours when there is no work? What if the pay was smoothed over the two types of time?
The simple fact is Avalon is almost certainly history. You are in the so called Piper Alpha situation. The place is burning down around you, you can go to the crew galley (following procedure) and wait or you can take a plunge over the edge. The guys in the galley died, some of those who jumped lived.
It's a sucky choice, but if you're going to get any result other than closure you have to go pretty extreme. Simple as that.