The oil service sector is being hammered much worse than the O&G operators. This will impact the eventual re-emergence of industry as prices rise, as that is where the new technology was birthed on horizontal drilling/completions. Service sector developed it, and operators paid for it.
Could be a longer ride to get going again once price rises.
Yes, it could. The layoffs come fast in the service sector, and small businesses tend to be crushed by loss of business, more than global companies who take a hit, but have the depth to absorb the hit and still retain key personnel to train new people when things pick back up. Consider, too, the aging pool of highly qualified individuals, some of whom will have taken work out of the sector and will consider riding that to retirement, and the reticence to reinvest on the part of those who were not prepared for the rapid decline in the sector, and the run-up in available providers could be relatively slow.
There will, however be fierce competition between existing and still operating service companies, and the constant quest for that bit of tech or technique to gain an edge on the competition.