Obstetric Emergency with Abnormal CTG

As the on-call anaesthetist in a general hospital you are asked by a midwife to place an epidural for a labouring patient in the delivery suite. The patient is 42 years old, G6P0, and has had three in vitro fertilisation (IVF) attempts. She is 38 weeks' pregnant and labour was induced because of reduced fetal movements. When you go to assess the patient, the midwife shows you the following baseline cardiotocogram (CTG). The obstetrician and your anaesthetic registrar are not immediately available because they are in theatre with another case. Here is the CTG. Please interpret it. What would you do?