Help - can I save this orchid?

[Alex R]

I'm not an expert. I repotted it about 4-5 years ago and it has been great, stemmed flowers many times. Recently it started dying and it's now accelerated. Leaves are flaccid, the new stem gave flowers but they are now flaccid too and some of the new bulbs dried out quickly and didn't grow at all.

Roots in the pot have turned pale. Many external roots are dry and the other are semi-dry with a pale green color. It also barely drinks any water if I water it (bowl stays full for >1 week).

I have some compost from 4-5 years ago.

I'm attaching some photos below.

Would be very grateful for advice on how to save it. It's one of the oldest orchids we have.

Should I just trim all the bad roots and repot it, putting in the green'ish external roots?

Many thanks in advance!