1999 Chevy Tahoe low engine compression #1 cylinder

Check engine light came on. Took car to service station. Found code PO300B random multiple misfire detected. Found spark plugs had signs of burning oil (fouled spark plugs). They replaced the plugs and then it coded PO3001. They found that cylinder #1 had low compression 120psi and the rest are at 175 psi. Added some oil to cylinder and the compression came up. Mechanic recommends complete rebuild or replace the whole engine. My question is "Is there anything else I can do to fix this problem"?