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Veco Alaska Inc history
Veco Alaska Inc company history timeline
Born in 1937, Allen dropped out of a New Mexico high school at the age of 15.
VECO traces its history to 1968 when William Allen arrived in Alaska.
Allen and Veltrie agreed to the proposal, and in 1969 formed an oil field services company called V-E Construction.
After reincorporating in 1981 as a holding company called VECO International, Inc., Allen formed several new subsidiaries, including VECO Drilling, Inc., which bought oil drilling rigs in Colorado.
In addition, by 1985, VECO had paid off all creditors 100 cents on the dollar except, ironically, for the original banks who settled for a lower rate of payment.
By 1987 VECO controlled about half of all North Slope construction.
In 1988, the company helped rescue three California gray whales trapped by newly-formed ice.
In 1990 the new company received contracts to clean up a British Petroleum spill off of Huntington Beach, California.
While the 1992 failure of The Anchorage Times marked a defeat for Allen and VECO, it was also the year the company won a Czechoslovakian government contract to clean up an abandoned Soviet military base.
VECO Corporation was an American oil pipeline service and construction company until its purchase in September 2007 by CH2M Hill.
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