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Web posted
Sunday, September 16, 2007
Veco Corp. no longer: CH2MHill takes over service company
By the Journal
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Photo courtesy of CH2MHill
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Crews take down the sign after CH2MHill finalized acquisition of Veco Corp., a major Alaska oilfield service company, on Sept. 7. Veco has about 4,000 employees, roughly half of them in Alaska, and specializes in oilfield construction, engineering and maintenance.
The company is a major support contractor for North Slope producers and also provides maintenance and other support for the Sakhalin 1 project in Russia's Far East. Veco also has engineering and construction support services to Rosneft, a major Russian oil company, in development with the Vankor field in Siberia.
CH2MHill is an employee-owned company with about $5 billion in annual revenues that provides engineering support and consulting services in a variety of technology fields.
Veco was owned by Bill Allen and his family. Allen, the former Veco CEO, is at the center of a corruption scandal in Alaska politics. Allen and a Veco vice president, Rick Smith, pleaded guilty earlier this year on federal corruption charges related to Alaska oil tax legislation. Three former state legislators are now on trial in federal court in Alaska on charges related to alleged illegal influence by Allen.
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