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Terry Halifax
Northern News Services
 Since The Beginning 1977 - Inuvialuit Development Corporation (IDC) formed with a $10-million grant. 1982-83 - IDC buys shares in Aklak Air, negotiates joint- venture that becomes Atco/Equtak Drilling. 1984 - Inuvialuit Final Agreement signed. IDC buys a controlling interest in Aklak Air. Asset base reaches $28 million. 1985 - IDC acquires Northern Transportation Company Ltd. (NTCL) from federal government. 1987 - IDC and Nunasi Corporation form NorTerra Inc. Aklak Air purchased from Kenn Borek. 1988 - Construction of Inuvialuit Corporate Centre begins. Partnership with Stanton Distributing begins camp catering business. Assets total $72 million. 1993-95 - IDC forms joint-venture with Canadian Helicopters, Kenn Borek Air, Pan Arctic Inuit Logistics and Frontec Logistics. Asset base grows to $74 million. Inuvialuit Projects Inc. (IPI) formed to pursue construction-based work in Western Arctic. 1996 - NTCL wins fuel resupply contract for Western Arctic, begins shipping into Alaska. IPI wins DEW Line clean-up contract. 1997 - NorTerra Inc. amalgamates Avati and Koblunaq from Nunasi Corp. NorTerra purchases Weldco-Beales. 1998 - NorTerra purchases Canadian North from Canadian Airlines. IPI wins DEW Line contract at Nicholson Peninsula and Cape Parry. IPI partnered with Gwich'in to renovate Moose Kerr school in Aklavik. 1999 - IDC implements new strategic plan to focus on oil and gas services. 2000 - IDC purchases three drilling rigs with AKITA EQUTAK Drilling. Inuvialuit Oilfield services formed in partnership with Schlumberger Canada. 2001 - IDC companies operating in nine exploration camps in the Delta. Revenues exceed $150 million. 2002 - IDC projects revenues of $200 million. |
IDC Chair Dennie Lennie said the business arm of the Inuvialuit Regional Corporation was incorporated in 1977, though a grant from the Committee of Original People's Entitlement (COPE).
"They received a $10 million enhancement fund and that's still on our books today," Lennie said.
The IDC started out with small businesses with construction, camps and catering outfits. In a few short years, they grew from those humble beginnings to a corporate giant by Northern and Canadian standards in transportation and oil and gas field services.
"Today we have something like $130 million worth of assets, running revenues of $170 to $180 million per year," Lennie said.
With ventures on the air, ground and water, IDC has a lock on much of the freight and passenger traffic in and out of the North.
"We're very heavy into transportation," Lennie said.
IDC owns Aklak Air, half of Canadian North and the Northern Transportation Company Ltd. with Nunavut's Nunasi in their partnership company, NorTerra Inc. IDC also has a joint venture with Canadian Helicopters.
NorTerra also own Weldco-Beals -- a manufacturer of heavy- equipment attachments.
IDC opened the retail outlet Stanton Distributing about a year ago, offering warehouse packaged goods for wholesale and retail customers.
"It's provided an alternative to the competition and certainly dropped the price of food down in Inuvik," Lennie said.
"We get most of the camp and catering business that's happening out there right now."
Lennie said their own catering company, Arctic Oil and Gas with partner E. Gruben's Transport employed 800 people in the Delta last year.
IDC recently bought out their partner in Inuvialuit Environmental which is doing contract environmental work both here and in Alberta.
They now own four drilling rigs with AKITA EQUTAK Drilling.
With technology hard-wired throughout the 30,000-square foot Inuvialuit Corporate Centre, the corporation found it more cost-effective to have an in-house tech team.
Looking ahead
"We run our own tech service here now, because we probably have the largest privately owned computer network in the Northwest Territories," Lennie said.
IDC also has numerous commercial and residential real estate with holdings in Tuk, Aklavik, Inuvik and Yellowknife.
The past 25 years have been quite a success story for the corporate group, but Lennie said they have big plans for the next 25 years as well.
Poised for a new boom in the energy industry, Lennie predicts the company will grow by five times the size it is now.
"In 25 years, IDC should be a billion-dollar-plus organization," Lennie said. "If the pipeline was to go ahead, we'd be heavily into the development side."
"Who knows, maybe all the oil and gas will be gone in 25 years," he said, adding that the company is looking beyond the non-renewable energy supply.
"There's always different things to look at," he said. "There could be changes in ownership of power generation or new forms of power generation, and we have to look at these things all the time."
