Service and solutions for the pipeline industry
Efficient, Innovative, Cost effective. It’s the holy trinity of business and it’s the key to Vault Pipeline’s early success.
Vault Pipelines was formed in 2015 with a vision that was as precise as it was thorough. Though the Fort McMurray-based pipeline construction and maintenance company is only in its second year, it is built on a foundation of two decades of accumulative experience.
CEO Matthew Deeprose grew up around the oil and gas industry. His father’s career as a welder and tradesman was his first inspiration. The second came after graduating from the University of Calgary and securing a job for an international pipeline company with a significant presence in Fort McMurray.
“I was given a role where I could grow and was very lucky to be surrounded by amazing mentors and good people,” says Deeprose. “Having started in business controls, I then moved into an operations role and focused on growing the business in the region.”
President Matthew Hunt has a similar background and is a veteran of Western Canada’s Oil and Gas industry, holding multiple senior management positions for a global engineering and construction company. Hunt has been instrumental in establishing Vault Pipelines as a leader in the region from the onset.
A New Way to Operate
In their respective roles, both men saw firsthand the challenges of declining oil prices on operators. Seeing a need for a new, different business model that could really make a difference for their clients was the impetus to start Vault Pipelines, focusing on procurement, fabrication, construction, and maintenance of all types of pipelines.
“We saw that our clients—and the owners in the oil sands specifically—really needed the right type of contractors to work with,” says Deeprose. “People who understood the struggle caused by the significant drop in the price of oil.”
Owners in the oil sands require proactive and cost-conscious management, and a contractor who aligns themselves with those needs. Deeprose says he wants Vault to be based on “old school principals. We took it back to basics and built something from the ground up,” he says.
“The timing of our start-up couldn’t have been better. These oil sands owners are looking to cut costs at every corner and are looking for solution-oriented partners who recognize their need to continue operations while cutting costs,” says Deeprose. “And that was the challenge we undertook. We needed to invent new ways to achieve that. I think it’s a matter of how you keep your clients’ goals in mind and how you try to align yours with theirs.”
Hearing there would be a new option out there was met with very positive feedback. “The reception from the community was overwhelmingly positive,” Deeprose says. “Because of the relationships we developed and people who have worked for us in our previous roles, people are already familiar with our management style and how engaged we are.” Vault Pipelines currently have work at three major oil sands sites proving they can bring value to their clients.
Vault Pipelines’ mandate was to create cost-cutting initiatives that will increase efficiency and productivity without compromising quality and safety—something larger pipeline companies struggle to do. Vault is the antithesis of the behemoth companies with lagging response times.
Recognizing the importance of environmental awareness, Vault focuses on taking measures to reduce their impact on surrounding environment and wildlife. In addition, Vault has also set out to be on the leading edge of wear resistance technology, bringing integrity and cost-saving solutions to clients. “If we can figure out a new weld procedure, base metal, or any other way for these pipelines to run longer without having to be maintained, it’s safer for the environment and it adds to our clients’ bottom line,” says Deeprose.
Currently, the team is resisting the temptation to expand quickly and is focused on measured growth, ensuring clients receive the services needed and the attention they deserve. “We know the challenge of making everyone on a larger team feel valued,” says Deeprose. “At the size we are now, we can remain laser-focused on our clients and our people. Our size allows us to be competitive and nimble.” Being privately-owned also helps make this possible. The team can adjust its priorities quickly and accordingly without compromise.
Opportunity is knocking on the door daily, in particular within the Alberta, British Columbia, and Saskatchewan markets, but Deeprose and Hunt want to explore the incredible value within the oil sands. Owners frequently relay that they needed a contractor like Vault, and “to grow and serve the Fort McMurray market is our first and foremost goal at this time,” says Deeprose.
“This city has provided a lot not only to me, but this team,” says Deeprose. “We are focused on creating a company that will give something back.”