During recent years, Werklund has been focusing on philanthropy—in March he donated $16 million to Olds College, the biggest single donation in Alberta colleges’ history—after stepping down from executive control of his company Canadian Crude Separators in 2010. But in October 2015, he was drawn back into the C-suite—this time at struggling Aveda Transportation and Energy Services, a Calgary-based company that provides oilfield hauling services and equipment rentals. Werklund was chairman of Aveda’s board, but became CEO after Kevin Roycraft stepped down; he held the position until March of this year, when oil veteran Ronnie Witherspoon took the job.
It’s probably a good thing that Werklund has had plenty to keep him busy, as Tervita, the oilfield services company he co-founded nearly four decades ago, and whose board he currently chairs, has faced some turbulence in recent years. In August 2016, the company announced it would miss an interest payment of more than $18 million on its senior unsecured notes—the second interest payment delay in four months. Soon after, Tervita revealed plans to sell its non-core production services division to High Arctic Energy Services Inc. for cash proceeds of $42.8 million. Last September, it announced a $2-billion restructuring plan.
Updated Thursday, November 9, 2017