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INVESTOR PRESENTATION March 2020 FORWARD LOOKING STATEMENTS

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INVESTOR PRESENTATION March 2020 FORWARD LOOKING STATEMENTS INVESTOR PRESENTATION March 2020 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company’s prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected. 2 AGENDA Canadian Industry Company Overview Overview and and Ongoing Near Term Investment Trican’s Business Market Outlook Summary Competitive Transformation Positioning 3 TRICAN OVERVIEW WHAT WE DO . Focused in Canada, Trican has a highly trained workforce Completion dedicated to safety and Drilling Cycle operational excellence who Cycle Fracturing provide a comprehensive array Cementing Coil Tubing Services of specialized products and Fluid Management services using equipment required for the exploration and development of oil and gas reserves Production Full Cycle Cycle . Trican has been servicing wells Technical Coil Tubing in western Canada for more Expertise Customer Acidizing than 24 years Engineering Support Pipeline Services Reservoir Expertise Industrial Services . Trican service lines cover 60% Laboratory Services Chemical Services to 70% of a typical well cost Remedial Cementing 5 BUSINESS TRANSFORMATION: OUR STRATEGIC PRIORITIES REMAIN INTACT Having safe, efficient, customer- focused operations is always Strengthen - Maintain market leading position in Fracturing and Cementing service lines priority #1. Beyond safety and Existing - Strengthen auxiliary service lines (Coiled Tubing) operational performance, our Business strategic priorities remain intact: - Activate parked equipment (if return hurdles can be met) - Growth in existing services lines Growth Disciplined investment into future growth – ensure ROIC hurdle To achieve top rates are met quartile ROIC in our sector Share- - Return value to shareholders through share buyback program holder - Sell excess and permanently stranded capital equipment, return Return funds to the balance sheet Cost Control & - Reduce costs for ourselves and our clients through efficiency Efficiency improvements and scale Gains 6 BUSINESS TRANSFORMATION: 2015 AND ONGOING EFFORTS . The 2014 oil supply glut required Trican to Restructure Refocus take decisive action . The Company’s actions have positioned Trican to weather and take advantage of near-term North American energy market turbulence Returns Right Size 7 TRICAN STRENGTH: FINANCIAL STRENGTH & RESILIENCY Debt / Tangible Capital . Company has deleveraged by more than $700 million and 0.60 $800 $700 improved asset coverage relative to 2015 cyclical low 0.50 $600 0.40 • Sold Russia business for ~ $1,720/HHP (Q3 2015) $500 0.30 $400 • Sold US business for ~ $630/HHP (Q1 2016) $300 0.20 $200 0.10 (millions) Debt Total . Monetizing stranded capital by selling permanently idled Capital Tangible / Debt $100 assets - $0 • Sold water business in Q1 2020 for $17.6 million Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Total Debt (RHS) Debt / Tangible Capital (LHS) • Selling redundant real estate: ~ $18 million listed for sale . Financial position allows evaluation of opportunistic Canadian Results ($ millions) investment in North American energy market $1,200 $1,000 Strong Financial Position $800 . Net bank debt of $39 million (Dec. 31, 2019) (debt less cash) $600 $400 . Positive working capital $140 million (Dec. 31, 2019) $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 . Market capitalization $227 million (March 3, 2020) Revenue Adjusted EBITDA See non-GAAP measure Adjusted EBITDA as more fully described in Trican’s MD&A. 8 TRICAN STRENGTH: DIVERSIFIED SERVICE LINES 2019 Revenues: Business Unit Breakdown Market Leading Positions Fluid Industrial Management Services . Canadian market leader in fracturing services 4% 2% (based on horse-power) Coil Services 8% . Canadian market leader in cementing services (based on drilling rigs serviced) Cementing 16% . Supporting service lines: coil tubing, nitrogen, acid, pipeline and industrial services . 2019 revenue of $636 million Hydraulic Fracturing 70% 9 TRICAN STRENGTH: DRIVING EFFICIENCY IN THE CANADIAN MARKET . Deliver exceptional customer service • Drive efficiency in our business to lower our costs and the cost to our customers • Integrate small service lines with larger business lines to improve cost structure and customer efficiency • Reduce product chemistry costs resulting in lower well costs for our customers 10 TRICAN STRENGTH: DRIVING EFFICIENCY IN THE CANADIAN MARKET . Ongoing innovations • Largest natural gas dual fuel fleet (145,000 HHP) in western Canada to help reduce well costs and GHGs • Introducing new technology to reduce tractors on location which will provide fuel savings, result in less engine hours, and reduce GHGs • Implemented large bore treating iron, reducing repair and maintenance costs • Implementing equipment monitoring technology that will reduce repairs and extend equipment life through data management • Developed new cement blends to lower costs to customers • Lowered Fracturing product costs through implementation of new fluid systems 11 TRICAN STRENGTH: RIGHT FRACTURING FLEET . Largest fleet of continuous duty pumps; most efficient style of fracturing pump, designed for higher well service intensity plays: Fracturing Type of Pump Pump HHP % of Fleet (#) Fleet • Equipment is well maintained, hot Continuous stacked and requires little capex to 2,700 / 3,000 HHP 126 345,000 59% Duty activate • Allows Trican to continue to efficiently Mid Tier 2,500 HHP 95 237,500 41% operate in the highest service intensity Total resource plays: Montney, Duvernay and Fracturing 221 582,500 Deep Basin (accounts for ~80% of the Fleet required HHP demand in Canada) See MD&A for definition of Fracturing Fleet terms . Large dual fuel fleet to offer fuel savings: 145,000 HHP of natural gas bi-fuel pumps 12 TRICAN STRENGTH: FRACTURING COMPETITIVE LANDSCAPE IMPROVING . Canadian competitive landscape much better than U.S. Hydraulic Capacity Active Fleets market Horsepower Crewed (HHP) . Supply is dropping which will balance market quicker Trican 583,000 324,000 8 than anticipated Competitor A 305,000 193,000 4 . Crewed capacity down ~ 400,000 HHP during 2019 Competitor B 298,000 225,000 6 Competitor C 170,000 125,000 2 . Trican and industry will not staff additional capacity until Competitor D 250,000 140,000 3 prices improve Competitor E 263,000 175,000 5 . Approximately 750,000 HHP overcapacity in the basin Competitor F* 85,000 85,000 4 (unstaffed) Competitor G* 50,000 50,000 4 • Likely not all this capacity can be activated 2,004,000 1,317,000 36 • Roughly 19 larger total fleets currently unstaffed * Smaller crews not suitable for all higher intensity plays • Roughly 55 additional rigs in deeper plays uses all capacity Source: Competitor company reports, internal company data, in basin and internal estimates 13 TRICAN STRENGTH: AVAILABLE CAPACITY . Trican has reduced its fleet size in response to declining market conditions Service Line Total Active, Idled . Existing idle equipment provides opportunity for Equipment Manned incremental returns upon a market recovery Fracturing (HHP) 583,000 324,000 259,000 • Substantial leverage on existing infrastructure Cementing (trucks) 62 20 42 and fixed cost structure upon recovery Coil Tubing (units) 23 9 14 • Assets are well-maintained and not scavenged • Can be activated by adding staff with little capital • Approximately 5 fracturing crews parked 14 TRICAN STRENGTH: ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET . To align our business to the new post 2015 Canadian market dynamics and lower average well counts: • Merged with Canyon; synergies obtained improved low-cycle returns • Modernized system infrastructure to support further business optimization • Since 2017, sold $60 million of excess property and equipment at values approximating net book value • Annualized $40 million in cost reductions during 2019 15 TRICAN STRENGTH: ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET . To align our business to the new post 2015 Canadian market dynamics and lower average well counts: • Implemented incremental cost reductions of $15 million annualized in Q4 to align with the current Canadian well count of ~ 5,000 wells - Closed two cement locations in late June 2019 and consolidating locations in Red Deer, Grande Prairie and Nisku - Reduced
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