ANNUAL INFORMATION FORM Year Ended December 31, 2016 March 29, 2017 TABLE OF CONTENTS Page FORWARD-LOOKING INFORMATION AND STATEMENTS ...................................................................... 1 GLOSSARY .................................................................................................................................................. 2 TRICAN WELL SERVICE LTD. .................................................................................................................... 4 Incorporation History ................................................................................................................................. 4 Intercorporate Relationships ..................................................................................................................... 4 GENERAL DEVELOPMENT OF THE BUSINESS ....................................................................................... 4 Recent Transactions ................................................................................................................................. 4 DESCRIPTION OF THE BUSINESS AND OPERATIONS ........................................................................... 6 General ...................................................................................................................................................... 6 Continuing Operations - Canada .......................................................................................................... 7 Competitive Conditions ......................................................................................................................... 8 Discontinued Operations ....................................................................................................................... 9 United States ......................................................................................................................................... 9 Russia ................................................................................................................................................... 9 Canada ................................................................................................................................................ 10 Norway ................................................................................................................................................ 10 Saudi Arabia ........................................................................................................................................ 10 Colombia ............................................................................................................................................. 10 Kazakhstan ......................................................................................................................................... 10 Algeria ................................................................................................................................................. 10 Australia .............................................................................................................................................. 10 Description of Services ........................................................................................................................... 11 Acidizing and Production Enhancement ............................................................................................. 11 Carbon Dioxide ................................................................................................................................... 11 Cementing ........................................................................................................................................... 11 Coiled Tubing ...................................................................................................................................... 11 Fracturing ............................................................................................................................................ 11 Geological ........................................................................................................................................... 12 Nitrogen ............................................................................................................................................... 12 Industrial Services ............................................................................................................................... 12 Economic Dependence ....................................................................................................................... 12 Changes to Contracts ......................................................................................................................... 12 Social and Environmental Policies .......................................................................................................... 12 Environmental Protection ........................................................................................................................ 13 Intellectual Property ................................................................................................................................ 14 New Products .......................................................................................................................................... 14 Specialized Skill and Knowledge ............................................................................................................ 14 RISK FACTORS .......................................................................................................................................... 15 DIVIDEND POLICY AND HISTORY ........................................................................................................... 23 DESCRIPTION OF CAPITAL STRUCTURE .............................................................................................. 23 Common Shares ..................................................................................................................................... 23 Preferred Shares ..................................................................................................................................... 23 Senior Notes ............................................................................................................................................ 24 MARKET FOR SECURITIES ...................................................................................................................... 25 DIRECTORS AND OFFICERS ................................................................................................................... 25 Conflicts of Interest ................................................................................................................................. 29 i AUDIT COMMITTEE INFORMATION ........................................................................................................ 29 LEGAL PROCEEDINGS ............................................................................................................................. 30 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................................... 31 TRANSFER AGENT AND REGISTRAR ..................................................................................................... 31 MATERIAL CONTRACTS ........................................................................................................................... 31 INTERESTS OF EXPERTS ........................................................................................................................ 32 ADDITIONAL INFORMATION .................................................................................................................... 32 SCHEDULE A ............................................................................................................................................ A-1 ii FORWARD-LOOKING INFORMATION AND STATEMENTS Certain statements contained in this Annual Information Form constitute forward-looking information and statements (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this Annual Information Form should not be unduly relied upon. These statements speak only as of the date of this Annual Information Form. In particular, this Annual Information Form contains forward-looking statements pertaining to, but not limited to, the following:1 • expectation of the effect of continuing low crude oil and natural gas prices on the business of the Company; • expected benefits of divestures completed by the Company; • expected equipment capacity