INVESTOR PRESENTATION April 2019 FORWARD LOOKING STATEMENTS This - PDF document

INVESTOR PRESENTATION April 2019

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

TRICAN & INDUSTRY OVERVIEW

INVESTMENT SUMMARY  Largest Canadian pressure pumping company • Industry-leading fracturing and cementing service lines  Focused on top quartile return on invested capital • Capital disciplined investments • Investments must exceed ROIC hurdle rate • Cash flow in 2018 used to repay debt and re-purchase shares  Shareholder returns through NCIB • Repurchased approximately 16% of the Company’s shares from October 2017 to present • Continue to invest into repurchasing shares into Q2 2019  Very strong balance sheet • Net debt of approximately 38 million at year end. (debt less cash) • Non cash working capital balance of 108 million  Focused on lowering costs in competitive environment • Approximately $55 million of annualized cost savings since Canyon acquisition in June, 2017 4

INVESTMENT SUMMARY  Existing idle equipment provides opportunity for incremental returns upon a market recovery (minimal investment required for reactivations – just staffing) • Substantial leverage on existing infrastructure and fixed cost structure • Monetized $17.6 million of idle non-core assets in 2018  Strong loyal customer base that supports the company through the downturn  Experienced and motivated work force supported by an executive leadership team with extensive experience managing oilfield services cycles  Trading substantially below tangible book value and replacement cost • Opportune time to invest in cyclical business 5

INVESTMENT SUMMARY Price to Tangible Book Value vs. Leverage Profile 1.20 2.0x 1.8x 1.00 Price to Tangible Book Value 1.6x Debt / Tangible Equity 1.4x 0.80 1.2x 0.60 1.0x 0.8x 0.40 0.6x 0.4x 0.20 0.2x - 0.0x 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 Debt to Tangible Equity (LHS) Price to Tangible Book (RHS)  Company valuation approaching cyclical low valuation – opportune time to invest in a cyclical business  Company has significantly improved asset coverage relative to 2015 cyclical low – exit 2018 debt lower than 15% of tangible equity value 6

WHAT WE DO Completion Cycle Drilling  Trican is a Canadian- Fracturing Cycle Coil Tubing focused, energy Cementing Nitrogen services company, Services Fluid Management which provides an Acidizing array of specialized products, equipment and services for the drilling and Production Full Cycle completions cycle of Cycle Technical oil and gas Coil Tubing Expertise exploration and Acidizing Customer development. Pipeline Services Engineering Support Industrial Services Reservoir Expertise Chemical Services Laboratory Services Remedial Cementing 7

OUR CANADIAN MARKET AND FINANCIAL POSITION Market Leading Positions  Canadian market leader in fracturing services (based Trailing 12 Month Revenues: on adjusted EBITDA margin and market share) Service Line Breakdown  Canadian market leader in cementing services Fluid Industrial, 2% Management, (based on market share – no competitor margin data 4% Coil, Nitrogen, available) Acid, 9%  Supporting service lines: coil tubing, nitrogen, acid, water management services, pipeline and industrial Cementing, 16% services Strong Financial Position Hydraulic Fracturing, 69%  2018 revenue of $900 million  Market capitalization $431 million (April 5, 2019)  Total debt of $46 million (net debt of 38 million) at year ended 2018 8

OUR FOCUS Strengthen - Maintain market leading position in Fracturing and Cementing service lines Existing - Strengthen auxiliary service lines (Coiled Tubing, Nitrogen, Water Management) Business - Growth in existing or complimentary, less capital intensive, less cyclical services lines (i.e. Production & Pipeline Services) Growth - Leverage strong technical expertise into additional markets or services To achieve top quartile ROIC in our sector - Disciplined investment into future growth – ensure ROIC hurdle rates are met Share- holder - Return value to shareholders through Normal Course Issuer Bid (share Return buyback program) Cost Control & - Reduce costs for ourselves and our clients through efficiency improvements and scale Efficiency Gains 9

FOCUSED GEOGRAPHIC COVERAGE Horn River Shale British Columbia Manitoba Alberta Saskatchewan FORT ST. JOHN Montney Shale Duvernay GRANDE PRAIRIE Shale WHITECOURT HINTON NISKU LLOYDMINSTER DRAYTON VALLEY Viking RED DEER Tight Oil Deep CALGARY Basin ESTEVAN BROOKS MEDICINE HAT Spearfish Bakken Cardium Lower Shaunavon Shale Tight Oil Tight Oil 10

CANADIAN INDUSTRY DYNAMICS – INCREASING WELL INTENSITY WCSB - Tonnes / Well WCSB - Wells Drilled 2,851 3,000 12,000 10,924 2,500 10,000 1,855 2,000 8,000 6,959 6,940 1,384 1,329 5,600 1,500 6,000 5,376 3,963 1,000 813 4,000 647 500 2,000 - - 2013 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018E 2019E Source: Canadian Discovery Source: GMP First Energy  2018 well count 37% below 2014 levels  7,000 – 8,000 wells today equates to 2014 well count levels in terms of fracturing equipment demand  We expect well service intensity to remain flat in 2019 to 2018 levels; • Tonnes of proppant placed per / meter grew by approximately 25% in 2018 relative to 2017; - 1.5 tonnes/metre in 2018 vs. 1.2 tonnes/metre in 2017 • 2018 data weighted to higher well service intensity wells 11

CANADIAN INDUSTRY DYNAMICS – FRACTURING COMPETITIVE LANDSCAPE Hydraulic Horsepower (HHP) Capacity Idled Available Active Crewed Trican 671,850 90,000 581,850 340,000 Competitor A 355,000 28,000 327,000 327,000 Competitor B 297,500 72,500 225,000 225,000 Competitor C 270,000 - 270,000 250,000 Competitor D 250,000 - 250,000 250,000 Competitor E 240,000 - 240,000 240,000 Competitor F 80,000 - 80,000 50,000 Competitor G 50,000 - 50,000 50,000 2,214,350 108,600 2,023,850 1,732,000 Source: Competitor company reports, internal company data, and internal estimates  Estimated industry demand of ~ 1,400,000 HHP in Q1 2019  Internal estimate of 20% - 25% of equipment in Canada is not suited for higher well service intensity plays (Montney and Duvernay) 12

CANADIAN INDUSTRY DYNAMICS – TRICAN’S COMPETITIVE POSITIONING  More than 50% of Trican’s fleet is continuous duty pumps, most efficient style of fracturing pump, designed for higher well service intensity plays: • Approximately 122,000 HHP dual fuel capability • Positions Trican to service growing, higher well service intensity plays • Supports Trican’s continued leading Canadian fracturing market position as measured by both market share and margin • Allows Trican to continue to efficiently operate in the highest well service intensity resource plays: Montney, Duvernay and Deep Basin (estimated to account for ~ 80% of the required HHP demand in Canada) 13

OPERATING ENVIRONMENT – PRICING, LABOUR & REPAIRS EXPENSE Pricing Index Pricing:  Q4 2018 pricing dropped slightly sequentially 0 as activity decreased in the quarter -10 -20  Experienced further pricing concessions in the first quarter of 2019 relative to Q4 2018 -30 -40  Demand improvements, or supply -50 contraction, will be required for pricing to improve: -60 • Increased customer budgets -70 • Improvement in commodity prices and / or -80 2014 2015 2016 2017 2018 Canadian commodity price differentials • West Coast LNG Indexed to 2014 pricing levels. Based on equipment revenue per tonne of proppant pumped. 14