INVESTOR PRESENTATIONFebruary 2021

FORWARD LOOKING STATEMENTS

This document contains statements that constitute forward-looking statements within the meaning of applicablesecurities legislation. These forward-looking statements include, among others, the Company’s prospects, expectedrevenues, 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 ofoperations or performance. These forward-looking statements are identified by their use of terms and phrases suchas “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similarterms and phrases. Forward-looking statements are based on current expectations, estimates, projections andassumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially fromthose anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes indrilling 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 theseuncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected.

2

Trican is a leading Canadian energy services company, servicing wells in western Canada for more than 24 years

Our goal is to generate industry leading returns in an environmentally and socially responsible manner

Provide specialized products and services using equipment required for the exploration and development of oil and gas reserves

Trican service lines cover 60% to 70% of a typical new well capital cost

WHO WE ARE

3

Drilling Cycle

Full Cycle Technical Expertise

Completion Cycle

Production Cycle

• Engineering Support• Reservoir Expertise• Laboratory

Services

• Cementing Services • Fracturing

• Coil Tubing

• Coil Tubing• Acidizing• Chemical Services• Remedial

Cementing

CUSTOMER

OUR STRATEGIC PRIORITIES

Achieve top quartile ROICin our sector

- Maintain market leading position in Fracturing and Cementing service lines- Expand coil tubing

Activate parked equipment (if return hurdles can be met)

- Adapt our business approach, integrating ESG to improve valueDifferentiate with new technologies to reduce our environmental impactBuild strong community relationships in the areas we operate

- Return value to shareholders through share buyback program- Sell excess and permanently stranded capital equipment, return funds

to the balance sheet

- Reduce costs for ourselves and our clients through efficiency improvements and scale

Strengthen Existing

Business

ESG

Share-holder Return

Cost Control & Efficiency

Gains

4

WESTERN CANADIAN SEDIMENTARY BASIN FOCUS

Horn River Shale

Montney Shale

Bakken Shale

Cardium Tight Oil

Viking Tight Oil

Lower Shaunavon

Tight Oil

GRANDE PRAIRIEWHITECOURT

HINTON

FORT ST. JOHN

NISKU

RED DEER

BROOKSESTEVAN

British Columbia Alberta Saskatchewan

Deep Basin

Duvernay Shale

CALGARY

Manitoba

Spearfish

MEDICINE HAT

5

Market Leading Positions Canadian market leader in fracturing

services (crewed HHP)

Canadian market leader in cementing services (based on rig count)

Supporting service lines: coil tubing, nitrogen, acid

Trican service line offerings cover approximately 60% to 70% of resource well AFE costs

Hydraulic Fracturing

70%

Cementing16%

Coil Services7%

Fluid Management

1%

Industrial Services

1%Other4%

DIVERSIFIED SERVICE LINES

Market Leading Positions Canadian market leader in fracturing

services (based on horsepower)

Canadian market leader in cementing services (based on drilling rigs serviced)

Supporting service lines: coil tubing, nitrogen and acid

Q3 2020 Trailing 12 Month Revenues: Business Unit Breakdown

6

**

* Sold in 2020

FINANCIAL STRENGTH & RESILIENCY

Strong Financial Position Low financial leverage:

• September 30, 2020: ~ $1 million bank debt, $5 million of cash

• Clean balance sheet allows us to be in a strong position to take advantage of attractive opportunities

Monetizing stranded capital by selling permanently idled assets

• Since 2017, sold $80 million of excess property and equipment at values approximating net book value

• Non-core business and asset sales of ~ $22 million for the nine months ended 2020

Positive non-cash working capital of ~ $49 million at September 30, 2020

7

$

$100

$200

$300

$400

$500

$600

$700

$800

-

0.10

0.20

0.30

0.40

0.50

0.60

Q1/

15Q

2/15

Q3/

15Q

4/15

Q1/

16Q

2/16

Q3/

16Q

4/16

Q1/

17Q

2/17

Q3/

17Q

4/17

Q1/

18Q

2/18

Q3/

18Q

4/18

Q1/

19Q

2/19

Q3/

19Q

4/19

Q1/

20Q

2/20

Q3/

20

Tota

l Deb

t (m

illion

s)

Deb

t / T

angi

ble

Cap

ital

Debt / Tangible Capital

Total Debt (RHS) Debt / Tangible Capital (LHS)

RESPONSIBLY IMPROVING EFFICIENCY IN CANADA

8

Leading Efficiency and Reducing our Environmental Impact Large natural gas dual fuel fleet (170,000 HHP) helps reduce

well costs and emissions

Introducing new technology to reduce tractors on location which will provide fuel savings, result in fewer engine hours and reduce emissions

Reduced fracturing product costs through implementation of new fluid systems reducing customer freshwater use:• New high-viscosity friction reducers for fresh and produced

water fluids

• Nano surfactants to improve water flowback

Implementing equipment monitoring technology that will reduce repairs and extend equipment life through data management

Developed new cement blends, reducing customers' costs

CANADIAN INDUSTRY & TRICAN COMPETITIVE POSITIONING

AVAILABLE CAPACITY

10

Service Line Total Equipment

Active,Manned

Idled

Fracturing (HHP) 569,900 280,000(6 fleets)

289,900(8 fleets)

Cementing (trucks) 49 21 28

Coil Tubing (units) 25 6 19

Existing idle equipment provides opportunity for incremental returns upon a market recovery• Substantial leverage on existing infrastructure

and fixed cost structure upon recovery

• Assets are well-maintained and not scavenged

• Can be activated by adding staff with little capital

• Approximately 8 fracturing fleets parked

CANADIAN INDUSTRY - INCREASED WELL SERVICE INTENSITY

Estimate current fleet supply would be fully utilized with less than 6,000 wells Continue to see an increase in well service intensity as pumping hours per day and proppant volumes per

day continue to increase Proppant placed has increased from 0.6 tonnes / meter in 2014 to 2.3 tonnes / meter in 2019 Increases in service intensity result in more equipment required per well

• Significantly reduced environmental impact resulting from increased well intensity and corresponding reduced well counts

Source: GeoLogic. ~ 1,200 wells currently captured for 2020 Source: Industry reports and internal estimates

11

10,853 10,924

5,376

3,963

6,959 6,648

4,810

3,136 3,2003,930

0

2,000

4,000

6,000

8,000

10,000

12,000

2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E

WCSB – Wells Drilled

512 592

882 1,102

1,336

1,626 1,768 1,864

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

2013 2014 2015 2016 2017 2018 2019 2020

WCSB – Tonnes / Well

FRACTURING FLEET

Fracturing Fleet

Type of Pump Pump (#)

HHP % of Fleet

Continuous Duty 2,700 / 3,000 HH

P 127 347,400 60%

Mid-Tier 2,500 HHP 89 222,500 40%

Low-Tier 2,250 HHP 0 0 0%

Total Fracturing Fleet

216 569,900

See MD&A for definition of Fracturing Fleet terms

12

Most efficient style of fracturing pump designed for higher intensity plays

• Montney, Duvernay and Deep Basin (accounts for ~ 80% of the required HHP demand in Canada)

Large dual fuel fleet to offer fuel savings• 63 bi-fuel frac pumpers equates to

170,000 HHP

Idle reduction technology on some of our frac pumpers, reducing fuel consumption and emissions

FRACTURING COMPETITIVE LANDSCAPE

13

* Smaller crews may not be suitable for higher intensity playsSource: Company reports and internal estimates

Canadian competitive landscape more consolidated than the U.S. market

Expect an increase in active crewed fleets through the first half of 2021

Larger crew sizes from increased concentration of Montney / Deep Basin / Duvernay completions

CANADIAN CAPACITY Q1 2021

Hydraulic Horsepower (HHP)

Capacity Active Crewed

Fleets

Trican 569,900 280,000 6

Competitor A 279,000 174,000 3

Competitor B 282,500 175,000 4

Competitor C 170,000 50,000 1

Competitor D 250,000 160,000 3

Competitor E 175,000 160,000 4

Competitor F* 100,000 50,000 2

Competitor G* 50,000 50,000 3

1,876,400 1,099,000 26

WELL SERVICES

Cement: Cement operations track very closely with drilling

rig activity

Longer laterals have increased cement requirements

Historically generated positive return on capital despite recent market challenges

Coil: Adjusting business to current market

20 more units to add back into the market with little to no capital investment required

14

Source: Baker Hughes Rig Count

0

100

200

300

400

500

600

700

800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Average Canadian Rig Count12 Month Avg. 60 Day Avg.

ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET

Lean, efficient organization:• Reduced fixed personnel costs by over 55%

since Q1/20

• Parked half of our active equipment

• Lowered capital spending to essential maintenance capital: estimated to be 3% - 4% of revenue in 2020

• Closely monitoring market conditions in 2021 and will adjust the size of operations and our cost structure to ensure positive operating cash flow

15

RETURNING MONEY TO SHAREHOLDERS

Since 2006, Trican has returned $416 million to shareholders

Focused on finding ways to return funds to shareholders

• Actively purchasing shares under our current NCIB

• Spent over $193 million repurchasing more than 26% of the Company’s shares since October 2017

• Continue to view investment into share repurchases as good investment for excess capital

16

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

-

20,000

40,000

60,000

80,000

100,000

120,000

Dividends and Share Repurchases, 2006 - 2020

Cumulative NCIB (RHS)

Cumulative Dividend (RHS)

Total Annual (LHS)

Total Cumulative (RHS)

NEAR-TERM OUTLOOK & INVESTMENT SUMMARY

OUTLOOK FOR WINTER 2020-2021

Customers will adjust spending as commodity prices change• Each customer will adjust differently

Trican activated additional equipment in Q1/21 to meet customer demand

Current pricing at cyclical lows with no room to move down

Trican will activate additional equipment based on industry demand and pricing

18

ENVIRONMENT, SOCIAL AND GOVERNANCE

Safety Our frontline workers face dangers that are

not typical in most office workplace environments; therefore, it is imperative we remain committed to safety.

A common measure for our safety performance is Lost Time Injury Rate (LTIR) .

During the past 12 months, our LTIR rate has dropped by nearly 50%.

People Development Since 2017 we have invested over 200,000

hours of training time into our people.

Providing a safe and productive work environment that results in quality service means training our people.

Majority of our operational people are required to be trained as Class 1 driver trainers.

Trican’s driver trainer program has allowed us to maintain our driver trainer status despite significantly increased regulations.

Investment into our Lean Six Sigma efficiency program will see a number of our people positioned to receive their green belt. Our people and our shareholders will see the benefits of our lean initiatives.

Environment Trican and its customers are subject to

strict environmental regulation and compliance.

We have a system of governance to ensure compliance with environmental rules and regulations.

Trican has product offerings to reduce freshwater consumption while not impacting well productivity.

Trican has the largest fleet of dual fuel fracturing pumps. These provide several benefits to our customers and the environment, including 27% lower GHGs(source: U.S. EIA).

Investment into tractorless operations will reduce engine idle times, fuel consumption and, therefore, GHGs.

Our primary focus areas have been:

19

INVESTMENT SUMMARY

RET

UR

NS

• ROIC and capital discipline, focused on shareholder returns

• Operating efficiencies will drive free cash flow and profitability

• Adapting our business, integrating ESG to improve stakeholder valueST

REN

GTH

• Largest Canadian pressure pumping company with broad service offering

• Strong customer service, resulting in loyal customer base

• Low debt positions allow Trican to withstand near-term weakness

• Strong asset coverage OPP

OR

TUN

ITY • Equipment capacity

for incremental returns upon a market recovery

• Financial position for opportunistic differentiation to improve returns

• Minimal customer growth required to balance market

20