Trican Well Service Investor Presentation — October 2021

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TRICAN WELL SERVICE LTD.

Q3 2021 INTERIM REPORT

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2021

MANAGEMENT’S DISCUSSION AND

ANALYSIS – THIRD QUARTERNon-GAAP Measures: Trican makes reference to adjusted

EBITDA and adjusted EBITDA percentage. These

measures are not defined terms under IFRS and are

considered non-GAAP measures. Management believes

that, in addition to net income / (loss), adjusted EBITDA

and adjusted EBITDA percentage are useful supplemental

measures to our investors as management relies on

adjusted EBITDA to better translate historical variability in

Trican’s principal business activities into future financial

forecasts. Non-GAAP financial measures do not have a

standardized meaning under IFRS and may not be

comparable to similar financial measures presented by

other issuers. These financial measures are reconciled to

IFRS measures in the Non-GAAP Measures section of this

Other Non-Standard Financial Terms: Trican makes use

of other financial terms such as Revenue per Job and Non-

Cash Working Capital. These terms and / or calculation of

amounts related to these terms may not be comparable to

other issuers. These terms are described in the Other Non-

Standard Financial Terms section of this MD&A.

Common Industry and Company Specific Terms : For a

list of abbreviations and capitalized terms that may be used

in this MD&A, refer to the Common Industry Terms section

Risks and Forward-Looking Statements: The

Company’s financial and operational performance is

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