Trican Well Service Announces Closing of Sale of Its Russian Pressure Pumping Business

Trican Well Service Ltd. is pleased to announce the closing of the sale of its Russian pressure pumping business to RN Assets LLC (the “Purchaser”), a subsidiary of Rosneft Oil Company. As previously announced, the transaction involves the sale of all shares of Trican Well Service LLC, an indirect wholly-owned subsidiary of Trican that holds the Russian pressure pumping business, to the Purchaser for a purchase price of US $150 million, or approximately CDN $196.7 million at the August 19, 2015 exchange rate of 0.7628, which amount is comprised of a purchase price of US $140 million and an initial working capital adjustment of US $10 million, with additional working capital and net debt adjustments to be determined. Trican intends to apply the net proceeds from this transaction to reduce its outstanding debt.

Dale Dusterhoft, CEO of Trican, stated, “We are very pleased to have closed this transaction. We are very proud of the business Trican built in Russia and of the excellent employees who have worked very hard to make this business successful. We believe, however, that it is the right time for our company to exit the Russian pressure pumping business and focus on improving the profitability of our North American business. This transaction allows us to strengthen our balance sheet and to move forward in our plans to weather the current economic downturn.”