Investor Presentation November, 2016 1 *Rig 580, Oklahoma SCOOP - PowerPoint PPT Presentation

Investor Presentation November, 2016 1 *Rig 580, Oklahoma SCOOP

Forward-looking statements Certain statements contained in this presentation, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statement"). In particular, forward looking information and statements include, but are not limited to, the following: our contract log for 2016 and 2017; expectations on the delivery of 2 additional rigs to Kuwait; our capital expenditure plan for 2016; and the potential amount in annual fixed cost savings due to the steps taken by Management to position Precision for a prolonged downturn. These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things: low oil and natural gas prices will continue to pressure customers into reducing or limiting their drilling budgets; the status of current negotiations with our customers and vendors; continuing demand for Tier 1 rigs; customer focus on safety performance; existing term contracts being neither renewed nor terminated prematurely; our ability to deliver rigs to customers on a timely basis; and the general stability of the economic and political environments in the jurisdictions where we operate. Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to: volatility in the price and demand for oil and natural gas; fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services; our customers’ inability to obtain adequate credit or fina ncing to support their drilling and production activity; changes in drilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage; shortages, delays and interruptions in the delivery of equipment supplies and other key inputs; the effects of seasonal and weather conditions on operations and facilities; the availability of qualified personnel and management; a decline in our safety performance which could result in lower demand for our services; changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and gas; terrorism, social, civil and political unrest in the foreign jurisdictions where we operate; fluctuations in foreign exchange, interest rates and tax rates; and other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions. Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Report, Annual Information Form and 40- F for the year ended December 31, 2015, which may be accessed on Precision’s SEDAR profil e at www.sedar.com, under Precision’s EDGAR profile at www.sec.gov, or on our website at www.precision.com. The forward-looking information and statements contained in this presentation are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a results of new information, future events or otherwise, unless so requires by applicable securities laws. 2

Historical North American Drilling Activity U.S. Land Rig Count Canadian Land Rig Count 10 Year History 5 Year History 800 2,000 1804 2014 Average Active Rigs 1,800 700 1,600 600 1,400 500 943 1,200 2015 Average 400 Active Rigs 378 1,000 2014 Average Active Rigs 189 300 +36% 2015 Average 800 increase in rig Active Rigs count since 200 May lows 600 463 100 2016 Year to 114 400 Date Average 2016 Year to Date Average 200 0 Jan, 2005 Jul, 2006 Jan, 2008 Jul, 2009 Jan, 2011 Jul, 2012 Jan, 2014 Jul, 2015 Jan, 2017 January February March April May June July August September October November December 3 Source: Baker Hughes land rig count as of November 4 th , 2016

Market Share Growth 300 Precision continues to deliver High Performance, High Value services, operating the second most active Active North American Drilling Rigs 250 fleet in North America. PD 200 Canadian Based Peer A U.S. Based Peer B U.S. Based Peer C 150 U.S. Based Peer D 100 50 0 Oct/16 Jan/15 Jul/15 Jan/16 Jul/16 Peers A, B, and C operate in Canada and the U.S. Peer D operates only in the U.S. 4 Source: Company disclosure, CAODC, and RigData as of October 31 st , 2016

Precision Responding to Improving Outlook  Reactivated 38 rigs in Canada from low of 10 rigs to 48 rigs  Reactivated 18 rigs in the U.S. from low of 21 rigs to 39 rigs  Filled ~1,000 positions 120 Reactivated 56 100 Rigs 80 60 Canada 40 20 U.S. 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2016 Precision Average Active Rigs 5 Source: Company disclosure as of October 31 st , 2016

Financial Performance – Precision’s Resilient Margins Despite a ~50% decline in drilling days from the first 9 months of 2015 to the first • nine months of 2016, EBITDA margin declined by only 20% due to aggressive cost management and rig contract performance Nine months ended Sept. 30 Fiscal 2016 2015 2015 ($ in millions) Revenue $668 $1,211 $1,556 EBITDA $163 $363 $474 Margin 24% 30% 30% Drilling Utilization Days Canada 8,050 13,062 17,238 U.S. 7,773 17,063 21,172 International 2,044 3,262 4,084 Total Days 17,867 33,387 42,494 6 6 *Rig 575, Permian

Precision’s 2016 Strategic Priorities Manage strong liquidity position Sustain High Performance, High Value competitive positioning Position for a rebound 7

Manage Strong Liquidity Position Liquidity as of 9/30/2016 1 Pro-forma 2016 Debt Offering $736 Million $193 Million $929 Million Revolver/ Operating Cash Facilities (Matures June 3, 2019) Senior Debt Maturity Profile US$400 US$372 US$350 US$319 No Maturities Until November 2020 2016 2017 2018 2019 2020 2021 2022 2023 2024 Attractive Capital Structure 2 Net debt to total capital: 42%  Interest coverage: 2.0x  Long maturity, low cost debt *Rig 570, Duvernay Average interest rate of 6.4%  1) Calculated as undrawn portion of revolver (adjusted for LCs outstanding) and cash using CAD/USD exchange rate and balance sheet numbers as at 9/30/2016 (pro-forma October 31 st 2016 high yield offering and related transaction costs. 2) Statistics refer to balance sheet and trailing twelve months income statement as of 9/30/2016. Net debt to total capital equals ratio of long-term debt less cash to long-term debt less cash plus equity. Interest coverage equals EBITDA divided by interest. Available liquidity, adjusted for amendment of revolver post quarter end. 8 3) Current blended cash interest cost of our debt is approximately 6.4%.

Sustain High Performance, High Value Competitive Advantage Added 11 rig years to 2017 contract  book, improving visibility next year Reactivated 56 rigs throughout North  America, including the Permian, Niobrara, Marcellus, Viking, Canadian Bakken, Montney, Duvernay Majority of the rigs reactivated have  been Super Triple 1500s in the U.S. and Super Triple 1200s in Canada Currently operating 87 rigs in North  America, 12% market share – up from 8% market share in Q3 2014 *Rig 556, Louisiana, Drilling with fully integrated Directional Drilling services 9

Position for the Rebound – Toughnecks Recruiting Program 102,224 Applications processed 2013-2015 (16,000 Applications in 2016 1 ) 1,200 – 1,400 Screened candidates in the system – ready to work 1 517 Drillers ~50% at lower positions 1 280 Rig Managers ~40% at lower positions Rig Placement Targeted System Brand & Selection Screening New Hire Advertising Interviews & Testing 56 drilling rigs reactivated from Q2 lows, ~1000 positions filled *Houston training rig 10 10 1. As of September 30 th 2016.