Mitcham Industries Announces Manufacturing Arrangement With Petroleum Geo-Services

HUNTSVILLE, Texas, June 12, 2013 /PRNewswire/ -- Mitcham Industries, Inc. (NASDAQ: MIND) today announced that its marine equipment manufacturing unit, Seamap, has entered into a manufacturing arrangement with a subsidiary of Petroleum Geo-Services ("PGS"). Over the past several months, Seamap and PGS have collaborated to develop PGS SourceLink, a customized and proprietary marine energy source controller based on Seamap's GunLink 4000 system.  Under the terms of the arrangement, Seamap will manufacture and sell the PGS SourceLink systems to PGS, as requested.

Guy Malden, Executive Vice President of Marine Systems of Mitcham Industries, stated, "We are delighted to have established this new relationship with one of the leaders in the marine seismic business. This is an important expansion of Seamap's market, and we anticipate that over time PGS SourceLink will be deployed on the majority of PGS' fleet of seismic vessels. We look forward to continuing and expanding our relationship with PGS for years to come."

PGS' fleet consists of 13 seismic vessels, with three additional Titan Class Ramforms scheduled for delivery by the end of 2015. The Titan Class vessels are each capable of towing up to 24 marine seismic streamers.

Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or sale, new and "experienced" seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. Headquartered in Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; Budapest, Hungary; Lima, Peru; Bogota, Colombia and the United Kingdom, Mitcham conducts operations on a global scale and is the largest independent exploration equipment lessor in the industry. Through its Seamap business, Mitcham designs, manufactures and sells specialized seismic marine equipment.

Certain statements and information in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.  While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.  All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions.  Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publically update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

SOURCE Mitcham Industries, Inc.