Mitcham Industries Announces Manufacturing Arrangement With Petroleum
HUNTSVILLE, Texas, June 12, 2013
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
Contacts: Billy F. Mitcham, Jr., President & CEO
Mitcham Industries, Inc.
Jack Lascar / Karen Roan
Dennard- Lascar Associates
SOURCE Mitcham Industries, Inc.
Press spacebar to pause and continue. Press esc to stop.