Mitcham Industries Enters Into New Credit Agreement

             Mitcham Industries Enters Into New Credit Agreement

PR Newswire

HUNTSVILLE, Texas, Aug. 5, 2013

HUNTSVILLE, Texas, Aug. 5, 2013 /PRNewswire/ -- Mitcham Industries, Inc.
(NASDAQ:MIND) announced today that it has entered into a three-year, $50.0
million syndicated revolving credit facility with HSBC Bank USA, N.A., acting
as Administrative Agent. This facility replaces the Company's prior revolving
credit agreement with First Victoria National Bank. The Company intends to
use the proceeds from this facility for working capital and general corporate

Amounts available under the facility are subject to a borrowing base,
calculated based upon the Company's domestic lease pool of equipment and
certain accounts receivable. The facility provides interest at a base rate, or
for Eurodollar borrowings, in both cases plus an applicable margin. As of the
closing of the facility, the base rate margin is 150 basis points and the
Eurodollar margin is 250 basis points. Up to $10.0 million of the facility may
be used to support letters of credit. The facility contains customary
covenants, terms and conditions and is secured by essentially all of the
Company's domestic assets and by a portion of the stock of certain foreign

Robert Capps, Executive Vice President and CFO, stated, "We are very pleased
to enter into this new relationship with HSBC. We have developed into more of
a global company over the past few years as we have expanded our operations
internationally. Mitcham now has nine locations around the world, and more
than 75% of our revenues are generated outside of the United States. We
believe partnering with a global financial institution, such as HSBC, will
provide us with the financial flexibility to support our acquisition and
growth plans."

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,
the Company designs, manufactures and sells specialized seismic marine

Contacts: Billy F. Mitcham, Jr., President & CEO
          Mitcham Industries, Inc.
          Jack Lascar / Karen Roan
          Dennard-Lascar Associates

SOURCE Mitcham Industries, Inc.

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