Mitcham Industries Acquires Seamap

Mitcham Industries has acquired Seamap International Holdings Pte Ltd's three subsidiaries: Seamap Inc., Seamap (UK) Ltd and Seamap Pte Ltd for an aggregate purchase price of $6.5 million in cash and notes and an earn-out component based on performance of up to an additional $2 million.

"Seamap's proprietary products expand our market and diversify our customer base and are an excellent complement to our growing marine rental and sales business," said Billy F. Mitcham Jr., Mitcham Industries' President and CEO. "Our customers will benefit not only from a broader range of product offerings, but also from the addition of strategic facilities in support of our expanding global operations. Additionally, Seamap's experienced management team brings both engineering and manufacturing expertise that will further enhance our ability to provide technologically advanced products and services to both the seismic and hydrographic industries."

"We are delighted to become a part of the Mitcham group," said Mike Pinnington, Seamap's Chairman. "The acquisition provides us with the stability and support to move forward and continue our development of new products and grow the company in ways that were previously unavailable to us."

Established in 1987, Seamap designs, develops and markets a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Texas, the United Kingdom and Singapore. Seamap's primary products include a next generation marine seismic source synchronizer and hydrophone acquisition system, a passive acoustic tracking system for cetacean monitoring and acoustic energy assessment, seabed recording instrumentation utilized in electromagnetic sounding technology for oil and gas exploration, and a ruggedized real-time GPS tracking system.

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 and associates throughout Europe, South America and Asia, Mitcham conducts operations on a global scale and is the largest independent exploration equipment lessor in the industry.