Mitcham Industries Acquires Seismic Asia Pacific

Mitcham Industries Inc. has acquired all of the stock of Seismic Asia Pacific Pty Ltd. In a related transaction, Mitcham acquired certain oceanographic equipment from Nautronix Asia Pacific Pte Ltd. SAP is headquartered in Brisbane, Australia, and has been an equipment supplier to the Southeast Asia land and marine seismic, oceanographic and hydrographic industries for more than 25 years.

"SAP's established customer base and operational infrastructure, combined with our extensive lease pool, will provide Mitcham with a solid platform to launch a broad scale entry with the latest technology seismic equipment into a region that is currently undersupplied," said Billy Mitcham Jr., Mitcham's president and CEO. "While opening a new geographic market for our seismic equipment rental and sales business, we will also benefit from the diversification of our business into oceanographic and hydrographic equipment supply. I am especially pleased that Paul Duncan, SAP's general manager, and Rodger Quick, SAP's sales manager, have agreed to remain in their positions. Our past successful business dealings with Paul and Rodger give me a strong feeling of confidence that this expansion will be a positive move for the company," added Mr. Mitcham.

Mitcham Industries also announced that it has signed a letter of intent to supply a 3400 channel Sercel 408UL seismic data acquisition system for operation in Indonesia. "We believe that this initial lease contract will lead to future equipment lease and sales opportunities in the Southeast Asian market which we will be better able to exploit due to our acquisition of SAP," stated Mr. Mitcham.