HUNTSVILLE, Texas, Oct. 6, 2011 /PRNewswire/ -- Mitcham Industries,
Inc. (NASDAQ: MIND) (the "Company") today announced that it has
opened a new warehouse, logistics and repair facility in
Budapest, Hungary.
Bill Mitcham, the Company's
President and CEO, stated, "We are extremely pleased to announce
the opening of our new facility in Budapest. The Eastern European market
shows great promise for us, driven by new capital spending on oil
and gas exploration, and we expect it to become an increasingly
important part of our worldwide presence going forward.
Budapest provides a strategic location from which to serve
this important market, as well as North
Africa and the Middle East.
The proximity of Budapest to
our existing Russian operation will provide us with the opportunity
to leverage the equipment and capabilities of both operations in
order to better serve our customers and enhance our equipment
utilization.
"This facility will be similar to the ones we have in
Russia, Peru and Colombia, which have demonstrated great
success for us. As we have established these facilities in
key locations in recent years, we have enhanced our customer
service capabilities and operating efficiencies. We also have
realized that having a physical presence in certain markets and
'equipment on the ground' enables us to significantly expand our
market opportunities."
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; Lima,
Peru; Bogota, Colombia;
Budapest Hungary 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 equipment.
This press release includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and Section 27A of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included herein, including statements regarding the Company's
future financial position and results of operations, the Company's
business strategy and other plans for future expansion, the future
mix of revenues and business, future demand for the Company's
services and general conditions in the energy industry in general
and seismic service industry, are forward-looking statements. While
management believes that these forward-looking statements are
reasonable when and as made, actual results may differ materially
from such forward-looking statements. Important factors that could
cause or contribute to such differences include possible decline in
demand for seismic data and our services; the effect of
fluctuations in oil and natural gas prices on exploration
activity; the effect of uncertainty in financial markets on our
customers' and our ability to obtain financing; loss of significant
customers; seasonal fluctuations that can adversely affect our
business; defaults by customers on amounts due us; possible
impairment of long-lived assets; risks associated with our
manufacturing operations; inability to obtain funding or to
obtain funding under acceptable terms; intellectual property claims
by third parties; risks associated with our foreign operation,
including foreign currency exchange risk; and other factors that
are disclosed in the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
which are available from the Company without charge. Readers are
cautioned to not place undue reliance on forward-looking statements
which speak only as of the date of this release and the Company
undertakes no duty to update or revise any forward-looking
statement whether as a result of new information, future events or
otherwise.
Contacts:
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Billy F. Mitcham, Jr.,
President & CEO
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Mitcham Industries,
Inc.
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936-291-2277
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Jack Lascar / Karen
Roan
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Dennard Rupp Gray &
Lascar (DRG&L)
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713-529-6600
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SOURCE Mitcham Industries, Inc.