HUNTSVILLE, Texas, May 30, 2018 /PRNewswire/ -- Mitcham
Industries, Inc. (NASDAQ: MIND) today announced that its Klein
business unit has recently been experiencing an increase in order
activity. In the first four months of the fiscal year ending
January 31, 2019, Mitcham has
received orders totaling approximately $6.0
million for Klein's sonar and related products. This
level of activity is significantly above that of the previous
fiscal year. Included in the orders received is a contract
from the Royal Netherlands Navy for two of Klein's flagship 5900
systems, including spares. This order, which was obtained
through Klein's local agent, Teledyne RESON BV, will support
hydrographic operations in the Dutch EEZ.
In addition, Mitcham's Seamap unit has recently received orders
totaling approximately $6.1 million
for seismic source controller and RGPS positioning systems and
orders totaling approximately $1.0
million related to its recently-introduced towed streamer
products.
Guy Malden, Mitcham's Co-CEO,
commented, "We believe Klein's bookings through the first third of
this year, which exceed those for all of last year, are early signs
of the anticipated recovery of this business to more normal
levels. We also believe that this increased level of bookings
demonstrates the increasing acceptance of our sonar products in new
applications and the potential for this business.
"The orders that Seamap received, as well as other projects we
are pursuing, may be the precursor to a recovery in marine seismic
exploration activity. We are particularly pleased to have
already booked business related to the recently introduced towed
streamer products. There appear to be a number of promising
prospects for these products in applications unrelated to oil and
gas exploration activity. We expect all of the orders
received to date to be shipped by the end of this fiscal year."
About Mitcham Industries
Mitcham Industries, Inc. provides technology to the
oceanographic, hydrographic, defense, seismic and security
industries. Headquartered in Huntsville, Texas, Mitcham has a global
presence with operating locations in the
United States, Canada,
Australia, Singapore, Russia, Hungary, Colombia and the United Kingdom. Mitcham's worldwide Marine
Technology Products segment, which includes its Seamap and Klein
Marine Systems units, designs, manufactures and sells specialized,
high performance, marine sonar and seismic equipment. Through its
Equipment Leasing segment, Mitcham believes it is the largest
independent provider of exploration equipment to the seismic
industry.
Contacts:
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Rob Capps,
Co-CEO
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Mitcham Industries,
Inc.
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936-291-2277
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Jack Lascar / Mark
Roberson
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Dennard Lascar
Investor Relations
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713-529-6600
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SOURCE Mitcham Industries, Inc.