Mitcham Industries

Mitcham Industries, Inc. (NASDAQ:MIND) provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas Mitcham has a global presence with operating locations in the United States, Canada, Singapore, Malaysia, 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.

Mitcham Industries, Inc.
TypePublic
NASDAQ: MIND
Russell Microcap Component
IndustryTechnology – Scientific & Technical Instruments
Founded1987
Headquarters,
Key people
Guy M. Malden
( co-Chief Executive Officer, Executive Vice President) Robert P. Capps
( co-Chief Executive Officer, Executive Vice President, Chief Financial Officer)
Revenue$ 42,942M (2018)
Number of employees
193 (2018)
Websitewww.mitchamindustries.com

Milestones

  • Jan 2016 - Expanded hydrographic and oceanographic business with the acquisition of Klein Associates[1]
  • Sep 2017 - Announcement of Rental Partnership with INOVA Geophysical[2]
  • Dec 2017 - Announcement of Rental Partnership with Langfang Dynamic Technologies[3]
  • Feb 2018 - Acquisition of Intellectual Property in partnership with Mitsubishi[4]
  • Mar 2018 - Introduction of Towed Streamer Products[5]
  • Mar 2019 - Announcements of Klein MA-X View 600 with the new, integrated gap filler technology[6]

Company Vision

  • We will become known as a provider of innovative technology and products to the oceanographic, hydrographic, seismic, defense and maritime security industries.
  • We will leverage our various technologies, products, and services to create new products and address new markets. We will seek out opportunities to add new technologies and products.
  • We will retain Mitcham’s position as a leading provider of equipment to the seismic industry but do so in innovative ways by working together with our customers and suppliers. This revised business model will enable us to manage the financial risk to our shareholders while continuing to serve the needs of our customers.
  • We will create an organization that facilitates cross-fertilization of our existing technologies and market presence. We will, wherever possible, leverage our engineering, sales, operations, manufacturing, and administrative resources. Cooperation among business units and sharing of resources will be a primary focus.

Business segments

Marine Technology Product Manufacturing

  • Klein Marine Systems, Inc.[7]
  • Seamap[8]

Equipment Leasing

  • Marine Equipment Leasing
  • Land Equipment Leasing

Marine Technology Products

The focus of Mitcham Industries, Inc. is its worldwide Marine Technology Products segment in order to offer specialized high-performance technology and products to the marine industry. This segment includes two primary operating units, Seamap and Klein Marine Systems. These business units have extensive engineering and research and development capabilities. They design, manufacture and sell proprietary, specialized, high performance, sonar, and marine seismic equipment.

Acoustic sensor arrays

Side scan sonar

Klein Marine Systems, Inc.

Klein Marine Systems is a leading supplier of side scan sonar equipment and waterside security and surveillance systems. The Company was formed in 1968 when Marty Klein,[9] who many consider being the father of side scan sonar, began building his own devices from his home in Lexington, Massachusetts. Over 50 years in business, Klein Marine Systems is headquartered in Salem, New Hampshire and shares in the same vision as Marty did back in 1968.

Klein Marine Systems, as the first commercial manufacturer of side scan sonar in the world, manufactures and designs high-resolution single-beam and multi-beam side scan sonar equipment. Klein side scan sonar systems are respected as the standard of excellence in the industry and are deployed by governments, navies, port authorities, survey companies, hydrographers, and research institutions worldwide.

Klein’s HarborGuard-Pro Integrated Waterside Security System is a multi-sensor security system providing continuous, all-weather, day-night surveillance of the unattended waterfront approaches to port facilities and critical infrastructure. HarborGuard-Pro offers enhanced maritime domain awareness to local and regional port-security stakeholders.

Seamap

Established in 1987, Seamap designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industry.

GunLink™

The GunLink product line is the world’s leading seismic acquisition and source control systems. This product line (GunLink 2000, 2500 and 4000) offers everything from the analog onboard system to the fully distributed in-water digital system.

BuoyLink™

BuoyLink 4DX is now considered the most functional and advanced RGPS system in the seismic industry by using the latest advances in GNSS receiver technology to improve accuracy to less than a meter for gun floats and tailbuoys.

SeaLink™

The SeaLink marine data acquisition system includes recording system, digital module, and solid towed streamer designed for survey companies and research institutes conducting 3-dimensional, high-resolution seismic surveys.

Equipment Leasing

Mitcham Industries, Inc. believes it is the largest independent lessor of seismic equipment to the industry. The traditional Equipment Leasing segment is the historical roots of Mitcham and provide short-term rental of various types of equipment used in seismic data acquisition, including various electronic components of land, transition zone and marine seismic data acquisition systems, geophones and cables, peripheral equipment, sources, survey, and other types of equipment.

Mitcham Industries has world-wide operational coverage and a full range of equipment for seismic operations. The Equipment Leasing segment works closely together with the market-leading, equipment manufacturers to provide the latest technology in acquisition electronics and peripherals including the newest nodal seismic equipment, as well as traditional seismic acquisition technologies.

References

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