Calgary, Canada. Dec. 11, 2017 — Dynamic Technologies (“DTCC”) and Mitcham Industries, Inc. (NASDAQ: MIND) today announced an Equipment Lease Agreement whereby Mitcham will offer DTCC’s SmartSolo land seismic recording system for rental to customers worldwide. 20,000 channels will be available in early 2018. Financial terms of the arrangement were not disclosed.
Rob Capps’s, Mitcham’s Co-Chief Executive Officer, stated, “We are pleased to partner with DTCC and be able to offer SmartSolo as a solution to our customers. In light of the challenging land seismic business and the growing demand for customized solutions, we continue to explore innovative ways to partner with others in order to meet the needs of our customers. DTCC has long history and reputation for reliability and we believe will continue to be an important supplier to the industry.”
Gary Wu, managing director of DTCC, commented, “It is DTCC’s great honour to partner with Mitcham, the industry leader in the seismic rental market. Mitcham has world-wide operational coverage and a full range of equipment for seismic operations. We believe that with high-density, large-scale seismic projects becoming ever more common, clients will need the flexibility to scale the channel-count by combining purchased and rental equipment. The Mitcham-DTCC partnership is the perfect solution.”
Dynamic Technologies (DTCC) is headquartered in Calgary, Canada and has multiple R&D, Manufacturing and sales/support facilities in Canada, China and USA etc. DTCC is a world leading manufacturer of seismic sensors. DT-SOLO series high sensitivity geophones are recognized by the industry as the most reliable high- sensitivity seismic sensors. DTCC’s new product SmartSolo® – World’s First Smart Seismic Sensor defined a new category of seismic acquisition equipment.
About Mitcham Industries
Mitcham Industries, Inc. provides equipment to the geophysical, oceanographic and hydrographic 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 Equipment Manufacturing and Sales Segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells specialized, high performance, marine sonar and seismic equipment. Through its Leasing Segment, Mitcham believes it is the largest independent provider of exploration equipment to the seismic industry.