Mitcham Renews Sercel Agreement.

Energy Editors/Business Editors

HUNTSVILLE, Texas--(BUSINESS WIRE)--Jan. 12, 2004

Mitcham Industries Inc. (Nasdaq:MIND) announced that it has renewed its Equipment Lease Agreement with Sercel Inc. "Sercel" for the coming year. The agreement provides that Mitcham is

Commenting on the agreement, Billy F. Mitcham, Jr., president and CEO stated, "We are pleased to have extended our leasing representative agreement with Sercel. During this period of restrained capital budgets many seismic contractors need the financial flexibility provided by short-term equipment leasing."

Sercel Inc., is part of the Sercel group, the leader in seismic equipment. Sercel is wholly-owned by Compagnie Generale de Geophysique.

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 and associates throughout Europe, South America and Asia, Mitcham conducts operations on a global scale and is the leading independent exploration equipment lessor in the industry.