Corporate News Blog – Mitcham Announces Rental Partnership with INOVA

LONDON, UK / ACCESSWIRE / September 29, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Mitcham Industries, Inc. (NASDAQ: MIND) (“Mitcham”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MIND. The Company announced on September 27, 2017, that it has entered into a rental partnership agreement with INOVA Geophysical, Inc. (“INOVA”), pursuant to which the former will make worldwide use of INOVA’s onshore seismic acquisition products. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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The rental agreement also includes the new Quantum nodal system, developed in collaboration with Innoseis, G3i HD cable system channels, Hawk multi-channel nodal stations, analog and digital sensors, and Vib Pro HD controllers and vibrators.

Quantum Nodal System

Quantum nodes integrated with iX1 command and control system provides a complete, full-featured nodal acquisition system aimed at meeting the demand for high density, cost-effective onshore seismic survey.
It also provides a solution for traditional surveys as well as the flexibility to meet tomorrow’s exploration challenges.
Quantum is the lightest, longest battery life node currently available, offering reduced transportation and deployment costs and minimizing field battery management.
iX1 is a single Seismic Operational Management System for front-end operations and QC.

G3i HD Cable System Channels

INOVA’s G3i HD and Hawk systems are field proven cable and cable-less solutions that are also integrated with iX1.
Integration with iX1 allows hybrid deployments of mixed equipment types managed from a single iX1 front end, providing seamless operation across a variety of surface conditions.
G3i HD and Hawk systems are used worldwide today.

Vib Pro HD Controllers and Vibrators

INOVA’s vibroseis vehicles, combined with Vib Pro HD, are industry leading source products synonymous with reliability and exceptional broadband performance.
Vibrators are offered in a range of weight class from small, highly-maneuverable vehicles to large, heavy-weight vehicles.
Vibrators provide source solutions for a variety of environments and imaging objectives.

Mitcham Reports Fiscal 2018 Q2 Results

Mitcham announced its financial results on September 07, 2017, for the second quarter of the fiscal year 2018 ended July 31, 2017. During Q2 FY18, the Company’s total revenue increased 25.1% to $10.84 million from $8.66 million in Q2 FY17. For the reported quarter, the Company’s gross profit was $618,000 compared to a gross loss of $2.24 million in Q2 FY17. During Q2 FY18, Mitcham’s operating loss was $4.97 million compared to an operating loss of $8.32 million in Q2 FY17. During Q2 FY18, the Company’s net loss was $5.57 million compared to a net loss of $9.64 million in Q2 FY17.

About Mitcham Industries, Inc.

Founded in 1987, Mitcham is the largest independent lessor of advanced seismic equipment in the world. Through its Seamap business unit, the Company also designs, manufactures, sells, and service specialized equipment for the marine segment of the seismic industry. Mitcham is headquartered in Huntsville, Texas.

About INOVA Geophysical Inc.

Established in 2010, INOVA develops land seismic equipment that meets the demands of acquisition in any operating environment. The Company was formed when BGP and ION Geophysical Corp. each contributed land seismic equipment assets to a new and independent joint venture Company.

Last Close Stock Review

On Thursday, September 28, 2017, the stock closed the trading session at $3.44, slightly up 0.29% from its previous closing price of $3.43. A total volume of 4.66 thousand shares have exchanged hands. Mitcham Industries’ stock price rallied 1.47% in the last one month and 14.67% in the previous twelve months. The stock currently has a market cap of $41.73 million.

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