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Founded in 1987, Mitcham Industries, Inc. ("Mitcham" or the "Company") has established a highly profitable niche within the growing 3-D seismic industry and is now the largest independent company specializing in the short-term leasing of 3-D seismic equipment to the oil and gas industry. 3-D seismic technology provides the most accurate data available for identifying oil and gas deposits, making it an invaluable tool for exploration companies striving to increase productivity and reduce exploration costs . Mitcham also sells used seismic equipment, often in the international marketplace. Mitcham's lease fleet consists primarily of 3-D seismic equipment. The Company's operations are focused primarily on leasing state-of-the-art 3-D equipment. 3-D seismic surveys provide the most accurate data for identifying oil and gas deposits, dramatically increasing drilling success rates. The obstacle, however, is the considerable cost of acquiring the equipment needed to obtain 3-D data. Mitcham removes this obstacle by leasing state-of-the-art seismic equipment and offering maintenance and support to companies on a short-term basis. Traditional 2-D seismic surveys utilize 24 to 120 channel systems to collect and transmit the seismic data, while today's 3-D surveys generally require a minimum of 1200 channels. The cost of acquiring these 1200 seismic channel systems can run as high as $4.5 million. As a result, in order to secure enough channel boxes and related equipment for a 3-D survey, companies often turn to Mitcham to supplement their existing data acquisition systems.