Mitcham Industries, Inc. (MII) leases and sells geophysical and other equipment used primarily by seismic data acquisition contractors to perform seismic data acquisition surveys on land, in transition zones (marsh and shallow water areas) and deep water marine areas. The Company operates in two segments: equipment leasing and manufacturing. Its Equipment Leasing segment is engaged in the leasing of seismic equipment to companies in the oil and gas industry throughout the world. The Company�s manufacturing segment is engaged in the design, production and sale of marine seismic equipment. In October 2011, the Company opened a new warehouse, logistics and repair facility in Budapest, Hungary. During the fiscal year ended January 31, 2012 (fiscal 2012), it formed two new subsidiaries, namely Mitcham Europe Ltd. and Mitcham Marine Leasing Pte Ltd.