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<SEC-DOCUMENT>0000950129-09-000133.txt : 20090406
<SEC-HEADER>0000950129-09-000133.hdr.sgml : 20090406
<ACCEPTANCE-DATETIME>20090120143520
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950129-09-000133
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MITCHAM INDUSTRIES INC
		CENTRAL INDEX KEY:			0000926423
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				760210849
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8141 SH 75 SOUTH
		STREET 2:		PO BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
		BUSINESS PHONE:		9362912277

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>corresp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h65480c1mitcham.gif" alt="(Mitcham Industries, Inc. Logo)"><BR>
<B><I>THE</I> EXPLORATION EQUIPMENT SUPPLIER <SUP style="font-size: 85%; vertical-align: text-top">TM</SUP></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">January&nbsp;20, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR AND FACSIMILE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;John Cash<BR>
Branch Chief<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, NE<BR>
Washington, D.C. 20549-7010

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Mitcham Industries, Inc.<BR>
Form&nbsp;10-K for the year ended January&nbsp;31, 2008<BR>
Form&nbsp;10-Q for the quarter ended October&nbsp;31, 2008<BR>
File No.&nbsp;0-25142</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Cash:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;6, 2009, Mitcham Industries, Inc. (the &#147;<U>Company</U>&#148;) received the comments of
the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and
Exchange Commission (the &#147;<U>Commission</U>&#148;) to Form 10-K for the fiscal year ended January&nbsp;31,
2008 (the &#147;<U>2008 Form&nbsp;10-K</U>&#148;) and Form 10-Q for the quarter ended October&nbsp;31, 2008 (the
&#147;<U>Form&nbsp;10-Q</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the comments, for the reasons stated in this response letter, the Company
believes that any revised or supplemental disclosure would not be material to the Company&#146;s overall
historical disclosure. Accordingly, the Company respectfully requests that the Staff permit the
Company to address any of these revised or supplemental disclosures in its Annual Report on Form
10-K for the year ended January&nbsp;31, 2009 (the &#147;2009 Form 10-K&#148;), rather than amending or
supplementing the disclosure in the 2008 Form 10-K or the Form 10-Q.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following responses are for the Staff&#146;s review. For your convenience we have repeated
each comment of the Staff exactly as given in the Staff&#146;s comment letter.
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">MITCHAM INDUSTRIES INC.<BR>
P.O. Box 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Form&nbsp;10-K for the year ended January&nbsp;31, 2008</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page 17</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you present EBITDA and Adjusted EBITDA, two non-GAAP performance
measures that exclude recurring expenses. With reference to Question 8 of &#147;Frequently
Asked Questions Regarding the Use of Non-GAAP Financial Measures&#148; ensure future filings
fully present the disclosures required by each of the 5 bullets in the answer to Question
8. Specifically, ensure your disclosures (i)&nbsp;identify the economic substance behind
management&#146;s decision to use these non-GAAP measures, (ii)&nbsp;address the material
limitations associated with the use of these non-GAAP measures as compared to the use of
the most directly comparable GAAP financial measure and (iii)&nbsp;discuss the manner in which
management compensates for these limitations when using these non-GAAP financial measures.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will expand disclosures in future filings to specifically address each of the points
included in the answer to Question 8, including the specific items noted above.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Critical Accounting Policies, page 27</B></U><BR>
<U><B>Allowance for Doubtful Accounts, page 27</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure on page 9 which indicates that approximately 25% of your
outstanding trade accounts receivable were more than 90&nbsp;days past due. In light of this,
please enhance your critical accounting estimate discussion to clearly explain the factors
you consider when determining your allowance for doubtful accounts. Please also expand
your disclosure to discuss the typical amount of time it takes for your customers to pay
their invoices and if you charge any fees associated with these past due accounts.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In future filings we will expand our disclosures to include the following
information:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We determine our allowance for doubtful accounts based on a detailed review of
outstanding receivable balances. Factors considered include the age of the
receivables, the payment history of the customer, the general financial condition
of the customer and any financial or operational leverage which we may have in a
particular situation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The average age of our accounts receivable, which indicates the typical time it
takes for customers to make payment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We typically do not charge fees on past due accounts, although we do reserve
the right to do so in most of our contractual arrangements with our customers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">MITCHAM INDUSTRIES INC.<BR>
P.O. Box 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Goodwill, page 28</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note you have identified goodwill as a critical accounting policy. In order to
provide readers with a better insight into management&#146;s judgments in accounting for
goodwill, please disclose the following:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A qualitative and quantitative description of the material assumptions used and
a sensitivity analysis of those assumptions based upon reasonable likely changes;
and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How the assumptions and methodologies used for valuing goodwill in the current
year have changed since the prior year highlighting the impact of any changes.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will expand our disclosures in future filings so as to identify the material assumptions
used such as expected future cash flows, terminal, or exit, values applied to future cash flows and
discount rates applied to those cash flows. The expanded disclosures will include the effect of
certain percentage changes in these factors. We further will identify any material changes in the
factors or the methodology applied.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Report of Independent Registered Public Accounting Firm on Financial statements, page F-2</B></U><BR>
<U><B>Report of Independent Registered Public Accounting Firm on Internal Controls, page F-3</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your independent registered public accounting firm&#146;s audit reports indicate that
their audits were conducted &#147;in accordance with </B><U><B>auditing</B></U><B> standards of the Public
Company Accounting Oversight Board (United States)&#148;. Please note however that paragraph 3
of Auditing Standard No.&nbsp;1 states that auditors should conduct their audit &#147;in accordance
with the standards of the Public Company Accounting Oversight Board (United States)&#148;
regarding the auditing and related professional practice standards the engagement must be
performed in accordance with. Please request that your auditors revise their reports and
amend your filing to include those revised reports.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our independent registered public accounting firm, Hein &#038; Associates LLP, has agreed to revise
the wording in future reports as indicated above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Revenue Recognition of Leasing Arrangement, page F-8</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>As indicated on page 5, we note that your customers are normally responsible for the
cost of shipping the equipment from and to your facilities. With reference to EITF
00-10-Accounting for Shipping and Handling Fees and Costs,</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">MITCHAM INDUSTRIES INC.<BR>
P.O. Box 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>clarify that you record the amounts billed to your customers as revenues and
disclose where you record the related expenses. If shipping costs or handling costs are
significant and are not included in cost of sales (that is, if those costs are accounted
for together or separately on other income statement line items), disclose both the
amount(s) of such costs and the line item(s) on the income statement that include them.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In most situations, our customers pay shipping and handling costs directly to the shipping
agents so these amounts are not paid or received by us. We will modify future disclosures to
clarify this point. Any shipping costs paid by us and re-billed to our customers are not material.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your critical accounting policy discussion on page 27 refers to commission revenues.
Please expand your discussion of significant accounting policies to address the nature of
this revenue stream and your related accounting.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of our subsidiaries acts as a manufacturer&#146;s representative for various original
equipment manufacturers (&#147;OEM&#146;s&#148;) of oceanographic and hydrographic equipment. In most cases we
take title to the equipment and re-sell it to our customers. These transactions are accounted for
on a gross basis. In other transactions, the equipment is sold directly by the OEM to the customer
and we receive a percentage of the selling price as a commission. These amounts have not been
material in recent periods. Accordingly, in future filings we will revise our description of our
critical accounting policies to remove the reference to commission revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Product Warranties</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>You disclose on page 12 that you maintain accruals for product warranties. In future
filings, please provide the disclosures required by paragraphs 14a and 14b of FIN45.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will include these required disclosures in future filings to the extent such amounts are
material or will indicate that such amounts are not material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Form&nbsp;10-Q for the quarter ended October&nbsp;31, 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Condensed Consolidated Statements of Cash Flows, page 3</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please tell us the nature of your short term investments such that it is appropriate
to include the purchases of such investments within cash flows from financing activities.
Refer to paragraphs 15 and 18 of SFAS 95.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These investments consist of term bank deposits with a maturity of more than 90&nbsp;days. The term
deposits are collateral for performance bonds required to guaranty our
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">MITCHAM INDUSTRIES INC.<BR>
P.O. Box 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">performance under a contract entered into by our Australian subsidiary. Although we do receive a
return on the invested funds, the primary purpose of the investment is to secure the contractual
obligations. Therefore, the nature of this transaction is primarily financing, rather than
investing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to the Consolidated Financial Statements</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>5. Balance Sheet &#151; Prepaid expenses and other current assets &#151; Insurance settlement
receivable, page 5</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have recognized $1.146&nbsp;million insurance settlement receivable
related to estimated proceeds from the destruction of certain lease pool equipment. We
further note that your disclosure on page 16 refers to expected insurance proceeds.
Please confirm that these proceeds are probable or provide us your basis for recognizing
this receivable.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We confirm that the receipt of the insurance proceeds was probable as of October&nbsp;31, 2008.
Based upon the acknowledgment of coverage by the insurance carrier and discussions with the
carrier, we believed the receipt of proceeds in excess of this amount was probable as of that date.
Approximately $1.7&nbsp;million in insurance proceeds were received in December&nbsp;2008. However, only
estimated proceeds up to the net book value of the destroyed equipment were recorded as of October
31, 2008 so as to avoid recording a gain contingency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>6. Goodwill and Other Intangible Assets, page 6</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that 100% of your goodwill balance is allocated to the Seamap segment. Given
the deterioration in revenues and operating income for Seamap for the nine months ended
September&nbsp;30, 2008, please tell us whether a triggering event has occurred such that you
were required to perform an impairment test pursuant to paragraph 28 of SFAS 142. If not,
please explain why not. If you have performed a recent impairment test, please provide us
with a summary of those results.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe a triggering event has not occurred. Due to the nature of Seamap&#146;s industry and
products, its revenues often fluctuate significantly from period to period. A decline in revenues
for the nine months ended October&nbsp;31, 2008 as compared to the comparable period was expected and
is not indicative of a decline in general business levels. As disclosed in the 10-Q, Seamap&#146;s
backlog as of October&nbsp;31, 2008 was approximately $16.8&nbsp;million, which is a near record level.
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">MITCHAM INDUSTRIES INC.<BR>
P.O. Box 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Liquidity and Capital Resources, page 16</B></U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your disclosures are silent regarding compliance with your debt covenants. Please
clarify whether or not you were in compliance with your debt covenants as of September&nbsp;30,
2008 and in future filings disclose your compliance with such covenants. For any material
debt covenants, please disclose the required ratios as well as the actual ratios as of
each reporting date. This will allow readers to understand how much cushion there is
between the required ratios and the actual ratios. Please show the specific computations
used to arrive at the actual ratios with corresponding reconciliations to US GAAP amounts,
if necessary. See Sections&nbsp;I.D. and IV.C of the SEC Interpretive Release No.&nbsp;33-8350 and
Question 10 of our FAQ Regarding the Use of Non-GAAP Financial Measures dated June&nbsp;13,
2003.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were in compliance with all debt covenants as of October&nbsp;31, 2008. In future filings we
will disclose whether or not we are in compliance as of that date and will disclose the required
and actual ratios. As of October&nbsp;31, 2008 and for the quarter then ended we had a debt to
shareholders&#146; ratio of 0.1:1.0, versus a maximum allowed ratio of 0.7:1.0, a ratio of current
assets to current liabilities of 2.4:1.0, versus a minimum required ratio of 1.25:1.0 and earnings
before interest, taxes, depreciation and amortization (EBITDA, as defined in the 10-Q) of
$6,790,000, versus a minimum required amount of $2,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the Staff have any questions or comments, please contact the undersigned at
281.353.4475.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
<B>MITCHAM INDUSTRIES, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert P. Capps
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Robert P. Capps&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and Chief Financial
Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">MITCHAM INDUSTRIES INC.<BR>
P.O. BOX 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
