<SEC-DOCUMENT>0000950123-11-038701.txt : 20110718
<SEC-HEADER>0000950123-11-038701.hdr.sgml : 20110718
<ACCEPTANCE-DATETIME>20110425164258
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-038701
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110425

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
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<SEQUENCE>1
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">April&nbsp;25, 2011
</DIV>


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

</DIV>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Re:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Mitcham Industries, Inc.<br>
Registration Statement on Form&nbsp;S-3<br>
Filed March&nbsp;18, 2011<br>
File No.&nbsp;333-172935</B></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Ingram:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitcham Industries, Inc. (the &#147;<I>Company</I>&#148;) is filing today, via EDGAR, Amendment No.&nbsp;1
(&#147;<I>Amendment No.&nbsp;1</I>&#148;) to the above referenced registration statement on Form S-3 (the &#147;<I>Registration
Statement</I>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the Company&#146;s responses to the comments contained in the letter from the
staff of the Division of Corporation Finance (the &#147;<I>Staff</I>&#148;) of the Securities and Exchange
Commission (the &#147;<I>Commission</I>&#148;) dated April&nbsp;13, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For your convenience, the exact text of the comments provided by the Staff has been included
in bold face type preceding each response in the order presented in the comment letter.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please provide a detailed explanation as to the availability of General Instruction I.B.l to
the subject transaction. Provide a specific calculation of how you determined that you the
aggregate market value your voting and non-voting common equity held by non-affiliates equals
or exceeds $75&nbsp;million.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment. General Instruction
I.B.1 of Form S-3 states that &#147;&#091;t&#093;he aggregate market value of the registrant&#146;s outstanding voting
and non-voting common equity shall be computed by use of the price at which the common equity was
last sold, or the average of the bid and asked prices of such common equity, in the principal
market for such common equity as of a date within 60&nbsp;days prior to the date of filing.&#148; On
February&nbsp;23, 2011, a date that is within 60&nbsp;days prior to March&nbsp;18, 2011, the date of the filing of
the Registration Statement, the closing price of the Company&#146;s common stock, which is the only
common equity of the Company, on the The Nasdaq Global Market was $11.29. As of February&nbsp;23, 2011,
non-affiliates of Company held in the aggregate 9,171,087 shares of Company common stock.
Therefore, the aggregate market value of the common equity held by non-affiliates of Company as of
February&nbsp;23, 2011 was $103,541,572. Based on the foregoing, the Company respectfully submits that
it complied with the market value requirement of General Instruction I.B.1.
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please note that at the time of effectiveness, the registration statement must be in
compliance with the financial statement requirements for subsidiary guarantors as set forth in
Rule&nbsp;3-10 of Regulation&nbsp;S-X. Please advise us as to how you plan to comply with these
requirements. See SEC Release No.&nbsp;33-7878 (August&nbsp;15, 2000).</B></TD>
</TR>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment. Amendment No.&nbsp;1 has
been revised to remove the subsidiary guarantors as co-registrants and remove the guarantees as a
class of securities being registered pursuant to the Registration Statement. Accordingly,
subsidiary guarantor financial statements are not required.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Calculation of Registration Fee Table</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="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note disclosure in footnote 1 that securities registered may be sold separately or as
units with the other securities registered under the </B><B>Form S-3</B><B>. Please revise to identify the
units as a separate security, pay the appropriate registration fee, and revise the
registration statement, including the Calculation of Registration Fee table, the prospectus
cover page and description of securities section to include the units. Please arrange for
counsel to opine on the legality of the units.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment. Amendment No.&nbsp;1 has
been revised to delete any references to units as a class of securities registered pursuant to the
Registration Statement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ratio of Earnings to Fixed Charges, page 6</B></U>
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The ratio of earnings to fixed charges information required by </B><B>Item 503(d)</B><B> of Regulation&nbsp;S-K
should be included in your registration statement prior to effectiveness. Please revise.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment and confirms that the
ratio of earnings to fixed charges information required by Item 503(d) of Regulation&nbsp;S-K has been
included in Amendment No.&nbsp;1.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Exhibit&nbsp;5.1</B></U>
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the date limitation on page 5 of counsel&#146;s legal opinion. Please have counsel provide
a new legal opinion dated at or in close proximity to the date of effectiveness.
Alternatively, counsel may delete the date qualification.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response: </B>The Company respectfully acknowledges the Staff&#146;s comment and confirms that a
revised opinion of counsel has been filed with Amendment No.&nbsp;1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that (i)&nbsp;it is responsible for the adequacy and accuracy of the
disclosure in the filings; (ii)&nbsp;should the Commission or the Staff, acting pursuant to delegated
authority, declare the filing effective, it does not foreclose the Commission from taking any
action with respect to the filing; (iii)&nbsp;the action of the Commission or the Staff, acting pursuant
to delegated authority, in declaring the filing effective, does not relieve the Company from its
full
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">responsibility for the adequacy and accuracy of the disclosure in the filing; and (iv)&nbsp;it may
not assert Staff comments and the declaration of effectiveness as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States.
</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 (936)
291-2277 or Gillian Hobson of Vinson &#038; Elkins at 713-758-3747.
</DIV>

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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
MITCHAM INDUSTRIES, INC.<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/ Billy F. Mitcham, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Billy F. Mitcham, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gillian A. Hobson <I>(Via facsimile 713.615.5794)</I><br>
Vinson &#038; Elkins L.L.P.<br>
1001 Fannin Street<br>
2500 First City Tower<br>
Houston, Texas 77002</TD>
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