Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Malden Guy
  2. Issuer Name and Ticker or Trading Symbol
MITCHAM INDUSTRIES INC [MIND]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP - Marine Systems
(Last)
(First)
(Middle)
8141 SH 75 SOUTH
3. Date of Earliest Transaction (Month/Day/Year)
01/20/2012
(Street)

HUNTSVILLE, TX 77342
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
MII Common Stock 01/20/2012   M   8,700 A $ 6.4 22,161 D  
MII Common Stock 01/20/2012   M   15,000 A $ 16.64 37,161 D  
MII Common Stock 01/20/2012   M   15,000 A $ 17.7 52,161 D  
MII Common Stock 01/20/2012   S   38,700 D $ 24.12 13,461 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options to Purchase MII Common Stock $ 6.4 01/20/2012   M     3,700 05/27/2010 05/27/2020 MII Common Stock 3,700 $ 6.4 0 D  
Options to Purchase MII Common Stock $ 6.4 01/20/2012   M     5,000 05/27/2011 05/27/2020 MII Common Stock 5,000 $ 6.4 0 D  
Options to Purchase MII Common Stock $ 16.64 01/20/2012   M     5,000 03/31/2007 03/31/2016 MII Common Stock 5,000 $ 16.64 0 D  
Options to Purchase MII Common Stock $ 16.64 01/20/2012   M     5,000 03/31/2008 03/31/2016 MII Common Stock 5,000 $ 16.64 0 D  
Options to Purchase MII Common Stock $ 16.64 01/20/2012   M     5,000 03/31/2009 03/31/2016 MII Common Stock 5,000 $ 16.64 0 D  
Options to Purchase MII Common Stock $ 17.7 01/20/2012   M     5,000 09/07/2008 09/07/2017 MII Common Stock 5,000 $ 17.7 0 D  
Options to Purchase MII Common Stock $ 17.7 01/20/2012   M     5,000 09/07/2009 09/07/2017 MII Common Stock 5,000 $ 17.7 0 D  
Options to Purchase MII Common Stock $ 17.7 01/20/2012   M     5,000 09/07/2010 09/07/2017 MII Common Stock 5,000 $ 17.7 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Malden Guy
8141 SH 75 SOUTH
HUNTSVILLE, TX 77342
      VP - Marine Systems  

Signatures

 /s/ Guy Malden   01/24/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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