Shares of marine services provider, MMA Offshore (ASX:MRM), have surged as much as 3.8% to A$1.37, a peak not seen since August 1, 2019.

The company revealed that it has procured a finance facility worth A$130 million, which will serve as a replacement for its pre-existing debt facility.

This newly acquired finance facility spans a four-year term and is expected to expire by August 2027.

MMA Offshore anticipates that this initiative will fortify its balance sheet as well as its capital structure.

The company’s stock has been experiencing an upward trend for the third consecutive session, making its most substantial intraday percentage gains since August 1.

To close, MMA Offshore’s stock has risen by an impressive 38.2% YTD.

MMA Offshore is a marine services company that provides a range of offshore vessel services to the energy industry on a worldwide scale.